BEIJING — China's securities watchdog issued 3.84 billion yuan (about $553.31 million) of fines during the first half of the year (H1) to punish securities fraud and ensure healthy development of the country's capital market.

China Securities Regulatory Commission handed out 98 administrative penalties in H1, according to a statement on the commission's website.

A total of 165 new cases were reported to securities authorities across the country during the period, while 59 cases and clues were transferred to public-security organs.

The commission will continue with the zero-tolerance policy on securities irregularities, and resolutely crack down on financial fraud, market manipulation and insider trading in a bid to protect the legitimate rights of investors, the statement said.