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China regulator says to punish 5 fund management firms for insider trading

[BEIJING] China's securities regulator said on Friday it will punish five fund management companies for insider trading and prohibit them from issuing new mutual fund products for three to six months.

The firms include China Asset Management Co Ltd and HFT Investment Management Co Ltd. Zhang Xiaojun, a spokesman for the China Securities Regulatory Commission, made the announcement at a weekly news conference.