Article: China Asks Citic Group to Examine Huarong’s Finances

Article - Media

China Asks Citic Group to Examine Huarong’s Finances

Charlie Zhu, Zheng Li, Jun Luo, and Heng Xie, 28 June 2021

China has asked one of its biggest state-owned conglomerates to examine the finances of China Huarong Asset Management Co., people familiar with the matter said, adding a new twist to the drama that has roiled the world’s second-largest credit market for months.

Citic Group, whose businesses span everything from banking to securities and mining, recently dispatched a team to Huarong to pore over the embattled distressed-debt manager’s books, the people said, asking not to be identified discussing private information. Continue reading “Article: China Asks Citic Group to Examine Huarong’s Finances”

Article: Hong Kong stock exchange to extend circuit breakers to futures products to temper wild gyrations in equities and derivatives

Article - Media, Publications
HKEX incoming CEO Nicolas Aguzin

Hong Kong stock exchange to extend circuit breakers to futures products to temper wild gyrations in equities and derivatives

Yahoo Finance, 09 April 2021

The move will add to similar controls put in place since August 2016, first on extreme gyrations in equities and a year later on derivative products. They followed a series of events that provoked regulatory probes into market misconduct such as price manipulation and pump-and-dump scandals.

“The volatility control mechanism (VCM) has worked as intended without any negative feedback from the market,” said Tom Chan Pak-lam, chairman of Hong Kong Institute of Securities Dealers, the local brokerage industry body. “In many cases, sharp and sudden price movements were smoothed out as the cooling-off periods allowed participants to react while trading continued.”

Read Full Article