China's Everbright Sec to raise money via various channels to cope with fund shortfall-exec
SHANGHAI Aug 19 (Reuters) - Everbright Securities will raise money through various channels, including selling assets, to cope with a fund shortfall caused by mistaken trades last week, a company executive said on Monday.
Everbright Securites' board secretary, Mei Jian, made the comments in an interview with Reuters.
China has slapped restrictions on the number of new stock index futures positions that Everbright Securities can build after a glitch in the brokerage's systems caused a brief spike in the country's stock indexes last week.
The China Securities Regulatory Commission (CSRC) said it would launch a formal investigation into Everbright.
The malfunction in Everbright's internal propriety trading system comes at a time when China is trying to revive investor confidence in its sagging stock markets. This does not bode well for corporates looking to raise funds through share sales. (Reporting by David Lin and Kazunori Takada; Writing by Lu Jianxin)
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