Chinese Securities Watchdog Warns Yihao New Materials Over Short-Term Trading of Director's Relative
The China Securities Regulatory Commission warned Ganzhou Yihao New Materials (SHE:301176) after an independent director's relative committed short-trading violations, a Wednesday filing on the Shenzhen Stock Exchange said.
A probe found that Leng Jinfeng, a relative of independent director Leng Daguang, bought 12,200 shares in the company for 269,041.26 yuan between July 9 and July 11 and sold them for 272,975.38 yuan, earning a profit of 3,934.12 yuan.
Leng Daguang was not aware of the transaction, which was an independent investment action.
The Chinese electronic components manufacturer, as well as Leng Daguang, apologized for the breach after the CSRC sent them a warning letter.
Shares of the company dropped more than 2% at the close.
Price (RMB): ¥16.46, Change: ¥-0.36, Percent Change: -2.14%
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