{"id":32516,"date":"2020-09-09T13:58:52","date_gmt":"2020-09-09T10:58:52","guid":{"rendered":"http:\/\/anticorr.media\/?p=32516"},"modified":"2020-09-09T14:00:29","modified_gmt":"2020-09-09T11:00:29","slug":"chinas-netflix-fined-35-million-for-stock-fraud-by-securities-regulator","status":"publish","type":"post","link":"https:\/\/anticorr.media\/en\/chinas-netflix-fined-35-million-for-stock-fraud-by-securities-regulator\/","title":{"rendered":"China’s Netflix fined $ 35 million for stock fraud by securities regulator"},"content":{"rendered":"

Chinese streaming service LeEco (Leshi Internet Information & Technology) said that it has been fined $35 million following an investigation into suspected fraud in its initial public offering (IPO).<\/p>\n

The China Securities Regulatory Commission (CSRC) has completed the investigation into LeEco’s IPO in the A-share market and issued a warning of illegal insider disclosure and stock fraud, Global Times<\/a> reports.<\/p>\n

In this regard, the Commission imposed a fine of 600,000 yuan ($ 87,000), ordering the company to make corrections.<\/p>\n

The regulator also imposed a fine of 5 percent of the funds raised in the IPO, which comes to 240 million yuan ($ 35 million).<\/p>\n

LeEco, dubbed “China’s Netflix” for creating its own content and digital TV broadcasting, was expelled from the Chinese stock market on July 20 this year.<\/p>\n

Soon after, its shares plunged to 0.18 yuan, giving it a valuation of 718 million yuan ($ 105 million), down from 170 billion yuan ($ 25 billion) in 2015.<\/p>\n

Jia Yueting, who founded the LeEco, is currently under investigation and Jia’s assets in Leshi Internet Information & Technology are frozen.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese streaming service LeEco (Leshi Internet Information & Technology) said that it has been fined $35 million following an investigation into suspected fraud in its initial public offering (IPO). The China Securities Regulatory Commission (CSRC) has completed the investigation into LeEco’s IPO in the A-share market and issued a warning of illegal insider disclosure and […]<\/p>\n","protected":false},"author":2,"featured_media":32476,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2297],"class_list":["post-32516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-stock-fraud","has-thumb"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":false},"en":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"\nChina's Netflix fined $ 35 million for stock fraud by securities regulator - Anticorr.media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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