Huang Xiaoming Stock Manipulation Scandal: What You Need To Know

Huang Xiaoming Stock Manipulation Scandal
Huang Xiaoming is the latest actor to be hit with a financial controversy.  This news comes in after China's been upping the ante on investigating some of the country's highest paid celebrities and their financial dealings.  Dubbed as China's Brad Pitt, Huang Xiaoming is allegedly involved in stock manipulation. 

This scandal has come to light when China Securities Regulatory Commission (CSRU) found Gao Yong guilty of stock manipulation. You might ask, who's Gao Yong and how does it involve Huang Xiaoming

Gao Yong is a partner of Beijing Moat Investment Development Center which is basically an investment firm. Gao Yong supposedly used 16 of the company's stock trading accounts to manipulate the stock prices and unfortunately, Huang Xiaoming's account is said to be one of them (it was initially only identified as Huang until financial magazine, Caixin, identified it to be Huang Xiaoming's).

According to a report by South China Morning Post, Huang Xiaoming confirms he does have an account in China which is being handled by his mom who, in turn, entrusted it to somebody surnamed Lu.  Now this is where it gets tricky since apparently, Lu entrusted Gao Yong to manage the account. 


Huang Xiaoming has released a new statement reiterating that he has not participated in any stock manipulation nor is he being investigated for such. He also confirms not being personally known to Gao Yong. He states that his stock trading account was entrusted to Lu and whatever Gao Yao Account Group does is based on the actions of Gao Yong and his alone.

He reveals that this incident has taught him a lot and has apologized for the trouble this may have caused anybody. As someone who's simply at the receiving end of the news, it's really hard to form an opinion. I hope that the truth prevails. 

Source: 1, 2, 3



1 comment:

  1. For me it sounds a bit like 'I have so much money that we got lost' what can be an excuse but is not something people do honor, especially in a country where the difference between Rich and Poor is that big.

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