bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Toh Han Shih

Follow @scmpmoney
A crackdown on the unauthorised selling of shares online has been launched by the China Securities Regulatory Commission (CSRC), Xinhua reports.
Several companies are selling shares without authorisation through the popular mainland retail website Taobao, the CSRC has announced.
"As the first case of illegally selling shares to the public through the internet, CSRC advises investors to raise their guard against illegal securities activity on the internet and avoid them," it said.
Shares worth more than 180,000 yuan (HK$226,000) have been illegally sold in deals involving 153 people through Taobao's website, Xinhua reported.
The CSRC is also investigating eight mainland-listed companies for irregularities, inaccuracies and inadequacies in their disclosures, it has announced.
The eight companies under investigation include Xian Longi Silicon Materials, a Shanghai-listed firm that supplies silicon rods and wafers for solar energy cells. Longi failed to disclose major changes to its financial results while selling its shares, which is a breach of regulations, the CSRC said.
Among the other companies being investigated, the CRC alleges that Shenzhen Hirisun Technology, a Shenzhen-listed IT services provider, falsified its accounts receivable and part of its sales revenue from 2009 to 2011, while Tibet Tianlu, a Shanghai-listed highway construction company, did not give an accurate reason for its forecast of a loss for 2012 and failed to book construction costs into its 2011 accounts, and Chengde Dalu, a Shenzhen-listed highway construction company, did not report lawsuits and contracts in a timely manner, the CSRC alleged.


CSRC in internet share sales warning

Several companies are selling shares without authorisation through the popular mainland retail website Taobao. Photo: Thomas Yau

Business

Money

Markets & Investing

A crackdown on the unauthorised selling of shares online has been launched by the China Securities Regulatory Commission (CSRC), Xinhua reports. Several companies are selling shares without authorisation through the popular mainland retail website Taobao, the CSRC has announced.
