Two Chinese companies－Shanghai-based brokerage and financial services provider Everbright Securities Co and Beijing-based internet entertainment and technology group Beijing Baofeng Technology Co－have bought a 65 percent stake in MP & Silva Ltd, one of world's largest sports program distributors.
South Korea's financial regulator on Wednesday approved the banking operations of China Everbright Bank, a unit of the state-owned Everbright Group.
China's securities watchdog confirmed on Friday that abnormal trading on Aug. 16 by Everbright Securities constitutes legal and regulatory violations and slapped the company with record penalties totaling 523 million yuan (84.75 million U.S. dollars).
As Everbright Securities took the bitter medicine from its trading error, Chinese investors are urging faster reforms in the country's securities sector to avoid similar incidents.
A spokesperson for the commission says the Everbright proprietary strategy trading system has flaws in program call and limit control, which resulted in huge orders at market prices.
It was not human error, but design flaws in a trade unit of China Everbright Securities (CES) that triggered the anomalous trades on Friday, according to the China Securities Regulatory Commission on Sunday.
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