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China to maintain hard-line stance on share dumpers

Xinhua, September 18, 2015 Adjust font size:

China's securities regulator on Friday stressed that it would stand by its recent market-stabilizing rules.

Starting July 8, the government banned major shareholders, corporate executives and directors who hold more than 5 percent of a company's shares from selling stakes in listed companies for six months.

The China Securities Regulatory Commission (CSRC) completed the review of 41 alleged instances of the ruling being flouted, CSRC spokesperson Deng Ge disclosed at a press conference.

The regulator also said that five cases of market manipulation would be dealt with.

Qingdao Donghai Ever-Trusting Fund was fined 553 million yuan (86.9 million U.S. dollars) for manipulating trading on 180 ETF, in addition, 184 million yuan of illegal gains was confiscated.

China's stock markets have continued wild swings in recent months despite government intervention. The benchmark Shanghai Composite Index went up 0.38 percent to end at 3,097.92 points on Friday, although it is roughly 40 percent from its June peak. Endi