PRESS DIGEST -China - Nov 15
SHANGHAI Nov 15 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Friday. Reuters has not checked the stories and does not vouch for their accuracy.
CHINA SECURITIES JOURNAL
- Everbright Securities Co Ltd announced on Thursday that it would be fined a total of 523 million yuan ($85.85 million) for insider trading during the "Aug 16 incident." The four people responsible will be fined 600,000 yuan each and prohibited from trading, while the chairman secretary will be fined 200,000 yuan.
A glitch in Everbright's computer system caused an unintended placement of buy orders worth 68.6 billion yuan ($11.2 billion) to the Shanghai stock exchange on Aug. 16 and led to a massive but short-lived jump in the country's main stock index.
SHANGHAI SECURITIES NEWS
- China's "third board" over-the-counter equity exchange platform is set to expand and roll out new policies to make listing, buying and selling stakes in companies on the platform as "convenient as stocks."
- Reform now faces unprecedented resistance in the "deepwater zone," where a combination of convoluted vested interests, such as local protectionism, departmentalism and special interest groups threaten to thwart all the major reforms society badly needs said a commentary in the paper.
- Long-anticipated natural gas shortages have already begun to impact Chinese manufacturers, with PetroChina Co Ltd moving to cut off supply to a chemical fertiliser company in Hunan proving to preserve supply for residential users for the upcoming winter. An official said cities where the "coal-to-gas" initiative had been implemented, intended to migrate consumers from polluting coal to cleaner gas, would be hardest hit by shortages.
- China should focus on creating a fairer and more just social environment, said a commentary in the paper that acts as the party's mouthpiece.
For Hong Kong and South China newspapers see.....