Everbright Securities Falling by the Maximum Daily Limit when Shares Resume Trading

Everbright Securities in Beijing (Reuters)

Everbright Securities in Beijing (Reuters)

The Wall Street Journal reports that Everbright Securities fell by the maximum daily limit when its shares resumed trading Monday, triggering a broad-based selloff in brokerages after the authorities imposed unprecedentedly harsh penalties on the midsized broker for a recent trading error that roiled markets.

Shanghai-based Everbright Securities saw its shares plunge by the 10% daily limit to CNY9.06 after China’s securities regulator fined it CNY523.29 million ($85.5 million) and banned the company from proprietary trading in stocks and derivatives.

Wrapping up its probe into the notorious incident, the regulator Friday also accused the broker of insider trading and giving misleading information after a technical glitch accidentally caused inflated share buying orders on Aug. 16.

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One Response to Everbright Securities Falling by the Maximum Daily Limit when Shares Resume Trading

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