Chinese securities clarifies Huang Xiaoming situation

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China’s Securities Supervision Commission clarified that the popular actor and singer Huang Xiaoming was not involved in recent stock manipulation case at a press conference on Friday.

According to a rumor, Huang Xiaoming manipulated 1.8 billion US dollars worth of stocks and was also involved in a fake vaccine incident.

Huang Xiaoming, a well-known actor and singer was not involved in recent stock manipulation. /VCG Photo

Gao Yong, a main criminal suspect of stock manipulation case, used his actual controlled account group to manipulate the stock price of Nantong Jianghua Pharmaceutical Co., Ltd Company from January to July 2015, obtaining illegal profits 900 million US dollars from this stock manipulation.

Gao eventually had these illegal profits taken away from him and was punished with a further 900 million US dollar fine. He was banned from doing stock market business for the rest of his life. Huang Xiaoming’s name was found in Gao Yong’s account group during this investigation.

However, Huang published a statement denying all the accusations and rumors against him on Weibo on Wednesday. After an investigation, the China Securities Supervision Commission clarified that Huang was not involved in this stock manipulation.

Huang Xiaoming bought shares in 42 companies, including ones in the fields of food, entertainment, energy and Internet. /VCG Photo

Huang claimed that he did not participate in any stock manipulation, he doesn’t know Gao Yong and explained that his mother helped manage his account. This account was once entrusted to Gao, but neither Huang nor his mother were involved in any stock manipulation.

Huang also stated that he never bought stocks in “Changsheng”. Changchun Changsheng, a major vaccine producer based in northeastern China’s Jilin Province, was found to have “used expired materials to produce its rabies vaccines” and “falsified production and testing records to avoid regulatory scrutiny” in July.

Huang believes this incident was caused by his financial mismanagement and apologized to the people negatively affected by the company.

China’s Securities Supervision Commission continues to uphold the law and asserted that if they find others who have manipulated the stock market, they will be seriously punished.

(Cover Photo: a cartoon relates that Huang Xiaoming involves the stock manipulation case. /VCG Photo)