“‘This is insane,’ Chen Gang, chief investment officer at Shanghai Heqi Tongyi Asset Management Co., said in an interview on Thursday. ‘We were forced to liquidate all our holdings this morning,’ said Chen, whose firm manages about 300 million yuan ($45.5 million). Many private funds and hedge funds in China have agreements with investors spelling out mandatory liquidation levels if their holdings drop below a certain value. The CSRC capped the size of stakes that major investors are allowed to sell at 1 percent of a company’s shares for three months effective Jan. 9, the regulator said in a statement on Thursday. The restriction replaces an existing six-month ban that is due to expire Friday.”
Related posts:
Woman taken down, handcuffed for not showing rental agreement quickly enough
In a Subprime Bubble for Used Cars, Borrowers Pay Sky-High Rates
Latin American leaders urge review of U.S. pro-marijuana referenda
Party like it's 1999! Dow, S&P 500, Nasdaq all hit new highs
Codename 'Apalachee': How America Spies on Europe and the UN
'Virtual' Currencies Draw State Regulator Scrutiny
‘Three Strikes of Injustice’
Revolutionary Japan is suddenly the centre of world affairs
Revisiting the ‘Crack Babies’ Epidemic That Was Not
Cop Beaten Up on Camera While Bystanders Watch; No One Calls 911
Woolwich murder suspect 'was offered job with MI5 six months ago'
How a gov. spelling mistake bankrupted a 134-year-old family business
John Kerry: Syria guilty of ‘a moral obscenity’
Midwestern farmers brace to lose billions in trade war
China Central Bank Warns Banks on Liquidity