China securities regulator issues record fine for stock manipulation: reports

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By: Reuters | Shanghai |
Updated: March 14, 2018 12:39 pm


Bei Ba Dao, based in China’s southern city of Xiamen, pocketed illegal profit worth 945 million yuan, by manipulating shares in newly-listed companies such as Jiangsu Zhangjiagang Rural Commercial Bank Co.

China’s securities regulator on Wednesday slapped a record 5.5 billion yuan ($870.87 million) fine on a Chinese company for share price manipulation, the official Shanghai Securities News reported.

The penalty on Bei Ba Dao Group, announced by the China Securities Regulatory Commission (CSRC) at a press briefing in Beijing, underscores Beijing’s determination to root out misbehaviour in the country’s stock market.

Bei Ba Dao, based in China’s southern city of Xiamen, pocketed illegal profit worth 945 million yuan, by manipulating shares in newly-listed…

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