Pan Shiyi, real estate tycoon and popular microblogger, has been castigated by disgruntled investors, who claim that Pan posted sensitive information on Weibo about listed companies that caused their stock to fluctuate.
The SCMP reports:
Disgruntled investors in China have written a 3000-word letter to the China Securities Regulatory Commission, reporting inappropriate Weibo posts by Pan Shiyi, China’s Finance and Investment newspaper reported on Tuesday.
Popular micro-blogger Pan Shiyi is accused of posting sensitive information on certain listed companies on Weibo. His posts help cause the companies’ stock prices to fluctuate, some by as much as 8 per cent, the report said.
In a post published on December 6, 2012, Pan congratulated Zhejiang Hangxiao Steel Structure, a mainland listed company, on winning a contract for a Soho project.
The company’s price rose 6 per cent after the post.
In a similar post revealing Beijing’s Jiangho Curtain Wall winning a Soho contract last October its stock price rose 1.86 per cent within six minutes of Pan’s Weibo message.
However, Shenyang Yuanda Aluminium Industry Engineering, a Hong Kong-listed company, was not so lucky. Its price dropped 8 per cent after Pan’s Weibo post.
It is unclear whether Pan is deliberately manipulating the stock market (as rapper 50 Cent allegedly and rather embarrassingly tried to do in 2011) or was just unaware of his own power; either way, investors are determined that he should be held accountable for his statements.