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A growing number of Chinese companies are blaming trading typos for insider stock sales

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In a sign of how murky the Chinese stock markets can still be, some publicly listed companies have disclosed odd instances of 'accidental' stock sales in the last few weeks.

Shenzhen Changfang, a manufacturer of light-emitting diode products, said in a filing that on Friday a shareholder named Nie Xianghong accidentally sold 16,000 shares by typing in the wrong stock ticker.

These trading "errors" by major shareholders come after mainland Chinese stocks have recorded significant gains this year. In a publicly released response Monday to the Shenzhen Stock Exchange's letter of concern, the company said there was no insider trading or market manipulation.The company also disclosed in filings that Li and a few other major investors have yet to complete their share reduction plans. The stock price has more than doubled from Sept. 2 to Sept. 7 despite disclosure of sharp revenue losses from the shock of the coronavirus in Changfang's export markets such as India.

Regulators have also moved ahead with efforts this year to open up domestic financial markets further to foreign institutions, and remove some restrictions on stock listings and trading.

 

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Cheaters and liars

fay_jing I thought work from home and the insider cat is to be blamed

Can’t trust Chinese companies.

Huh. Who cares ?

Always lying, as usual.

Or maybe china just cheated as they always do?

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