Everbright Securities Co (光大證券), the company that roiled China’s equity market two weeks ago with errant trades, said two executives resigned amid record penalties imposed by regulators after an investigation.
Everbright assistant president Yang Chizhong (楊赤忠) and board secretary Mei Jian (梅鍵) tendered letters of resignation to the board on Saturday, according to two statements the company submitted to the Shanghai Stock Exchange. Everbright vice president Xue Feng (薛峰) was appointed acting board secretary until a replacement is found, it said.
The broker was fined a total of 523 million yuan (US$85 million) after an investigation into 23.4 billion yuan of erroneous buy orders found it traded on inside information, the China Securities Regulatory Commission (CSRC) said.
Yang and Mei were fined 600,000 yuan and 200,000 yuan respectively, it said.
“This incident exposed big problems in our internal control, risk management and rule-abiding operations,” the statement said.
“The company and relevant personnel took wrong measures” that constituted insider trading, giving misleading information and other illegal activities, it said.
Four people, including former Everbright president Xu Haoming (徐浩明), are to be banned from markets for life and the brokerage was barred from most proprietary trading, CSRC said. Xu resigned last week and the brokerage suspended Yang Jianbo, the head of its proprietary trading business.
The firm estimated it lost 194 million yuan on the trades, based on Aug. 16 closing prices, and said the figure may change.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) would not produce its most advanced technologies in the US next year, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. Kuo made the comment during an appearance at the legislature, hours after the chipmaker announced that it would invest an additional US$100 billion to expand its manufacturing operations in the US. Asked by Taiwan People’s Party Legislator-at-large Chang Chi-kai (張啟楷) if TSMC would allow its most advanced technologies, the yet-to-be-released 2-nanometer and 1.6-nanometer processes, to go to the US in the near term, Kuo denied it. TSMC recently opened its first US factory, which produces 4-nanometer
GREAT SUCCESS: Republican Senator Todd Young expressed surprise at Trump’s comments and said he expects the administration to keep the program running US lawmakers who helped secure billions of dollars in subsidies for domestic semiconductor manufacturing rejected US President Donald Trump’s call to revoke the 2022 CHIPS and Science Act, signaling that any repeal effort in the US Congress would fall short. US Senate Minority Leader Chuck Schumer, who negotiated the law, on Wednesday said that Trump’s demand would fail, while a top Republican proponent, US Senator Todd Young, expressed surprise at the president’s comments and said he expects the administration to keep the program running. The CHIPS Act is “essential for America leading the world in tech, leading the world in AI [artificial
REACTIONS: While most analysts were positive about TSMC’s investment, one said the US expansion could disrupt the company’s supply-demand balance Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) new US$100 billion investment in the US would exert a positive effect on the chipmaker’s revenue in the medium term on the back of booming artificial intelligence (AI) chip demand from US chip designers, an International Data Corp (IDC) analyst said yesterday. “This is good for TSMC in terms of business expansion, as its major clients for advanced chips are US chip designers,” IDC senior semiconductor research manager Galen Zeng (曾冠瑋) said by telephone yesterday. “Besides, those US companies all consider supply chain resilience a business imperative,” Zeng said. That meant local supply would
Servers that might contain artificial intelligence (AI)-powering Nvidia Corp chips shipped from the US to Singapore ended up in Malaysia, but their actual final destination remains a mystery, Singaporean Minister for Home Affairs and Law K Shanmugam said yesterday. The US is cracking down on exports of advanced semiconductors to China, seeking to retain a competitive edge over the technology. However, Bloomberg News reported in late January that US officials were probing whether Chinese AI firm DeepSeek (深度求索) bought advanced Nvidia semiconductors through third parties in Singapore, skirting Washington’s restrictions. Shanmugam said the route of the chips emerged in the course of an
RSS