China Punishes Two Brokerages For Fraudulent IPO Listing

Mani

Published onJune 3, 2013

Updated on May 13, 2021

The China Securities Regulatory Commission punished two brokerages for failing in their due diligence while launching Initial Public Offering in 2011 and 2012.

The Chinese securities regulator plans to fine Minsheng Securities 2 million yuan ($326,024) for its failure to perform proper due diligence while handling Shanxi Tianneng Technology Co’s initial public offering in 2011. Besides the securities watchdog plans to confiscate 1 million yean fee the brokerage firm earned for handling the initial public offering mandate, according to a Bloomberg report.

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Mani

Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports

China Punishes Two Brokerages For Fraudulent IPO Listing

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