China's stock regulators struck another blow against market abuses by censuring three listed firms and their executives for improper management of funds. three companies - Liaohe Jinma Oilfield, Unicom Guomai Communications, Changchun Changling Industry & Commerce - had placed a total of 1.68 billion yuan (about HK$1.57 billion) with financial management firms but failed to gain shareholder approval. In some cases the management firms had made highly risky investments with the funds, according to a notice on the China Securities Regulatory Commission (CSRC) Web site. Yesterday, CSRC chairman Zhou Xiaochuan said the three companies also failed to disclose sufficient details of items in earnings reports violating securities rules. Jinma's chairman Wang Chunpeng and company secretary Li Zhongtao, Guomai chairman Ge Lei and company secretary Zhao Yilei, and Changchun chairman Huang Zhenshan and company secretary Liu Xiangyun were criticised for failing to meet their responsibilities. Last year, oilfield operator Jinma appointed a finance firm to manage 1.05 billion yuan, 49 per cent of the company's net assets. This year, Jinma also entrusted another 100 million yuan to an unidentified finance firm. Paging firm Guomai had entrusted 480 million yuan to a finance company without shareholders' approval. The CSRC also questioned the company's risk management practices. Motorcycle maker Changling had entrusted 50 million yuan to another firm. Its funds were used to speculate in the stock market, which regulators described as bearing 'serious' risk. The CSRC has censured a growing number of listed companies for various irregularities. 'We are dancing with wolves and we are lambs,' said Chen Dagang of the CSRC general council. The CSRC also recommended that over-allotment of new share issues be limited to 15 per cent of the total offering.