With its China partner in financial trouble, First State Investmentsï¿½ planned mainland fund management joint venture now looks uncertain. After charging Shenzhen-based Hantang Securities with gross irregularities, China Securities Regulatory Commission (CSRC) placed the broker under China Cinda Asset Management, the state-owned restructuring company. First State is a unit of Commonwealth Bank of Australia. Cinda said it would need six months to reorganize Hantang. One client company contends that Hantang has yet to deliver RMB 50 million (US$600,000) in treasury bonds it bought through the broker. First State said its application to create the joint venture had yet to be approved.
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