Shanghai exchange censures Zhao Wei

The Shanghai Stock Exchange publicly censured and disciplined Chinese actress Zhao Wei and her husband Huang Youlong, and denied a report related to science and technology innovation board.

Due to stock listing rule violations during Longwei Culture and Media's attempt to acquire Zhejiang Sunriver Culture Co, Sunriver's former chairman Kong Deyong and Longwei's principals Huang Youlong, Zhao Wei and Zhao Zheng have been considered unfit to serve as directors, supervisors or senior managers for five years by the SSE.

Previously, Zhao Wei and Huang Youlong were banned from China's securities markets for five years for market violations, according to the China Securities Regulatory Commission.

The SSE said Longwei had insufficient self-funding, and financing from other companies was too uncertain to acquire Sunriver.

In addition, during the process of transferring stock rights, Longwei released false information, misleading statements, omitted important information, and avoided necessary disclosures.

The SSE denied reports that science and technology innovation board staff asked an investment institution to recommend 50 firms that may list on the new board, and reminded investors not to trust rumors.

The SSE is presenting documents and design systems to the science and technology innovation board, and the registration system for listed companies, the bourse said.

The science and technology innovation board was first announced at the China International Import Expo in Shanghai, and aims to unleash potential from innovative enterprises.