China shuts down broker
11 May 2005
China will shut its fifth-largest brokerage, Shenzhen-based Southern Securities, over the "embezzlement of a huge amount of client funds and extreme violations of regulations resulting from disorderly management", the Associated Press reported, quoting the China Securities Journal. Last year, China Southern sold more than US$600m in Chinese government bonds to cover its debts, believed to be as high as US$1.2bn.