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BIZCHINA / News
CSRC targets share tipsters
(China Daily)
Updated: 2007-07-27 09:08
The China Securities Regulatory Commission (CSRC) has confirmed 11 cases
of unlicensed securities consulting businesses operating on the Internet,
the securities watchdog said yesterday.
Six of the 11 cases are suspected securities crimes and have been handed
to the public security bureau, CSRC spokesman Liu Xinhua told China Daily
yesterday.
Liu said that Wang Xiujie, known among investors as "Big Brother Leader
777", will face charges of running an unlicensed and illegal securities
consultancy business.
"Wang's behavior broke the 122nd and 197th items of the Securities Law,
which forbids any institution or person to conduct securities business
without receiving a license from the regulator,"Liu said.
The watchdog said illegal behavior in the securities business is becoming
"very covert" on the Internet.
"These suspects are using websites, blogs and QQ (instant messaging) to
spread tips for stock investors, and charge various fees in the name of
so-called memberships, training, services or consultancy," Liu said.
Police earlier this month detained Wang, who is suspected of having
earned more than 10 million yuan by selling stock market advice to
thousands of subscribers since February, according to the Xinhua News
Agency.
Wang sold subscriptions for tips sent by instant messaging, boasting his
predictions had a 90 percent accuracy rate, and labeled himself the
"patron saint" of individual investors. His blog received more than 30
million hits as speculators rushed to cash in on the bull market.
"Alongside monitoring and striking at illegal securities businesses,
educating stock investors is also very important," Liu of the CSRC said.
The securities watchdog received 1,638 complaints about various
securities operations in the first half of 2007 and has investigated 524
of them, Liu said.
Self-styled stock gurus and informal fund managers have thrived as
China's two stock markets more than doubled last year and surged a
further 50 percent this year. The growth has attracted millions of small
investors, many of whom have little awareness of investment risks.
(For more biz stories, please visit Industry Updates)
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