China’s securities regulator slapped two individuals with a record fine for insider trading and confiscated their ill-gotten gains, meting out 3.6 billion yuan (US$508 million) of penalties in an unprecedented enforcement to stamp out corporate malfeasance in the country’s financial markets.
Shanghai entrepreneur Wang Yaoyuan and his daughter Wang Chengcheng were fined 2.72 billion yuan for using inside information to punt on the shares of Joincare Pharmaceutical Group on the city’s stock exchange. Their net gains of 906.4 million yuan earned from the doubling in Joincare’s stock price were confiscated, the China Securities Regulatory Commission (CSRC) said in a statement.
‘Enforcement 40’ for 2020
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