BEIJING - China has busted the first cross-border market manipulation case under the Shanghai-Hong Kong Stock Connect, the China Securities Regulatory Commission (CSRC) said Friday.

Authorities gave maximum administrative penalties to those responsible, confiscating over 1.2 billion yuan ($173 million),according to an online statement by the securities regulator.

The CSRC accused the perpetrators of repeatedly manipulating share prices including that of Zhejiang China Commodities City Group Co.

The CSRC worked closely with the Securities and Futures Commission of Hong Kong on the case, the statement read.

The stock link scheme was launched in November 2014 to help internationalize the yuan and boost mutual stock market access between Hong Kong and Shanghai.

In a memorandum of understanding signed by the two watchdogs after the launch, they pledged to combat cross-boundary fraud through sharing of information and joint enforcement operations.