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China vows 'zero tolerance' towards illegal market behaviour

Jul 13, 2020 | 🚀 Fathership
SHANGHAI: China will show "Zero tolerance" towards securities and accounting fraud and will step up a crackdown on major capital-markets crimes, financial regulators said after a meeting of the Financial Stability Development Committee.

They would also deepen the reform of the market's delisting mechanism to weed out bad companies from the country's stock markets.

China has been trying to limit the country's reputational damage after accounting scandals at companies including Kangmei Pharmaceutical and Kangde Xin Composite Material Group.

The China Securities Regulatory Commission on Friday punished GF Securities for its role in the US$12.

GF Securities was banned from the securities-sponsor business for six months, and from bond underwriting for a year.