FEATURE: Most Chinese Internet firms face bankruptcy, merger
Asian Economic News, May 8, 2000
Online financial services have also been seen as a potentially lucrative area, but this has run into problems because the China Securities Regulatory Commission (CSRC) has introduced interim regulations banning non-brokerage firms engaging in online securities trading. As a result, domestic securities Websites not run by brokers can only provide information, statistics and research reports.
Website operators, backed by huge venture capital, have been locked in fierce competition to attract brokerage firms and securities investors. They are providing free securities trading services despite the risk of suffering losses. The CSRC feared this would hamper its efforts to regulate the somewhat undisciplined domestic securities market.
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