China Southern Securities, China's fifth largest brokerage, was placed under the administrative authority of the China Securities Regulatory Commission (CSRC) amid allegations of corruption and mismanagement.
A notice by the government said that it took control of China Southern Securities to "protect the legal rights of investors and creditors". Although the Shenzhen-based brokerage's board members and senior management were suspended, business at China Southern was not halted by the CSRC.