China slaps 3.47b yuan fine on stock market ‘crocodile’ for market manipulation
Xian Yan, a senior executive of Guangxi Future Technology, fined US$505m for stock price manipulation and wrongdoings in information disclosure
China’s securities regulator has imposed its second multi-billion yuan fine on an individual for market manipulation as Beijing authorities vowed to chase down the “big crocodiles” of the nation’s stock market.
Xian Yan, a senior executive of Shenzhen listed Guangxi Future Technology, was fined 3.47 billion yuan (US$505 million) for stock price manipulation and wrongdoings in information disclosure, the China Securities Regulatory Commission (CSRC) said in a statement on Friday.
Xian and 10 other company executives were also barred for life from working in the securities market for violation of rules, the announcement said.
Xian is the second executive this year to receive a sky-high fine from the stock market regulator after Xu Xiang, the former legendary fund manager, was fined 11 billion yuan by a court in the eastern city of Qingdao, according to mainland media reports.
The fine was the largest ever imposed in China for a financial wrongdoing.
Xu, 39, was also sentenced to five-and-a-half years in jail and had 9.3 billion yuan of “ill-gotten” assets amassed by him and two associates confiscated by the state, news portals including Sohu and Sina reported.
China intends to apprehend a group of tycoons – known as the “big crocodiles” of China’s stock market – and bring them back to the mainland to face justice, Liu Shiyu, chairman of the CSRC, said in early January.