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Probe on suspected rule breaches
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CHINESE brokerages currently under scrutiny from the country’s securities regulator are being investigated for suspected rule breaches related to the signing of margin trading contracts, they said in separate filings yesterday.
Shares in Shanghai dropped more than 5 percent on Friday, the biggest decline since the summer rout, after brokerages revealed that they were under investigation by the China Securities Regulatory Commission.
China’s biggest brokerage, CITIC Securities, said yesterday that the investigation was looking into possible violations of rules on margin trading contracts with clients, adding that the company was operating normally during the probe.
Smaller rivals China Haitong Securities and Guosen Securities issued similar statements.
China Haitong Securities’ statement on the Hong Kong Stock Exchange said it would continue to comply fully with its disclosure obligations.
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