Stocks News
- Chinese stock tip blogger to stand trial
Date: 25-Jul-2007 Sources: (Xinhua Online)
CHANGCHUN, July 24 (Xinhua) -- The Chinese blogger who was detained by police earlier this month for selling stock tips to subscribers will stand trial on charges of conducting illegal business dealings believed to involve as much as 10 million yuan, a local procuratorate confirmed on Tuesday.
Changchun Municipal People's Procuratorate will lodge a lawsuit to the municipal people's intermediate court against Wang Xiujie, known to his readers as 'Big Brother Leader 777', over running an unlicensed business.
Wang is suspected of earning more than 10 million yuan by selling stock market advice to thousands of subscribers since February, according to the procuratorate.
Boasting that his predictions had a 90 percent accuracy rate, Wang labeled himself the 'patron saint' of individual investors. His blog received more than 30 million hits as more speculators rushed to cash in on the bull market.
Chinese law prohibits the provision of securities consultancy services without approval by the China Securities Regulatory Commission.
It is still unclear when the court will start to handle the case.
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