Man admits stocks charge

SHANGHAI: A man, who raised 4.8 billion yuan ($704 million) from thousands of people to invest in the stock market, pleaded guilty yesterday to manipulating stock prices.

The Shanghai No 2 intermediate people's court will pass sentence on Zhu Yaoming, 52, at a later date.

Zhu is currently serving a 14-year jail term for fraud, bribery and illegally obtaining loans.