10 individual investors fined for insider trading

    CHINA’S securities regulator Friday imposed heavy penalties on several individual investors involved in insider trading and rumor mongering as it sought to restore investor confidence by cracking down on illegal market activities.

    The China Securities Regulatory Commission fined 10 individuals involved in five cases a combined 100 million yuan (US$15.8 million). Two of the investors were banned from the securities market for life. The regulator has launched an unprecedented crackdown on illegal activities including insider trading, market manipulation and financial fraud in an attempt to restore investor confidence since the Chinese stock market suffered a dramatic fall in the summer.

    Central bank adds more gold to reserves

    CHINA increased its gold holdings by nearly 1 percent in September even as total foreign exchange reserves dipped, central bank data showed Friday.

    Gold reserves rose by 480,000 fine troy ounces, or 14.9 tons, to 54.93 million ounces, or 1,708.5 tons at the end of September, the People’s Bank of China said. The central bank added 16.2 tons in August and nearly 19 tons in July.

    Investors are unusually optimistic about stocks

    A SURVEY by China Securities Investor Protection Funds (SIPF), a State-owned investor protection fund, showed that investors may be regaining their confidence in the country’s stock market.

    The latest monthly survey by the SIPF climbed to 51.3 in September, up 24.2 percentage points from August, underscoring rising optimism among Chinese investors. China’s stock market boom turned to bust four months ago, sending the benchmark Shanghai Composite Index tumbling almost 40 percent from its June 12 peak as investors scurried for the exit.

    Nanjing Yurun raises funds to repay bond

    DOMESTIC foodmaker Nanjing Yurun Food Co., a subsidiary of China Yurun Food Group Ltd., has raised enough funds to repay a medium-term note maturing Oct. 18.

    Nanjing Yurun raised the funds through asset sales and completed repayment. The firm warned Monday last week that it was at risk of defaulting on interest and principal due on a 1.3 billion yuan (US$204.60 million), 5.49 percent coupon medium-term note maturing Sunday.