Source Pravda.Ru

China closes 14 brokerages

Regulators have closed 14 Chinese stock brokerages and punished one more for heavy debts and financial irregularities in a campaign to clean up the country's securities markets, a news report said Friday.

Zhuang Xinyi, vice-chairman of the China Securities Regulatory Commission, speaking at an industry conference Thursday, said many brokerages are deep in debt due to mismanagement and market speculation, the official Xinhua News Agency reported.

Zhuang didn't identify the brokerages that were shut down or give a timeframe for the closures. But the country's fifth-largest, China Southern Securities, was closed in August after going bankrupt, AP reports.

А. А.

Comments
100th anniversary of Great October Revolution: Celebrating mountain of errors
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
North Korea says Trump makes first step towards nuclear war
North Korea says Trump makes first step towards nuclear war
North Korea says Trump makes first step towards nuclear war
North Korea says Trump makes first step towards nuclear war
Capitalism reduced Indonesian cities to infested carcases
Tel Aviv, Jerusalem, capitals and puppets
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
No one can intercept Kim Jong-un's invincible ballistic missiles
Torturing Jerusalem with USA's help: No peace, but eternal war for Jews and Arabs
North Korea is not a threat to the US
North Korea is not a threat to the US
Torturing Jerusalem with USA's help: No peace, but eternal war for Jews and Arabs
Tel Aviv, Jerusalem, capitals and puppets
North Korea is not a threat to the US
North Korea is not a threat to the US
North Korea is not a threat to the US
Putin: Russia will continue spending enough on defence not to be killed
Putin: Russia will continue spending enough on defence not to be killed