CSRC Punishes Brokerage Sponsors for Irregularities

Full article in Chinese: http://www.bocvip.com/2009-10-20/110287875.html

Two sponsors at Chinese securities firms had their licenses revoked and a third was suspended for "presentation and disclosure irregularities," the China Securities Regulatory Commission said in a statement on its Web site on Oct. 19.
Lin Lin of Orient Securities and Wang Zhini of Pingan Securities had their licenses revoked for falsely claiming they possessed at least three years' work experience in investment banking, one of the minimum requirements for working as a sponsor.
Zhang Qingsheng, a sponsor at Golden Sun Securities, was suspended for 12 months for failing to disclose the fact he also worked for another company between October 2005 and April 2008.
The three were the first to be punished since the sponsor system was introduced in 2004.