By Zhao Yidi
Nov. 22 (Bloomberg) -- China’s stock-market regulator fined the controlling shareholder of an investment-consulting company 125 million yuan ($18.3 million) for market manipulation, Xinhua News Agency reported.
The China Securities Regulatory Commission also confiscated 125 million yuan in gains that Wang Jianzhong allegedly made by buying shares his company Beijing Shoufang Investment Consulting Co. was about to recommend to investors and selling them afterward, Xinhua said, citing the regulator. The trades took place between January 2007 and May 2008, the state-run news agency said.
Beijing Shoufang has been banned from providing stock investment consulting services, Xinhua said, citing the CSRC. Wang’s case has now been transferred to the police, the news agency said, without providing further details.
Telephone calls made by Bloomberg News to the CSRC outside of business hours were not answered.
To contact the reporter on this story: Yidi Zhao in Beijing at yzhao7@bloomberg.net.
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