Aug 16
11:05 am
The Shanghai Composite Index spiked by around 100 points within two minutes, with turnover totaling 7.8 billion yuan ($1.27 billion).
11:32 am
An exclusive source from 21st Century Business Herald said that the surge was caused by a move by Everbright Securities Co Ltd to invest 7.2 billion yuan into the buying.
11:43 am
A notice was released by the Shanghai Stock Exchange, saying the market was operating normally.
2:50 pm
Everbright Securities admitted there was a problem in the arbitrage system, which was under examination and investigation by the company.
4:27 pm
The China Securities Regulatory Commission said that further investigation on the incident caused by Everbright will be carried out immediately.
5:02 pm
Everbright Futures Co increased its short positions in the benchmark September stock-index futures contract by 7,023 lots worth about 4.82 billion yuan after the closing of the market.
Aug 18
3:42 pm
The regulatory commission said there was no discovery of manual operation mistakes at Everbright Securities but the risk-control system of the company has certain loopholes. Further investigation is undertaken by the Shanghai bureau of the securities regulatory commission.
4:35 pm
Everbright issued a notice to admit an incident and the negative effects it has had on the company.
6:00 pm
A news conference was held by Everbright Securities to explain the incident to the media.
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