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Saturday 22 November 2008
Market Pundit Fined for Price Manipulation
The mainland’s securities watchdog has imposed a penalty of 250 million yuan (HK$283.65 million) on renowned stock commentator Wang Jiangzhong for price manipulation, the biggest punishment it has handed down in an individual case.
The mainland’s securities watchdog has imposed a penalty of 250 million yuan (HK$283.65 million) on renowned stock commentator Wang Jiangzhong for price manipulation, the biggest punishment it has handed down in an individual case.
The China Securities and Regulatory Commission said that in addition to a 125 million yuan fine it also reclaimed the 125 million yuan in profit Mr. Wang made from the illegal trading.
Mr. Wang, 40, the executive director of Beijing Shoufang Investment Consultant, was also banned for life from the industry.
The CSRC said Mr. Wang placed buy recommendations on stocks that he bought earlier as a way to boost the share prices, allowing him to sell at a profit later.
Between January and May last year, he used this method to reap profit of 125 million yuan in 38 trading deals.
Mr. Wang founded Beijing Shoufang in 2001 with a registered capital of 1 million yuan. He owns 80 per cent of the company.
He has written numerous books on investment strategy in the stock market and was a guest stock commentator on CCTV’s China Securities programme.
Mr. Wang was also ranked by Anhui Television as one of the most influential men in Anhui.
His licence as a stock commentator has also been cancelled.
Separately, the CSRC also imposed a fine of 7.35 million yuan on Wuhan Xinlande Investment Consultancy for price manipulation.
The regulator said the case involved Zhu Handong, a director of Wuhan Xinlande, who acted as an investment adviser to Chen Jie.
After Mr. Chen bought stocks through his own account, Mr. Zhu would recommend the stocks in the media and through his company’s website to raise the share prices.
Mr. Zhu was fined 300,000 yuan and banned from re-entering the industry for five years.
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Market Pundit Fined for Price Manipulation
Sandy Li
22 November 2008
The mainland’s securities watchdog has imposed a penalty of 250 million yuan (HK$283.65 million) on renowned stock commentator Wang Jiangzhong for price manipulation, the biggest punishment it has handed down in an individual case.
The China Securities and Regulatory Commission said that in addition to a 125 million yuan fine it also reclaimed the 125 million yuan in profit Mr. Wang made from the illegal trading.
Mr. Wang, 40, the executive director of Beijing Shoufang Investment Consultant, was also banned for life from the industry.
The CSRC said Mr. Wang placed buy recommendations on stocks that he bought earlier as a way to boost the share prices, allowing him to sell at a profit later.
Between January and May last year, he used this method to reap profit of 125 million yuan in 38 trading deals.
Mr. Wang founded Beijing Shoufang in 2001 with a registered capital of 1 million yuan. He owns 80 per cent of the company.
He has written numerous books on investment strategy in the stock market and was a guest stock commentator on CCTV’s China Securities programme.
Mr. Wang was also ranked by Anhui Television as one of the most influential men in Anhui.
His licence as a stock commentator has also been cancelled.
Separately, the CSRC also imposed a fine of 7.35 million yuan on Wuhan Xinlande Investment Consultancy for price manipulation.
The regulator said the case involved Zhu Handong, a director of Wuhan Xinlande, who acted as an investment adviser to Chen Jie.
After Mr. Chen bought stocks through his own account, Mr. Zhu would recommend the stocks in the media and through his company’s website to raise the share prices.
Mr. Zhu was fined 300,000 yuan and banned from re-entering the industry for five years.
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