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Chinese police arrest self-styled "patron saint" of stock investors (2) |
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20:43, July 11, 2007 |
With more than 30 million hits, Wang''s blog took over the title of "number one blog in China" at the expense of famous actress Xu Jinglei. The last article on Wang''s blog was published on July 1.
Media reports said that Wang has gained more than 13 million yuan by offering tips for individual investors.
Chinese law prohibits the provision of securities consultancy services without approval by the China Securities Regulatory Commission.
Liu Liang, a lawyer in Jilin, told New Express that Wang Xiujie is facing the possibility of a jail sentence and a huge fine.
Jin Ying, a Beijing housewife who often visited Wang''s blog, said "I thought he was a great man by offering free stock market information. Now it seem he is the one who really benefits from his tips."
China''s stock markets experienced a spectacular bull run in the first half of 2007, when up to 300,000 new A share accounts were opened daily. However, it slowed in the wake of a series of government measures last month amid fears of overheating. In June the main stock index recorded its biggest monthly drop since May 2005.
Source: Xinhua
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