Shares in the Chinese markets are falling rapidly after a brokerage scandal

Shares in the Chinese markets are falling rapidly after a brokerage scandal

29.11.2015 News

Shares in the Chinese markets are falling rapidly after a brokerage scandalShares continue to fall in the Chinese stock market. Two major Chinese exchanges experienced a sharp decline in prices. One reason for this is the fact of fraud in the local exchange market. It will be recalled that, that the employees of the two major Chinese exchanges in the summer of 2015 are under investigation. Falling shares in CITIC Securities Ltd. and Guosen Securities Ltd., 10 percent occurred after it was reported that the company violated the rules of the securities market. Representatives of exchanges didn’t give their comments in this regard.
At Thursday, 26th of November, 2015 was received the first information about the investigation of the cases on the exchanges. Representatives of the companies accused of illegal insider trading, were detained and questioned at the beginning of June 2015. And in September police announced the leaders of CITIC, including the CEO Cheng Boming as suspected of insider trading and leakage of confidential information. In August CITIC and 8 employees were suspected of illegal stock trading.
The situation with the shares on Chinese stock exchanges and complaints caused excitement in the ranks of investors who may soon need legal advice. Currently a sharp decline in stock prices is observed on stock exchanges. The Chinese Commission of securities market regulation does not comment the situation.
Market participants are confused and waiting for action from the government. In China it is very difficult to suggest what action will be taken by the authorities, since the information regarding purchases of shares of the fund authorized by the state is confidential.
Traders believe that in this situation the state should take effective and confident action that will be used to uphold the market.

usatoday.com

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