Chinese brokerages’ shares plunged after the securities regulator suspended three of the biggest firms from adding margin-finance and securities lending accounts for three months following rule violations.
Citic Securities Co. (600030), the nation’s biggest broker, fell 14 percent as of 9:35 a.m. in Hong Kong. Haitong Securities Co. and Guotai Junan Securities Co. were among others whose shares tumbled.
The trio were suspended after letting customers delay repaying financing for longer than they were supposed to, the China Securities Regulatory Commission said on its microblog on Jan. 16, without giving more details.
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