China investigates firm for suspected securities violations
China firms
Hangzhou - XINHUA
A Chinese technology company announced Tuesday that it is being investigated by the securities watchdog for possible violations of the Securities Law.
The announcement by Hithink RoyalFlush Information Network Co. came after the China Securities Regulatory Commission said it has organized law enforcement to inspect the company for signs of margin financing through unofficial channels on July 27.
On July 27, the Shanghai Composite Index plunged 8.48 percent to close at 3,725.56 points, in the sharpest daily drop since Feb. 27, 2007.
The widespread use of leverage, a practice of using borrowed money to buy shares, is blamed for the drastic ups and downs in the stock market.
The company said Tuesday that it has suspended the operation of all asset management software it sold and shut down all accounts on the software on Aug. 14.
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