Insurers' holdings hit hard by penalties

Stocks held by Evergrande and Foresea decline after firms punished by CIRC

Stocks held by Foresea Life Insurance Co Ltd and Evergrande Life Insurance Co Ltd tumbled on Monday after the two insurers received harsh penalties for violation of investment regulations.

Shenzhen-listed glass manufacturer CSG Holdings Co Ltd, of which Foresea Life holds a 22 percent stake, fell by 4 percent. Shanghai-listed Langfang Development Co Ltd, of which Evergrande Life's parent company China Evergrande Group is the second largest shareholder, slumped by nearly 7 percent.