Everbright Securities resumes trading of shares

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Everbright Securities resumed trading of its shares today after a two day suspension following erroneous trades.

Trading in Everbright didn’t last long though. As expected, the company’s shares plunging from the get go. At half time, it’s down by its 10-percent daily trading limit.

Everbright faces a formal investigation by China’s securities regulator the CSRC. The CSRC says the firm could face "severe punishment" for its trading mistakes. The regulator has already suspended the firm’s prop trading activities for 3-months after Everbright mistakenly submitted a buy order worth 23 billion yuan or 3 billion US dollars.

That was followed by another stumble on Monday when it sold government bonds at well below market prices. Everbright is the 12th largest brokerage in China by revenues.

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