Chinese authorities on Tuesday stepped up pressure on the country’s largest and most globalized brokerage, Citic Securities Co., by announcing expansion of a probe into possible insider trading by senior executives at the firm, including its president.
Cheng Boming, president of Citic Securities and the chairman of its international division, is suspected by police of leaking and trading on unspecified inside information, the Beijing-based firm said in a statement. The statement and a similar report from China’s official Xinhua News Agency provided no details but said Mr. Cheng is being investigated by Chinese police, as are two other members of the firm who have senior operational roles and are suspected of similar activity.
The executives couldn’t be reached for comment. Citic Securities has previously said it was cooperating with police investigations of “several” employees. China’s Ministry of Public Security couldn’t be reached for comment.
The original article can be found at www.wsj.com