China Levies Record $870 Million Fine for Stock Manipulation
- Penalty is latest in crackdown since Liu Shiyu took over CSRC
- Beibadao Group to pay nearly six times what it made: regulator
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China slapped a logistics company with fines totaling 5.5 billion yuan ($870 million) for manipulating the stock market, the biggest ever punishment for such an infringement.
Xiamen Beibadao Group was charged with manipulating the share prices of three Shenzhen-listed companies, Jiangsu Zhangjiagang Rural Commercial Bank Co., Jiangsu Jiangyin Rural Commercial Bank Co. and Guangdong Hoshion Aluminium Co., China’s securities regulator said in a briefing in Beijing on Wednesday. It later clarified that the unit’s parent, Shanghai-based Beibadao Group, was the manipulator.