China imposes $870m penalty for stock market manipulation

BEIJING - Chinese securities regulator said Wednesday that it has imposed a total penalty of about 5.5 billion yuan ($870 million) on a Chinese company for manipulating newly listed shares.

This was the largest penalty ever handed out by the China Securities Regulatory Commission.

The penalty was imposed on Beibadao (Xiamen) Logistics Group, which reaped 945 million yuan from manipulating the shares of some newly listed companies, including Jiangsu Zhangjiagang Rural Commercial Bank and Jiangsu Jiangyin Rural Commercial Bank.