Li Jianchao was also banned for life from entering the industry and from taking any senior roles in listed companies, CSRC said in an announcement its website. (in Chinese)
“When Li Jianchao was working as the portfolio manager of China Post Core Stock Selection Equity Fund, he took advantage of his position to use undisclosed information and make transactions totalling RMB 914m using 10 securities accounts controlled by him, leading to an aggregate profit of RMB 16.83m,” CSRC noted.
The trades in his own accounts were executed during a time period similar to that of the fund's, the regulator added.
Li, aged 40, had been the manager of the fund since November 2011, until he was brought under investigation by the authorities in January 2014. During the period, the fund returned -5.3%, according to Morningstar China.
However, another fund he managed from June 2012 to July 2013, China Post Strategy Emerging Industry Stock Fund, was ranked first in the new technology fund category in 2013 after his fund returned 80%, mainland media reported.
Before joining China Post Fund, he worked as an analyst at Zhonghai Fund Management, Soochow Asset Management, and China Securities Market Research and Design Center.
Li’s appeal the ruling was rejected by High People's Court of Shandong Province in April.