Three Executives Fined $93 Million by CSRC for Manipulating Stock Price

Three executives at a publicly listed company and private equity firms were fined a total of 661 million yuan ($93 million) by China’s securities regulator for conspiring to manipulate the company’s stock price and illegally pocket 65 million yuan.

Wu Xian, chairman of Shenzhen JT Automation Equipment Co. Ltd., was found conspiring with Chen Lei, chairman of Shenzhen Junru Asset Management Consulting Co. Ltd., and Lin Jianwu, chairman of Shenzhen Huihaihong Financing and Investment Development Co. Ltd., to use collaborated accounts to manipulate JT’s stock price between November 2017 and April 2019, according to a statement posted on the website of the China Securities Regulatory Commission (CSRC).