CITIC Securities shares fall after report of police probe
CITIC Securities shares fell following revelations in the press that police are investigating eight employees at the bank over allegations of illegal trading. However, CITIC Securities has stated that the company has not received any notice of a probe. Haitong Securities, GF Securities, Huatai Securities and Founder Securities have all announced that they are also being probed by regulators over a suspected failure to review and verify clients' identities.
The crackdown comes amid renewed efforts by Chinese authorities to stem a free fall in stocks. Photo: Reuters