Broker declines after CSRC's warning

SHARES of CITIC Securities Co fell yesterday after the securities regulator warned the broker for not disclosing a sharp drop in profit at a firm it sponsored for an IPO.

China's biggest brokerage by market value and revenue shed 2.1 percent to 10.51 yuan.

It failed to disclose a huge profit fall at Bros Eastern Co when the broker sponsored it for the initial public offering, the China Securities Regulatory Commission said on its website.

Bros Eastern Co's net earnings plunged an annual 96 percent to 5.96 million yuan (US$960,000) in the third quarter.

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