China’s securities association finds $166b error in CITIC accounts

Photo: REUTERS/KIM KYUNG-HOON

China’s securities association said on Wednesday CITIC Securities had inaccurately inflated its derivative business by 1.06 trillion yuan ($165.92 billion) in a report submitted in September.

The news comes after probes into China’s largest brokerage led four of its senior executives to confess to insider trading.

In its monthly report to the securities association, CITIC reported inaccurate numbers on its over-the-counter derivative business, the Securities Association of China said in a statement posted on its official website.

According to the statement, both new and terminated swap business between April and Sept were inflated by an accumulated 1.06 trillion yuan, although the error did not affect the month-end net size of the business.

The SAC did not accuse CITIC of any illegal behaviour and is investigating the matter.

CITIC was not immediately available for comment.

Beijing has been intensifying its probes into brokerage misdemeanors since stocks swooned in mid-June. Citic, along with several other Chinese brokerages, has been the subject of investigations.

(Editing by Simon Cameron-Moore)

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.