Feb. 22 (Bloomberg) -- Ping An Securities Co., the brokerage arm of China’s second-largest insurer, and nine other Chinese brokerages were named to start over-the-counter equities markets in different Chinese provinces under a trial program, according to a Securities Times report.
Changjiang Securities Co., China Securities Co., Hongyuan Securities Co., Industrial Securities Co., Northeast Securities Co., Qilu Securities Co., Shenyin & Wanguo Securities Co., Southwest Securities Co. and Western Securities Co. were also chosen, the newspaper reported, citing brokerage sources it didn’t identify.
The China Securities Regulatory Commission didn’t immediately respond to faxed questions. Ping An Securities hadn’t received any notice from regulators, an official with the company’s Shenzhen-based administrative office, who declined to be identified because of company policy, said by phone today.
Developing the over-the-counter market may help bolster stock trading turnover in China that has fallen to three-year lows as money supply tightens and the economy slows. The benchmark Shanghai Composite Index has risen 9.3 percent this year, lagging behind a 16 percent surge in the MSCI Emerging Markets Index.
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