Everbright launches bond issue

Everbright Securities has launched a RMB 760 million (US$91.57million) corporate bond issue, becoming the fourth firm in China's troubled brokerage industry to issue debt. The move is seen as an effort to augment cash flow and take advantage of reforms aimed at bolstering a loss-making and overcrowded sector struggling to overcome a market slump that began in April. Everbright Securities jointly runs an asset management venture with Prudential Financial.