china firm reins in platform blamed for stock chaos
Last Updated : GMT 03:09:26
Arab Today, arab today
Arab Today, arab today

China firm reins in platform blamed for stock chaos

Arab Today, arab today

Arab Today, arab today China firm reins in platform blamed for stock chaos

China stocks
Shanghai - AFP

A Chinese technology firm linked to e-commerce giant Alibaba said Thursday it was putting new limits on a financing platform reports say facilitated margin trading, blamed for the boom and bust in China's stock market.

Hundsun Technologies' platform, called HOMS, originally aimed to connect companies seeking private equity investment with financial institutions and other lenders, according to Hundsun's website.

But state media say the platform was used to help provide financing for margin trading -- which allows investors to use borrowed funds to trade stocks with only a small portion of money as deposit -- outside official channels.

Hundsun has ordered a subsidiary to shut down several of the platform's functions, including capital increases and new account openings, it said on Thursday in a statement to the Shanghai stock exchange, where it is listed.

Alibaba affiliate Ant Financial holds a 20 percent stake in Hundsun.

The moves, which include Hundsun shutting any accounts with zero balances, came after the China Securities Regulatory Commission on Monday announced an investigation into the company with law enforcement authorities.

Hundsun on Monday denied allegations it played a role in recent stock market turmoil, which has seen the benchmark Shanghai index rise 150 percent in a year then plunge 30 percent in three weeks after peaking in June.

Alibaba founder Jack Ma also denied any role in the market rout.

Hundsun warned investors that the issue will affect its results for the first half of this year, according to the statement.

Hundsun stock was down 9.94 percent on Thursday afternoon in Shanghai.

arabstoday
arabstoday

GMT 03:39 2017 Friday ,24 November

European markets wobble amid US Thanksgiving holiday

GMT 22:09 2017 Thursday ,23 November

Bahrain Bourse daily trading performance

GMT 02:02 2017 Thursday ,23 November

Asian markets rally after Wall St lead, euro struggles

GMT 22:40 2017 Wednesday ,22 November

Bahrain Bourse daily trading performance

GMT 11:50 2017 Tuesday ,21 November

European stocks shrug off Germany's political woes

GMT 03:59 2017 Tuesday ,21 November

Weekly inflation decreases by 0.88%

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china firm reins in platform blamed for stock chaos china firm reins in platform blamed for stock chaos

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china firm reins in platform blamed for stock chaos china firm reins in platform blamed for stock chaos

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday