China slapped a company with fines totaling 5.5 billion yuan (about R10.3-billion) for manipulating the stock market, the biggest-ever punishment for such an infringement. Xiamen Beibadao Group was charged with manipulating the share prices of three Shenzhen-listed companies, Jiangsu Zhangjiagang Rural Commercial Bank, Jiangsu Jiangyin Rural Commercial Bank and Guangdong Hoshion Aluminium, China's securities regulator said on Wednesday. The penalty is almost six times what Xiamen Beibadao earned by manipulating the shares in the space of two months, the watchdog said. China has been mounting a campaign to stamp out illicit behaviour in its equity market, which, despite being the second-largest in the world, is dominated by individual, often first-time investors. The drive has been stepped up over the past year, with Liu Shiyu, chairman of the China Securities Regulatory Commission, saying in February last year he would pursue market malpractice and wrongdoing no matter whether it's ...
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