(Yicai) Dec. 5 -- Qin Benjun has resigned from all his posts at Layn Natural Ingredients, including the chairmanship, in the wake of Chinese regulators handing him a five-year ban from the securities market, the health products maker said.

Qin, who is also Layn’s actual controller, told the company that the China Securities Regulatory Commission has also fined him over CNY2.07 million (USD285,000) for market manipulation and confiscated CNY690,000 (USD94,910) of illegal gains, Guiling-based Layn said late yesterday.

The Securities and Futures Commission opened an investigation into Qin for alleged securities market manipulation on May 10 last year.

“The matter is a personal administrative penalty on Qin Benjun,” Layn noted, adding that “it does not involve Layn Natural Ingredients or other senior management and will not have a significant impact on the firm's daily operations.” Operations and production are normal, it said.

Layn’s shares [SHE: 002166] ended unchanged at CNY8.39 (USD1.16) each in Shenzhen today. The stock has gained 8 percent this year.

According to Layn’s third-quarter earnings report, Qin was the largest shareholder, with a 36.6 percent stake. He is also the only one to own more than 5 percent.

Layn’s net profit surged 148 percent to CNY100 million (USD13.8 million) in the nine months ended Sept. 30 from a year earlier, while revenue jumped 32 percent to CNY1.2 billion (USD165.1 million). Last year, profit sank 54 percent to CNY83 million (USD11.4 million) on a 6.7 percent increase in revenue to CNY1.5 billion.

Established in 2000, Layn makes natural health products used in the food and beverage, pharmaceuticals, healthcare, cosmetics, pet supplies, and feed sectors.

Editor: Martin Kadiev