State media announced the detainment and confession of four Citic Securities executive including managing directors Xu Gang and Liu Wei, all of which state media claimed had admitted to insider trading; meanwhile, the China Securities Regulatory Commission on Saturday ordered the securities industry to contribute another RMB100 billion (US$15.7 billion) to a stock market rescue fund at a Saturday meeting attended by the commission’s chairman, Xiao Gang, Bloomberg reported, citing unnamed sources. The regulator apparently encouraged listed brokerages to buy back shares worth as much as 10% of their total market value. On Monday in Shanghai, Citic shares fell the maximum 10% allowed in daily trading, while shares in Hong Kong slid to their lowest level since May 2014.
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