China’s stock-market collapse has put an abrupt end to Citic Securities’ ascent among the world’s biggest brokerages by market capitalization.
Bloomberg News reports that less than eight months ago, Citic came close to matching UBS.
In Shanghai, Citic plunged by the 10% limit on what Chinese media called Black Monday then followed up with a slide of the same size on Tuesday. In Hong Kong the stock slumped as much as 17% on Monday, the biggest intraday drop on record, as a wave of selling gripped markets worldwide.
Once powered by a world-beating equities rally, Chinese securities firms are now undermined by a market reversal that the country’s government has been powerless to stop.
To access the complete Bloomberg News article hit the link below: