BEIJING - Billionaire Chinese actress Zhao Wei and her husband have been barred from trading in the mainland stock market for five years and fined by the securities regulator, which cited their disclosure irregularities relating to a takeover bid of a firm.
Zhao and her husband Huang Youlong, through a company they controlled - Tibet Longwei Culture Media Co - made a failed attempt to buy 29.1 per cent of Zhejiang Wanjia Co in late 2016.
Zhejiang Wanjia was later taken over by another investor and renamed Zhejiang Sunriver Culture Co.
But Tibet Longwei's bid drew scrutiny of the China Securities Regulatory Commission (CSRC) regarding information disclosure and takeover-financing ability. The regulator stated that the bid made misleading statements and major omissions in disclosures, according to a filing by Zhejiang Sunriver to the Shanghai stock exchange.
The bidder's actions "severely impacted market order, hurt medium and small investors' confidence in the market, and undermined fairness, justice and openness of the market," the regulator said, according to the filing.