The Chinese government will punish firms involved in the so-called “backdoor” listing of GF Securites, as it continues to crack down on insider trading and other market irregularities that analysts say are rampant, Reuters reports.

It will punish Yan Bian Highway Construction¸ which G F Securities used as a reverse takeover target to obtain the listing, along with key shareholder Jilin Aodong Medicine Industry Group and other firms that failed to properly disclose holdings.

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