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Securities brokerage declared bankrupt
By Hu Yuanyuan (China Daily)
Updated: 2006-08-18 09:07

China Southern Securities Co Ltd, once the country's fifth-largest brokerage, has been declared bankrupt after years of struggle, making it the country's largest securities bankruptcy case.

"The move is part of China's efforts to clean up the securities brokerage sector," He Yuanyuan, an analyst with CITIC China Securities, told China Daily.

China Southern Securities' debts exceeded its assets by 12.2 billion yuan (US$1.53 billion), the Shenzhen Intermediate People's Court stated in its ruling on Wednesday.
According to an audit report by accounting firm Deloitte, China Southern Securities' total debts reached 22.8 billion yuan (US$2.85 billion) by the end of last year, while its total assets were 10.6 billion yuan (US$1.3 billion).

The Shenzhen Lanbowan Investment Co took China Southern Securities to court on July 7, asking the brokerage to pay back its overdue 30 million yuan (US$3.75 million) debt.

"The bankruptcy and clearing helps to protect the interests of investors and creditors," said Guo Yimin, deputy dean of the Shenzhen Intermediate People's Court.

"This move also rings an alarm bell for securities firms to strengthen their corporate governance and risk management."

Industry sources disclosed that clauses on the closure of securities firms have been included in a draft law on bankruptcy to standardize the practice. And now all legal and technical hurdles for the bankruptcy of brokerages have been cleared. 
  
China Southern Securities is the second Shenzhen brokerage to be declared bankrupt after mid-sized Eagle Securities went bust in January.


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