China’s securities regulator has levied one of its largest ever fines for market manipulation, in a sign of increased enforcement efforts by authorities.
中国证券监管机构对市场操纵开出了有史以来最大的罚单之一，此举表明有关部门加大了执法力度。
The China Securities Regulatory Commission fined Tang Hanbo and associates Rmb1.2bn ($174m) for manipulation of several mainland-listed stocks, a figure that includes penalties as well as disgorgement of illegal profits, the CSRC said on its website. The agency’s latest action follows its Rmb3.5bn fine of Xian Yan last month for market manipulation stemming from false information disclosures.
中国证监会(CSRC)在其网站上表示，对唐汉博及同伙数次操纵A股股票开出12亿元人民币（合1.74亿美元）的罚单，该金额包括罚款和没收的违法所得。在此之前，中国证监会上月还对鲜言利用虚假信息披露操纵市场罚没35亿元人民币。
The punishment of Mr Xian appears to be the largest administrative fine ever, according to an FT examination of public disclosures and media reports. The cases of Mr Tang and Mr Xian alone already make 2017 a record year for CSRC fines, the third straight such record. The CSRC levied Rmb4.3bn in fines in 2016, up 2.9 times from the previous year’s record total.
英国《金融时报》查阅公开披露信息和媒体报道之后发现，对鲜言的处罚似乎是有史以来最大的行政罚单。仅仅唐汉博和鲜言两案就已经让2017年成为中国证监会罚没款创出历史最高纪录的一年，这是中国证监会罚没款连续第三年创出新高。中国证监会在2016年开出了43亿元人民币的罚单，较2015年的纪录增长2.9倍。
In January, a court sentenced prominent hedge fund manager Xu Xiang to more than five years in prison for market manipulation. The court did not publicly announce a fine, but local media said Mr Xu — who ranked as China’s 188th richest man in 2015 with an estimated wealth of $14bn — would be forced to pay Rmb11bn.
今年1月，一家法院判决著名对冲基金经理徐翔犯操纵证券市场罪，判处5年6个月有期徒刑。该法院没有公开宣布罚金，但国内媒体表示，徐翔将被罚110亿元人民币——徐翔2015年在中国富豪排行榜上排名第188位，估计拥有140亿美元财富。

In one instance of manipulation, Mr Tang used three separate Hong Kong accounts, as well as one on the mainland, to conduct trades through the Shanghai-Hong Kong stock connect, a scheme launched in late 2014 and which provides foreign investors unprecedented access to mainland shares.
在一次市场操纵中，唐汉博使用3个独立的香港账户和一个内地账户，通过“沪股通”进行交易。“沪股通”在2014年年末推出，首次允许外国投资者直接投资于中国内地股票市场。
Mr Tang’s use of Hong Kong accounts was apparently intended to disguise his activity. Mainland regulators and stock exchanges maintain a system for identifying traders in real time, whereas Hong Kong’s Securities and Futures Commission must request investors’ identities from brokers after the fact.
唐汉博使用香港账户显然是为了掩饰其交易活动。内地监管机构和证券交易所维护着一个实时识别交易者的系统，而香港证监会(SFC)要在事后从经纪商那里获取投资者的身份信息。
CSRC said it co-operated with the SFC to uncover the manipulation by Mr Tang, marking the first case of manipulation uncovered through the programme. When Hong Kong and mainland authorities launched a new trading link, the Shenzhen-Hong Kong stock connect in December they also concluded an agreement to increase information sharing.
中国证监会表示，它与香港证监会合作，查出唐汉博操纵市场，这是查出的利用“沪港通”的首例跨境操纵市场案件。在香港和内地有关部门去年12月开通“深港通”的时候，它们还签署了加大信息共享的协议。