SAC Blacklists 61 Brokerages for Failing to Pay for Shares in Industrial Company IPOs
Yicai Global
/SOURCE : Yicai
SAC Blacklists 61 Brokerages for Failing to Pay for Shares in Industrial Company IPOs

(Yicai Global) Oct. 19 -- China's securities association latest blacklist of companies that failed to secure pledged investment in various initial public offerings number among them institutional investors, brokerages, funds, and life insurance companies.

In total, 61 companies are on the list due to irregularities or failure to pay for shares in a timely fashion.

They include the securities account of Guosen Securities, the 409 fund portfolio of Guotai Fund Management Co.'s national social security fund, Morgan Stanley Huaxin Securities Co.'s hybrid securities investment fund and China Life Insurance Co.'s universal life insurance fund, according to the securities association website.

The blacklisted companies initially provided valid offers for the purchase of shares in Shandong Fengyuan Chemical Co., Haiod Heavy Engineering Technologies Co. and Harson Group. for failing to complete transactions or pay the full amount of the subscription funds on time. The blacklist period began Oct. 18 and will run to April 17 next year.

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