July 17, 2020 / 9:32 AM / a month ago

China's securities regulator announces takeover of three brokerages

SHANGHAI/BEIJING July 17 (Reuters) - China’s securities regulator on Friday seized control of two securities firms and one futures brokerage as part of efforts to crack down on corporate misbehaviour, official Xinhua News Agency said.

The takeover of New Times Securities, Guosheng Securities and Guosheng futures will last for one year until July 16, 2021, Xinhua said.

Xinhua said the institutions concealed information regarding shareholder structures and were mismanaged.

The China Securities Regulatory Commission said business operations of the three companies would remain normal during takeover, Xinhua said. (Reporting by Samuel Shen and Brenda Goh; Editing by Alison Williams)

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