(Yicai Global) Dec. 13 -- China's securities regulator will issue a warning to an award-winning analyst for repeatedly raising his valuation on a listed company's stock without giving specific reasons.
The China Securities Regulatory Commission will order Haitong Securities Co. analyst Shi Yi to strictly comply with the principles of objectivity, prudence and professionalism and improve the quality of research reports. Shi, who specializes in non-ferrous metals companies, won the New Fortune Best Analysts Award, often referred to as China's securities Oscar, multiple times between 2015 and this year.
Shi raised his target share price of Jiangxi Special Electric Motor Co. [SHA:002176] to CNY28 (USD4.23) from CNY13.05 over four research reports issued between July 30 and Sept. 19, the CSRC said in a statement. The reports did not offer enough evidence for the increases and did not give complete information about data sources, the regulator said.
Jiangxi Special Electric's shares soared to a recent high of CNY18.98 from CNY11 after Shi released the reports. They closed at CNY11.91 yesterday.