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Citic Short-Selling Offer to Hedge Funds Led Police to Its Door

By Tony Seruga

Investigation First Focused on Shorting Method for Foreigners
“Looks from the outside like an unfair and arbitrary search”

The fall from grace for China’s biggest brokerage and investment bank, Citic Securities Co., has been fast and steep. The firm — sometimes referred to as the Goldman Sachs of China — began the year on its way to eclipsing UBS Group AG in the ranks of the top four securities firms in the world.

Now it’s embroiled in a police investigation and a probe by the stock-market regulator. Its chairman is being replaced and its top leadership reorganized. At least nine Citic executives have been investigated for alleged insider trading or haven’t shown up to work and can’t be reached…

Citic Short-Selling Offer to Hedge Funds Led Police to Its Door

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