China’s securities regulator has levied one of its largest ever fines for market manipulation, in a sign of increased enforcement efforts by authorities.
The China Securities Regulatory Commission fined Tang Hanbo and associates Rmb1.2bn ($174m) for manipulation of several mainland-listed stocks, a figure that includes penalties as well as disgorgement of illegal profits, the CSRC said on its website. The agency’s latest action follows its Rmb3.5bn fine of Xian Yan last month for market manipulation stemming from false information disclosures.
The punishment of Mr Xian appears to be the largest administrative fine ever, according to an FT examination of public disclosures and media reports. The cases of Mr Tang and Mr Xian alone already make 2017 a record year for CSRC fines, the third straight such record. The CSRC levied Rmb4.3bn in fines in 2016, up 2.9 times from the previous year’s record total.