citic securities

Citic Securities warned by regulators

CSRC warns China's biggest brokerage over dishonest disclosure in IPO of yarn maker.

Regulators in China have sent a letter of warning to Citic Securities, China’s biggest brokerage firm, accusing it of providing dishonest disclosure in relation to an initial public offering it sponsored.

Bros Eastern, a Chinese textile maker, launched its Rmb2 billion $327 million A-share IPO in June. Two months later, the company dealt a blow to the market when it reported that its net income fell 96% in the third quarter to just Rmb6 million, a far cry from the rosy picture it had presented in the IPO prospectus.

The value of the yarn maker’s shares has fallen 43% from its IPO price of Rmb13.60 down...

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