Train makers refute allegation

China's two top train makers refuted Tuesday media allegations of insider trading before a high-profile merger announced on December 31, 2014.

Members of senior management of CNR and CSR as well as their relatives were not involved any such practices during the six months before October 27, 2014, according to the two companies' filings posted on the Shanghai Stock Exchange on Tuesday evening.

Trading of the two companies' shares were suspended at the Shanghai and Hong Kong bourses on October 27, 2014, pending the announcement of the merger plan.

Recently, some media reports claimed that members of the senior management of the two companies and their relatives may have mutually traded shares of their respective companies, raising insider trading concerns.