CITIC unit penalty
January 19, 2010, Tuesday
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Print Edition
Print Edition
CITIC Securities Co, China's biggest listed brokerage, said its wholly owned fund unit China Asset Management Co had been punished by regulators for failing to comply with stake ownership rules.
The China Securities Regulatory Commission has banned ChinaAMC from launching new products effective January 1, and may take further punitive measures if CITIC does not take corrective action by April 1, CITIC Securities said in a statement to the Shanghai Stock Exchange over the weekend. China's securities regulator bars any single shareholder from owning more than 49 percent of a fund house.
The China Securities Regulatory Commission has banned ChinaAMC from launching new products effective January 1, and may take further punitive measures if CITIC does not take corrective action by April 1, CITIC Securities said in a statement to the Shanghai Stock Exchange over the weekend. China's securities regulator bars any single shareholder from owning more than 49 percent of a fund house.
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