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Bank of America Merrill Lynch downgraded CITIC SEC (06030.HK)  -0.380 (-2.023%)    Short selling $22.97M; Ratio 29.345%   's investment rating from Buy to Neutral, with target price cut from $21.2 to $20.3. The broker said the market's expectation that the Shanghai-Hong Kong Stock Connect will bring positive effect to the company's long-term prospect should have reflected in its stock price. The 2015e P/B is now standing at 1.7x, close to the historical high of 2x

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