China issues penalties on HK stock link
Mar 14, 2017-
China’s securities regulator has handed down hefty fines for stock manipulation including what it said was the first case involving the landmark Shanghai-Hong Kong stock connect programme. The China Securities Regulatory Commission (CSRC) said in a statement that it had fined Tang Hanbo and his family-operated group of stock traders more than 1.2 billion yuan ($173.9 million). They were accused of manipulating several stocks including one Shanghai-listed firm that is traded through the Shanghai-Hong Kong stock connect programme, which gives foreign investors access to hundreds of Chinese companies not quoted elsewhere, and vice-versa. Tang, a Chinese mainland citizen, bought and sold the stocks of Zhejiang China Commodities City Group, which is traded through the stock connect programme.
Published: 14-03-2017 10:12