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China Daily / 2020-09 / 16 / Page008

Lens on 'fleeing' scallops secures investors

BEIJING NEWS | Updated: 2020-09-16 00:00

The China Securities Regulatory Commission announced on Friday that it has decided to let the public security organ probe the suspected securities crimes committed by the Zhangzidao Group and its executives.

Since 2014, when Zhangzidao announced that the "fleeing" scallops it was breeding caused it a loss of 763 million yuan ($112 million) in the third quarter that year, the company has come up with several more similar excuses for its financial losses, triggering investor concern. This led the CSRC to verify Zhangzidao's information disclosure frauds and mete out administrative punishments according to law.

The latest action to try Zhangzidao and related personnel for criminal responsibilities is a manifestation of the all-around and three-dimensional accountability network being woven by the regulator for crimes in the capital market and intensified crackdowns on illegal acts.

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