中文

China acts insider trading

08/07/2017 09:54

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 U.S. dollars), 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.

(Source: Xinhua)

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