On 10 March 2017, the China Securities Regulatory Commission (the "CSRC") issued its administrative sanction decision in relation to the case of Hanbo Tang's cross-border manipulation of the "Commodities City" (Stock Code: 600415) (the "Case"). The CSRC imposed the most serious administrative sanction permitted by law, confiscating the full amount of illegal gains and imposing a fine of RMB 208,821,180.

The CSRC found that Hanbo Tang, together with his trader Tao Wang, had manipulated the stocks of

"Commodities City", a stock available for trading on Stock Connect, by using three accounts opened in Hong Kong and one account opened in the mainland China, taking advantage of capital and utilizing various ways of manipulation such as spoofing, pushing stock prices up during trading hours, and wash trades, and obtained illegal gains of RMB 41,884,236.

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