stock market: Guangdong Meiyan Jixiang Hydropower, one of the insurer targets, had jumped by around 50 percent during a week-long period before Evergrande Life sold its holding at the end of October, which triggered days of price plunges, according to Global Times China. The insurer was reported to have adopted the same strategy in shares of many other companies. Evergrande Life, controlled by property conglomerate Evergrande Group, was criticized for causing volatility in the market by quietly buying shares, hyping the purchases to prop up the prices, and then selling quickly to take profits -- leaving shares to fall sharply and causing investors huge losses. Despite gains from the stock market, Evergrande Life posted a loss of 965 million yuan in the third quarter. The CIRC said it will take timely measures against such cases in the future and improve the supervision over insurance capital.
(news.financializer.com). As
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