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Stock Price Manipulation Case Under Investigation: Report
The China Securities Regulatory Commission (CSRC) is investigating a stock price manipulation case involving Yi'an Technology, once the most expensive stock in the market, the China Securities said Wednesday, January 10.
According to the report, the accounts of major share holders of the stock are being closely watched by the CSRC.
Yi'an Technology was formerly known as Shenzhen Jinxing, which was listed on the Shenzhen Stock Exchange in May 1992.
The former housing developer was acquired by the Guangdong Yi'an Technology Holding Co. in April 1999 and changed to its current name four months later.
However, in late 1999 and early 2000 the stock attracted wide attention from investors. Its price soared 486 percent from 26.01 yuan on October 25,1999 to 126.31 yuan on February 17, 2000. The stock became the first stock in the market that broke the psychological threshold of 100 yuan.
The stock was traded at 47.40 yuan per share on Tuesday.
Stock price manipulation is a crime punishable under China's Securities Law.
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