22 May 2019

SSE finds four brokerages in improper conduct, paper says

The Shanghai Stock Exchange (SSE) has concluded, following an investigation, that four brokerages have failed to perform their duties in a professional manner, warranting some self-discipline measures, the China Securities Journal reported Monday. According to a statement from the bourse on Sunday, the brokerages were said to have undertaken sales orders placed by qualified foreign institutional investor (QFII) clients at prices that were in variance with market prices on December 20, causing big swings in stock prices, the report said. To preserve market order, the bourse will conduct further investigations and will implement self-discipline supervision on the brokerages, it said. The brokerages are UBS Securities Co. Ltd, Guotai Junan Securities Co. Ltd., Orient Securities Co. Ltd. and China International Capital Corp., according to the report.

– Contact HKEJ [email protected]



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