Ping An Securities Co. has been slapped with a fine by the securities regulator and will lose its stock underwriting license for three months because of its sloppy work in underwriting the initial public offering of a company that turned out to be a fraud.
This is not the first time the leading underwriter had to swallow a bitter pill for its overly aggressive approach to IPO underwriting in 2010 and 2011, when it beat all other brokerage firms in the country in underwriting revenue.
This time, its stock underwriting license will be revoked for three months, with the starting date to be announced, the China Securities Regulatory Commission (CSRC) said on May 10.
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Zhang Bing, Fu Yanyan and Zheng Fei via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/MUoD0GVX0zo/
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