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Chinese investors fined for violating 'no sell' order

China fines first violators under rule banning share sales imposed to halt market slide

Chinese investors fined for violating 'no sell' order

BEIJING (AP) -- China's securities regulator says it has fined the first violators of a ban imposed in July on stock sales by major shareholders to stem a slide in prices.

The China Securities Regulatory Commission said four investors, five institutions and eight executives were fined a total of 28.4 million yuan ($4.5 million). It gave no details of their identities.

The announcement, dated Tuesday, said they were the "first batch" of penalties under the July 8 rule, suggesting more might be announced.

Beijing banned sales by shareholders who own more than 5 percent of a company as part of efforts to stop a slide in prices after China's main market index fell 30 percent beginning in early June.

Updated : 2021-09-21 18:50 GMT+08:00