HOME    NEWS    SPECIAL REPORT    PHOTO    DATING    HOTEL
NEWS > Business
Changjiang takes over indebted brokerage
2005-01-26 05:25:45 XinhuaEnglish

BEIJING, Jan. 26-- Changjiang Securities, BNP Paribas・s partner in China, had taken over indebted domestic rival Eagle, the market regulator said Tuesday, in the latest government-led move to shore up the loss-making industry.

Changjiang, majority owner of a US$72.5 million brokerage venture with France・s BNP Paribas, has been appointed by regulators to take over daily operations at
Eagle Securities, an official with the China Securities Regulatory Commission(CSRC) said.

The government launched a long-awaited shake-up of the overcrowded brokerage industry by seizing control of Southern Securities, the country・s fifth-biggest trading house, in early 2004. It has picked up the pace of overhaul since, via closures and mergers involving about 10 players so far.

:As Eagle Securities・ operations are seriously out of order and it carries an extremely high level of financial risk, the regulator has decided to hand over its operations to Changjiang Securities,; the China Securities Journal reported.

Regulators have appointed accountants to clear Eagle・s debts, according to a statement posted in the newspaper by a committee established to settle its accounts.

The newspaper cited the CSRC as saying that it revoked Eagle・s business license and that Eagle・s lenders could begin to register claims against the brokerage.

Changjiang is overseeing Eagle・s brokerage operations at the request of the CSRC and expects the work to be done in the first half of this year.

(Source: Shenzhen Daily/Agencies)

MORE NEWS
Caterpillar to establish innovation center in Shandong  
Greek government approves draft bill on licensing system  
Seven L.American countries to meet on EU tariff hike  
Singapore's manufacturing output jumps last December  
Conference Photo 1  
Auto import rises 13.1% in 2004  
China becomes Japan's largest trade partner: ministry  
Registered unemployment rate drops in 2004  

SINA English is the English-language destination for news and information about China. Find general information on life, culture and travel in China through our news and special reportsor find business partners through our online Business Directory. For investment opportunities with SINA, please click the link "Investor" below.
| About SINA | Investor | Media Kit | Comments or Question? |
Copyright© 2004 SINA.com. All Rights Reserved