Hundsun in market fiasco charges probe
Print Edition
CHINA’S securities regulator said it is investigating Hundsun Technologies, which is linked to e-commerce giant Alibaba, over allegations it played a role in recent stock market turmoil.
Hundsun’s financial investment platform HOMS enables financial firms and online lenders to provide trading facilities to their clients.
The China Securities Regulatory Commission said late on Monday that it had organized law enforcement authorities to inspect Hundsun for “clues” on securities rule violations.
Alibaba affiliate Ant Financial, a financial services provider focused on serving small companies, holds a 20 percent stake in Hundsun, which like Alibaba is based in Hangzhou.
Media reports said HOMS was a factor behind recent volatility in China’s stock market. The firm on Monday denied those charges in a statement to the Shanghai Stock Exchange, where it is listed.
The 150 percent run-up in the benchmark Shanghai index, which was followed by a 30 percent fall in three weeks, was partly blamed on margin trading, through which investors borrow money to trade stocks.
Alibaba founder Jack Ma on Monday denied he was behind the recent market plunge.
“I’m shocked to hear that Hangzhou is the base camp for the ‘stock market disaster’ and Jack Ma collapsed China’s equity market,” he said on his microblog, adding: “People keep mentioning you when it’s not your business.”
Yesterday, Hundsun rose by the 10 percent daily limit in afternoon trading.
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