The corporate mentioned it might strengthen inside administration and introduce disciplinary actions to keep off such leaks sooner or later.
At the least two paperwork about shoppers’ fundraising plans had been contained within the brief video clip of a college scholar exhibiting his internship expertise at China Securities. The emblem of one other shopper can also be seen within the video.
The video clip went viral on the mainland’s main social media platforms together with Douyin and Xiaohongshu, with 1000’s of customers leaving feedback that questioned the corporate’s professionalism.
![An intern at China Securities unintentionally leaked information about the company’s clients. Photo: Handout](https://img.i-scmp.com/cdn-cgi/image/fit=contain,width=1024,format=auto/sites/default/files/d8/images/canvas/2024/07/26/b6e8ae53-c92e-4ced-b2c9-52db18ee7d65_ee84a3f3.jpg)
“The securities sector, because of a beleaguered inventory market, has been surrounded by criticism as hundreds of thousands of retail traders are licking their wounds,” mentioned Wang Feng, chairman of Shanghai-based monetary companies group Ye Lang Capital. “An absence of oversight brought on the leak and uncovered China Securities’ chaotic administration.”
The benchmark Shanghai Composite Index, which fell under the psychologically essential 3,000-point degree on June 21, has languished under the edge amid a disaster of confidence. On Friday, the gauge rose 0.1 per cent to 2,890.90.
Institutional and particular person traders predict an additional decline in key indicators, battered by worries of weakening shopper sentiment, falling housing costs and slumping overseas funding.
Securities corporations have been badly uncovered to the poorly performing A-share market. They’ve seen brokerage charges fall and revenue drop from funding banking companies.
Of the 24 securities firms buying and selling on the Shanghai and Shenzhen inventory exchanges, 16 have issued revenue warnings for the primary half of 2024. Their internet revenue from January to June may turn into decrease than the identical interval final yr.
Beijing’s efforts to reverse the slide in mainland-listed A shares, one of many worst performers worldwide this yr, has proved to be unsuccessful because the market downturn has additional eroded the wealth of the nation’s 220 million traders.
The monetary service trade, which is seen as elite in China, pays lofty salaries to workers, but it surely doesn’t align with President Xi Jinping’s initiative of frequent prosperity, which stresses equitable wealth distribution at a time when the nation is dealing with financial headwinds.