Shares Of Major Chinese Brokerage Plunge, Company Denies rumours That Its Chairman Was Taken In By Police

It was a rough night for the Chinese market. The Shanghai Composite fell about 1.5%.

A big loser: Citi Securities, a major brokerage. It fell over 9%.


Photo: Bloomberg

There is a rumour that the company had to deny that its chairman was taken in by the cops.

Caijing has the story:

rumour has it that the company lost as much as 2.9 billion yuan from overseas investment, and that its chairman Wang Dongming was taken away for investigations, leading to a cross-border decline in brokerage business

China’s leading brokerage CITIC Securities (CITICS) denied a rumour that its chairman Wang Dongming was taken away by police for investigations and it failed to disclose huge losses overseas on Monday, when its shares slumped nearly to the daily limit of 10 per cent.

“The rumours are all unfounded,” said company secretary Zheng Jing, “We are also seeking for reasons for the nosedive; however, the company recently has nothing that should be disclosed but it didn’t.”

Read the whole story >

(Via @niubi)

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.