Citic Securities Co, China's largest brokerage by market value, received a warning letter from regulators for failing to explain a decline in profit at a company whose share sale it sponsored.
Bros Eastern Co's third-quarter net income fell 96 percent from a year earlier to 5.96 million yuan ($956,000), the yarn maker said last month. Citic Securities failed to make a "truthful explanation" in reports to the China Securities Regulatory Commission, the regulator said.
China Daily - Agencies
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