USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Finance

China acts on insider trading

Xinhua | Updated: 2017-08-07 08:29

BEIJING — China has punished individuals involved in two insider trading cases, according to the securities regulator.

Lai Weiqiang, who was then the general manager of Shenzhen Twowing Technologies, a telecommunication products provider, took advantage of insider information of a potential merger between the company and Hubei Chutian Expressway to make a profit of 274,000 yuan (about $41,000), said the China Securities Regulatory Commission (CSRC) in a statement.

The profit was confiscated and Lai was fined another 823,000 yuan.

In another case, with non-public information that Fujian Longxi Bearing (Group) Co would issue new shares, Wang Hui, an individual with a close relationship to an insider, bought the company's shares.

While no gains were registered, Wang was fined 50,000 yuan for the violation.

The CSRC has been toughening supervision and punishment of illegal market activities this year.

In the first half of 2017, the CSRC has given out fines totalling 6.36 billion yuan, up 149 percent year-on-year.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US