Securities brokerage continues as normal after takeover

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Last updated at: (Beijing Time) Monday, January 05, 2004

Securities brokerage continues as normal after takeover

China Southern Securities, one of the country's largest brokerage houses that was taken over by government regulators Friday, is under normal operation at its headquarters and outlets.

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China Southern Securities, one of the country's largest brokerage houses that was taken over by government regulators Friday, is under normal operation at its headquarters and outlets.

"All the company's business activities are continuing normally," said Niu Guanxing, head of the takeover team. "Transactions are not being interrupted, and there have been no complaints from clients."

Niu said the employees were all confident that their company would thrive again after the takeover, and were willing to cooperate with the takeover team by doing their jobs well.

Niu and his colleagues worked day and night during the three-day takeover period, which started Friday, to ensure normal operation of the company's business activities and protect the interests of investors and creditors.

"We have outlined a detailed job description for all employees as well as the company's branches and subsidiaries, and mapped out procedures to ensure the proper management of its bank accounts."

The brokerage, based in the thriving southern metropolis of Shenzhen, was taken over by the China Securities Regulatory Commission and the Shenzhen government for irregular operations and mismanagement.

It had a registered capital of 3.45 billion yuan (416.9 million US dollars) and boasted 56 major shareholders including state-owned banks and insurance companies.

The takeover was the "most practical and safest way" to help the troubled company, said a CSRC official.

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