November 15, 2019 / 10:49 AM / in 3 months

China takes over brokerage arm of troubled energy conglomerate CEFC

BEIJING, Nov 15 (Reuters) - China securities regulator said on Friday that CEFC Shanghai Securities Co, part of conglomerate CEFC China Energy Co Ltd, has been taken over by state-owned Guotai Junan Securities Co due to irregularities.

Guotai Junan will administer the business of CEFC Shanghai Securities for no longer than 12 months, the China Securities Regulatory Commission (CSRC) said.

The action will not affect other securities companies, the CSRC said in a separate statement. (Reporting by Cheng Leng, Ryan Woo and Beijing Monitoring Desk; editing by Jason Neely)

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