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China regulator plans to punish 12 stock market manipulation cases

Xinhua, October 23, 2015 Adjust font size:

China's securities regulator plans to punish 12 cases of stock market manipulation, with fines totalling 2 billion yuan (314.5 million U.S. dollars), they announced Friday.

The cases, involving price manipulation through various channels, have exacerbated the ups and downs in the recent market rout, spokesman of China Securities Regulatory Commission Deng Ge said at a press conference.

One case involved an overseas firm using the Qualified Foreign Institutional Investor (QFII) program to manipulate prices of a fund, according to Deng. He did not give other details.

China's stock market experienced a dramatic summer that saw the key stock index plunge by over 40 percent from its June peak of 5,166 points. Wild swings have continued despite government efforts to restore confidence.

The benchmark Shanghai Composite Index rose 1.3 percent to end at 3,412.43 points on Friday, while the Shenzhen Component Index rose 2.64 percent to close at 11,603.46 points. Endi