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Two firms fined for stock market malpractice

Xinhua, February 26, 2016 Adjust font size:

China's securities regulator has fined two firms for the kind of dodgy practices held to be a major cause of the volatility in the Chinese stock market.

Accounting firm REANDA was found to have "failed to perform its duties" when auditing a company listed on the Shenzhen Stock Exchange, a failure which resulted in misleading adjustment of the company's reported revenue, said China Securities Regulatory Commission (CSRC) spokesperson Deng Ge on Friday.

The CSRC confiscated 350,000 yuan (53,567 U.S. dollars) of REANDA's revenue, and fined it the same amount.

The regulator also fined an investment firm 400,000 yuan for illegally releasing information including on potential mergers and board member changes at a listed company, in which the investment firm was a major shareholder. The release of such information may have affected the share price of the listed firm. Endi