Date
23 October 2018

CSRC suspends Ping An Securities from underwriting, paper says

Ping An Securities Ltd. was notified Monday by the China Securities Regulatory Commission that its underwriting license will be suspended for three months until Dec. 23 and it will have to pay a 76.65 million yuan (US$12.54 million) fine for negligence, Shanghai Securities News reported Tuesday, without citing a source. The commission made the decision in May after the company, a unit of Ping An Insurance (Group) Co. of China Ltd. (02318.HK), was found negligent in its audit of Wanfu Biotechnology (Hunan) Agricultural Development Co. Ltd. (300268.CN) prior to an initial public offering in 2011. The underwriter has said it will form a special 300 million yuan fund to compensate investors for their loss in the IPO, the report added.

– Contact HKEJ [email protected]

TL/AC/SK

 

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