CSRC holds hearing for illegal stocks operations

BEIJING - China Securities Regulatory Commission (CSRC) has held a two-day hearing for 11 illegal cases of reducing share holding.

It was the first time that the CSRC dealt with cases involving such amount of illegal share-holding reductions in one hearing.

The regulator asked big shareholders of public companies not to sell shares in an effort to keep the market stable in the past months.

In the third quarter of this year, China's Shanghai Composite Index and Shenzhen Component Index lost nearly 30 percent.

Altogether 41 such cases had been investigated, and the 11 cases at the hearing on Friday and Saturday were suspected of similar operations, the commission said.

All the persons concerned admitted the facts at the hearing, but requested less punishment, claiming their operations tended to lower financial cost and made no impacts to the stock market, while they had carried out timely remedial measures.