You are here

'Goldman Sachs of China' finds itself in Beijing's cross hairs

Govt looks into failure to stem a market fall that wiped out US$5 trillion in stock gains

That a financial company as embedded in the Communist Party elite as Citic Securities has fallen on hard times highlights the uncertainty in the markets, the broader economy and the political climate.

Hong Kong

WITH its market dominance, banking talent, global ambition and sterling political connections, Citic Securities fancied itself the Goldman Sachs of China.

Citic Securities, the brokerage arm of the biggest state-owned financial conglomerate, rode China's stock market boom