CSRC slashes ratings of three securities firms

Two brokerages have been given the regulator's lowest rating, underlining the regulator’s determination to get tough on wrongdoing by IPO sponsors.

CSRC slashes ratings of three securities firms

China’s securities regulator has dumped Ping An Securities to the bottom of its rating universe in response to the broker’s misconduct, signalling that it intends to take a tough line on sponsors.

As part of its annual assessment of all 96 securities houses, the China Securities Regulatory Commission CSRC also downgraded Minsheng Securities and Nanjing Securities. All three firms were fined in May for committing fraud in sponsoring A-share initial public offerings.

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