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The Shanghai Stock Exchange (SSE) will take more frequent action to suspend accounts of investors involved in irregular trading.

 

The announcement, expected today, comes after two individual accounts in Wanlian Securities' Guangzhou business department were halted by the SSE on April 30.

 

The individuals were found to be bumping up stock prices by placing large buying orders but cancelling orders soon after, the SSE said.

 

The suspensions followed an SSE halt trading order on the account of an investor at Orient Securities' Shanghai business department.

 

"Usually, they're suspended for two or three days at a time," said Chen Ji, an SSE spokesperson, yesterday, adding that the SSE would impose longer suspensions if investors ignore early warnings.

 

Before suspending stock trading, the SSE sent cautionary letters to business departments and headquarters of security companies to alert them of irregularities. The exchange also met with company executives and told them to alert investors.

 

Authorities from the China Securities Regulatory Commission (CSRC) said recently they would take more effective measures to monitor irregular profit-making activities.

 

According to the CSRC, these activities include spreading rumors to influence stock price, insider trading and factitious company profits.

 

Hangxiao Steel Structure, for example, received a punishment notification from the CSRC for illicit information disclosure related to a large overseas contract, according to Hangxiao's statement to the Shanghai Stock Exchange on April 30.

 

The CSRC, together with stock exchanges and local securities regulatory bureaus, will establish a multi-layer network to monitor irregular trading more effectively, the CSRC said.

 

The CSRC said recently that all listed companies should set up an information disclosure management framework before the end of June.

 

The government watchdog will also pay close attention to companies with abnormal stock price movements, as well as those making conflicting statements and those suspected of internal trading.

 

(China Daily May 8, 2007)