China to continue crackdowns on illegal share sales and speculative trading

China's securities regulator said on Friday it would continue its crackdowns on illegal share sales and speculative trading, having recently probed 19 such cases. 

PHOTO: AFP

SEP 18, 20154:43 PM

[SHANGHAI] China's securities regulator said on Friday it would continue its crackdowns on illegal share sales and speculative trading, having recently probed 19 such cases.

The China Securities Regulatory Commission said that in one of the cases, major shareholders of a company reduced stakes in their company worth 900 million yuan (US$141.45 million).

China has banned major shareholders from reducing stakes over the next six months in a bid to reduce selling pressure in its volatile stock market.

REUTERS