Huijin injects funds into Galaxy Securities

The Central Huijin Corp, a wholly state-owned investment company, has won Beijing's approval to inject about US$1.5bn into China Galaxy Securities, one of China's biggest state-owned brokers. It is part of government efforts to develop the securities sector and capital markets, state media reported. Plagued by a sluggish equities market, China's securities regulators are helping to eliminate failing firms and support the good performers. After catching Min'an Securities and Wuzhou Securities committing fraud, the government told the brokers to place their operations under the control of Guosen Securities and Donghai Securities.