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January 21, 2017

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Sealand’s shares dive on possible income loss

SHARES of Sealand Securities Co slumped yesterday after they resumed trading amid a bond scandal which may hurt its annual revenue.

The brokerage tumbled 7.75 percent to 6.43 yuan (94 US cents) in Shenzhen, after the company predicted that the scandal will slash its revenue by 56 million yuan in 2016, according to its notice filed to the Shenzhen Stock Exchange.

Its shares were suspended from trading on December 15 due to rising public concerns that two of its former employees were alleged to have signed unauthorized bond transaction agreements with banks by forging the brokerage’s seal.

The 16.78 billion yuan bond defaulted after a dive in bond prices, and caused a dispute between Sealand and counterparties involved.

Sealand said in the filing that the brokerage has completed talks and agreed with 24 counterparties to resolve the dispute. It will help the police investigate any illegal behavior linked to the deal.


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