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Rare Leniency by Chinese Security Watchdog Saved Three Brokers US$60mn

(South China Morning Post) The Chinese security market watchdog has made a rare U-turn and reversed its decision to fine three major security firms a total of 414.55 million yuan (about US$59.9 million) for allegedly assisting “malicious short selling” during the 2015 stock market meltdown. Citic Securities, Haitong Securities and Guosen Securities?announced on Monday night they had been informed by the China Securities Regulatory Commission (CSRC) that the alleged wrongdoing could not be established and the authority had decided to close their cases.

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