Newly listed shares drop most following record penalty

Updated 2018-03-16 11:10:08 Xinhua

Shares of newly listed companies, which usually on top of the gainers' list, dropped the most on Thursday after Chinese securities authorities issued record penalty for manipulating share prices of such firms.

The sub-index for the newcomers dropped 4.47 percent, according to data from the stock channel of web portal Sina.

The weakness came after the China Securities Regulatory Commission on Wednesday imposed a record penalty of 5.67 billion yuan (about 900 million U.S. dollars) on a company for manipulating stock prices.

The penalty fell on Beibadao (Xiamen) Logistics Group, which made illegal profits of 945 million yuan by manipulating shares of newly-listed companies, including Jiangsu Zhangjiagang Rural Commercial Bank and Jiangsu Jiangyin Rural Commercial Bank.

The benchmark Shanghai Composite Index edged down 0.01 percent to close at 3,291.11 points. The Shenzhen Component Index closed 0.22 percent higher at 11,163.65.

Combined turnover on the two bourses shrank to 435.2 billion yuan, down from 445.8 billion yuan the previous trading day.

Liquor makers and oil producers were the strongest on Thursday, with the sub-indexes up 2.07 percent and 0.83 percent, respectively.

Kweichow Moutai, a leading liquor brand in China, rose 2.7 percent to 746.47 yuan. Sinopec Shandong Taishan Petroleum Co. rose 3.77 percent to 7.43 yuan.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 0.4 percent to close at 1,848.71 points Thursday.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 21 2018 19:05:05

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 21 2018 19:05:05

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 21 2018 19:05:05

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords