SHANGHAI: Chinese regulators have completed a rare takeover of the country’s fifth largest brokerage, China Southern Securities, which analysts said yesterday needed a massive cash injection to stay afloat.
The China Securities Regulatory Commission (CSRC) and the government in the southern financial hub of Shenzhen – where the brokerage is based – took over the reins at the trading house last Friday, citing problems with the management, the official Shanghai Securities News reported.
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