Brokerage halts share trading on vital issues
By Pan Xiaoyi |
April 17, 2010, Saturday
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Print Edition
Print Edition
CITIC Securities Co, China's largest listed brokerage, suspended trading of its shares in Shanghai due to "vital issues," which media reports said involve a new joint venture with an overseas partner.
The company needs to confirm the ongoing important discussion with relevant parties and release further news, the brokerage said yesterday in a statement to the Shanghai Stock Exchange. No further details on the talks were disclosed.
Its shares were suspended from trading yesterday and will also not trade on Monday, it said without specifying when an announcement on the issue would be made.
Bloomberg News cited people with knowledge of the matter as saying Beijing-based Citic was in talks with France's Credit Agricole SA's Asian broking affiliate about establishing a venture in Asia. The venture may have assets valued at more than 1 billion euros (US$1.35 billion) and will include Credit Agricole's CSLA Asia-Pacific Markets, Bloomberg News reported, adding that the companies may announce an initial agreement next week.
The company needs to confirm the ongoing important discussion with relevant parties and release further news, the brokerage said yesterday in a statement to the Shanghai Stock Exchange. No further details on the talks were disclosed.
Its shares were suspended from trading yesterday and will also not trade on Monday, it said without specifying when an announcement on the issue would be made.
Bloomberg News cited people with knowledge of the matter as saying Beijing-based Citic was in talks with France's Credit Agricole SA's Asian broking affiliate about establishing a venture in Asia. The venture may have assets valued at more than 1 billion euros (US$1.35 billion) and will include Credit Agricole's CSLA Asia-Pacific Markets, Bloomberg News reported, adding that the companies may announce an initial agreement next week.
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