China's securities watchdog on Friday disputed a media report saying it has compiled a blacklist of 30 to 40 companies targeted for delisting.
"The report is seriously inconsistent with the facts," said Deng Ge, spokesman of China Securities Regulatory Commission (CSRC). "Stock exchanges are the ones responsible for delisting companies, and all procedures should conform to the law." Deng also said the CSRC will maintain its tough stance on market irregularities, such as illicit financing in stock trading.
The stock regulator has been vigilant against illegal leveraged trading since the market turmoil last year, as the activity was considered a major cause of the stormy market and following crash. Chinese shares rallied on Friday, lifted by financial heavyweights. The Shanghai Composite Index rose 0.62 percent to close at 2,979.43 points.
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