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CITIC SEC (600030.SH)'s substantial shareholder cut 348 million shares or 3.16% equity interest in the company last week. Meanwhile, the company was asked to suspend the account opening of new margin financing, together with HAITONG SEC (600837.SH) and Guotai Junan, for three months as a result of a crackdown by the China Securities Regulatory Commission (CSRC). In addition, the China Banking Regulatory Commission (CBRC) recently released the draft of management methods on commercial banks entrusted loans. 

Shanghai and Shenzhen stock markets were under hefty selling pressure today. Shanghai Composite Index fell from its near 5.5-year closing high, with a plunge of 8.3% at most, and ended the day trading at 3,116, down 7.7%. Shenzhen Component Index hit the intraday low of 10,634 and closed the day at 10,770, down 6.6%. ChiNext Index edged down 0.6% at close after rising to 1,691. Turnover of the two markets rose further to RMB409.8 billion and RMB291.4 billion, respectively. In particular, bank and brokerage shares plummeted 9.9% and 8.9% separatel

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