CHINA

Nation’s First Corporate Raider Draws Fine: China’s first corporate raider was fined $173,000 Friday for illegally buying shares of a small listed firm in Shanghai, officials said. The Securities Regulatory Commission ruled at a closed-door meeting that Bao An Enterprises of Shenzhen had violated public disclosure rules in its abortive takeover of Shanghai Yanzhong Industrial, commission officials said. Bao An, listed on the southern Shenzhen exchange and worth more than $1 billion, was ordered to pay the fine to the Chinese treasury. Bao An must also hand over to Yanzhong nearly $86,000 in illegal “short-swing profits” earned by reselling shares to the public during the takeover drama, which sent Yanzhong’s share price soaring and unleashed frenzied speculation in Shanghai.