Chinese accountancy professor ‘fined for insider trading’
Academic profited from inside knowledge about mergers and acquisitions deals while share trading, according to newspaper report
An accounting professor at a top university in China has been fined 1.1 million yuan (HK$1.24 million) and banned from investing in stocks for 10 years for insider trading, according to Chinese media reports.
Song Chang, from Renmin University’s business school in Beijing, was placed under investigation by the China Securities Regulatory Commission at the start of last year, the National Business Daily reported.
Song, an accounting expert who has served as independent director for many listed companies, was found guilty of having taken part in several inside trading and short-term swing trading activities over the past few years, the article said.
The professor relied on tip-offs from one of his students engaged in the merger and acquisitions business in China, according to the article.
One of the operations that aroused the authorities’ attention involved Song buying over 900,000 shares in Gofar Marine Biological Industry Co for 7.16 million yuan in January 2015, several days before the company suspended its stock trading as it prepared for “important projects”, the report said, without elaborating.