Chinese authorities have launched a fresh crackdown on financial market malpractice, putting five of the country’s top brokerages under investigation amid the steepest slide in domestic stock markets in almost two decades.
Haitong Securities, GF Securities, Huatai Securities and Founder Securities all issued statements confirming that they being probed by the China Securities Regulatory Commission for “failure to review and verify the identity of clients in accordance with rules”.
Haitong said that it would “fully co-operate” with the regulator, and that its business was continuing to operate normally, in a statement to the Hong Kong bourse.
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