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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Report: China tycoon allegedly manipulated shares AP - 32 minutes ago SHANGHAI, China - Home appliances tycoon Wong Kwong-yu, under investigation for alleged economic crimes, is suspected of manipulating prices of shares in two companies, a report said Friday, citing China's securities regulator. The China Securities Regulatory Commission is investigating suspected irregular stock trades in shares of Shanghai-listed Sanlian Commercial Co. and Shenzhen-listed Beijing Centergate Technologies Co., two companies with ties to Wong's flagship company, Gome Electrical Appliances Holdings, the official Xinhua News Agency reported. Beijing police confirmed Thursday that Wong, who is one of China's wealthiest men with assets estimated at about $6.3 billion, was being held in a probe into alleged economic crimes. The company's chief financial officer, Zhou Yafei, is also under investigation. Earlier, unconfirmed reports said the 39-year-old tycoon was suspected of allegedly manipulating shares of a company controlled by his brother. The Xinhua report did not mention that company, medicine maker Shandong Jintai. The alleged problems with smaller appliance retailer Sanlian Commercial and with property developer Beijing Centergate Technologies reportedly are linked to a possible plan by Gome, whose shares are traded in Hong Kong, to seek a share listing on a mainland bourse. Sanlian Commercial's shares are traded in Shanghai, while Beijing Centergate's shares are traded in the smaller market in Shenzhen. Gome, the country's biggest appliance chain, became the largest shareholder in Sanlian earlier this year after acquiring 10.69 percent of its shares. Wong, who has substantial real estate investments, is controlling shareholder of Beijing Centergate, a company involved in redevelopment of the Chinese capital's high-tech Zhongguancun district. Phones rang unanswered Friday evening at the stock watchdog, CSRC. Gome announced Friday that its chief executive officer, Chen Xiao, had been appointed acting chairman in Wong's absence. It said Wong's case was a personal matter and was not affecting company operations. "Please do not misunderstand and harm a healthy enterprise," Xinhua quoted Chen as saying. It said Chen promised to take an "active, transparent and responsible attitude." Shares of Gome and Beijing Centergate have been suspended from trading this week. Sanlian Commercial's shares fell 6.2 percent Friday to 3.48 yuan. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Report: China tycoon allegedly manipulated sharesAP - 32 minutes ago Japan's recession woes deepen as output tumblesAFP - 1 hour 59 minutes ago Bank of China expands into SwitzerlandAP - 2 hours 16 minutes ago Asian markets rise; India stocks gain after attackAP - 2 hours 17 minutes ago Related Articles: Business Iceland changes foreign exchange rulesAP - 22 minutes ago US STOCKS-Futures slip on worry about consumer, energyReuters - 28 minutes ago European markets lower ahead of Wall Street returnAP - 29 minutes ago Emerging Markets-Stocks eye 2nd largest weekly gain, rupee downReuters - 30 minutes ago Report: China tycoon allegedly manipulated sharesAP - 32 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US clears Bank of America deal for Merrill Lynch US president's mother 'doing very well' in hospital: Laura Bush Love handles increase death risk: study Obama vows 'help is on the way' for the economy Michael Jackson strikes 'amicable' deal with Arab sheikh View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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