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Thursday, November 22, 2018, 10:09
Shanghai exchange censures billionaire actress Zhao Wei
By Zhang Jie
Thursday, November 22, 2018, 10:09 By Zhang Jie

Chinese actress Zhao Wei arrives for a handprint-footprint ceremony to celebrate "lucky 88th birthday" of TCL Chinese Theatre in the Hollywood, California, June 3, 2015. (DAVID MCNEW / AFP)

The Shanghai Stock Exchange publicly censured and disciplined Chinese actress Zhao Wei and her husband Huang Youlong, and denied a report related to science and technology innovation board.

Huang Youlong and Zhao Wei  have been considered unfit to serve as directors, supervisors or senior managers for five years by the Shanghai Stock Exchange

Due to stock listing rule violations during Longwei Culture and Media's attempt to acquire Zhejiang Sunriver Culture Co, Sunriver's former chairman Kong Deyong and Longwei's principals Huang Youlong, Zhao Wei and Zhao Zheng have been considered unfit to serve as directors, supervisors or senior managers for five years by the SSE.

READ MORE: China bars billionaire actress Zhao Wei from stock trading for 5 years

Previously, Zhao Wei and Huang Youlong were banned from China's securities markets for five years for market violations, according to the China Securities Regulatory Commission.

The SSE said Longwei had insufficient self-funding, and financing from other companies was too uncertain to acquire Sunriver.

In addition, during the process of transferring stock rights, Longwei released false information, misleading statements, omitted important information, and avoided necessary disclosures.

ALSO READ: Actress Fan Bingbing fined for tax evasion

The SSE denied reports that science and technology innovation board staff asked an investment institution to recommend 50 firms that may list on the new board, and reminded investors not to trust rumors.

The SSE is presenting documents and design systems to the science and technology innovation board, and the registration system for listed companies, the bourse said.

The science and technology innovation board was first announced at the China International Import Expo in Shanghai, and aims to unleash potential from innovative enterprises.

The Shanghai Stock Exchange reminded investors not to trust rumors. (PHOTO / IC)


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