Parents see red over school's stock investments

By Jane Chen | September 30, 2009, Wednesday |

Online Edition

PARENTS of students at a primary school in east China's Zhejiang Province are angry after media reports that the school holds massive investments in the stock market.

Huawei Wenlan Primary School in Shangyu City is among the top 10 shareholders of Zhengzhou Coal Industry & Electric Power Co Ltd, with 500,000 of the company's total tradable shares, according to Qianjiang Evening News.

The stocks are valued around 4.55 million yuan (US$666,393) as the stock closed at 9.11 yuan yesterday.

Last year, the school was reported to have ranked in the top five shareholders of Zhejiang Zhongda Group Co Ltd, with up to 1.9 million shares.

One parent complained to the newspaper: "We feel upset with the investment though it's not illegal for schools to trade stocks."

Principal Li Zhenghuo told the newspaper that the school's investor Sanwei Industrial had bought the stocks in the school's name. "None of the teaching staff has ever traded stocks," he said.

Sanwei Industrial's stock holdings were kept separate from the school's education fund, he stressed.

Nation

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Parents see red over school's stock investments

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