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Problem postings

By Liang Fei (Global Times)

10:55, January 11, 2013

As China's Sina Weibo gains in popularity, the posts of some prominent figures have become a controversial issue, with some questioning whether there may be a risk of economic losses for other people.

Pan Shiyi, chairman of Hong Kong-listed real estate developer SOHO China, has been accused of repeatedly posting price-sensitive information about other listed companies on his Weibo account.

On Tuesday, Pan, who is followed by over 14 million people on Sina Weibo, again posted messages about two companies winning bids to develop SOHO China projects, despite concerns expressed by some investors and scholars over such messages.

These investors believe that Pan's posts led to unusual share price fluctuations for the listed companies he wrote about previously.

On December 27, 20 disgruntled investors wrote a 3,000-word complaint to the China Securities Regulatory Commission (CSRC), calling for the commission to investigate the matter, and saying that Pan should be "warned and educated" on posting inappropriate information on the microblog site.

A spokesperson from the Hong Kong Stock Exchange declined to comment on individual companies when contacted by the Global Times Monday, but said that they "acknowledge receipt of complaints and will review them for possible follow-up action."

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