Citic Securities Denies Short Selling After Shanghai Stocks Drop Most in a Month

What’s new: State-owned Citic Securities Co. Ltd. (600030.SH) (中信证券股份有限公司), China’s top securities brokerage, denied allegations that it was involved in short selling on the domestic stock market on Wednesday, when the benchmark Shanghai Composite Index dropped the most in almost a month.

Hitting back at widespread speculation on the internet that it “took the lead in smashing the market,” Citic Securities issued a statement Thursday, saying it was concerned about “false and untrue information” that was contrary to the facts, seriously damaged the company's reputation, and was not conducive to the orderly and healthy development of the capital markets.