China’s securities regulator has dumped Ping An Securities to the bottom of its rating universe in response to the broker’s misconduct, signalling that it intends to take a tough line on sponsors.
As part of its annual assessment of all 96 securities houses, the China Securities Regulatory Commission CSRC also downgraded Minsheng Securities and Nanjing Securities. All three firms were fined in May for committing fraud in sponsoring A-share initial public offerings.
Ping An falls six notches to C, from its previous A rating, while Nanjing and Mingsheng were downgraded by five levels to CC and C, respectively. No other firms received ratings as low as...
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