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Zhao Wei and hubby banned from capital markets

BEIJING: Billionaire actress Zhao Wei and her husband Huang Youlong have been banned from China’s securities markets for five years for market violations, according to a filing by Zhejiang Sunriver Culture Co, which Zhao’s company sought to acquire in February this year but failed.
Zhao and Huang were given a 300,000 yuan (RM189,106) fine each, it said.
Forty-one-year-old Zhao is widely known not only as a celebrity in the entertainment industry but also as an investor. She and her husband hold wealth of more than five billion yuan (RM3.15bil), according to a regulatory filing earlier this year.
The penalty and market ban were imposed on the couple after the China Securities Regulatory Commission (CSRC) investigated Zhao’s proposed acquisition, the filing said.
According to the filings to the Shanghai Stock Exchange at that time, Zhao wished to acquire a 30% stake of Zhejiang Wanjia Co.
While Wanjia’s capitalisation was about 10 billion yuan (RM6.3bil), Zhao’s company Longwei Culture and Media had registered capital of only 2 million yuan (RM1.26mil).
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