Chinese regulators slap US$7.8m penalty on Guotai Haitong arm amid capital flow crackdown

An asset-management arm of Guotai Haitong Securities, a leading Chinese brokerage, was ordered to pay 52.5 million yuan (US$7.8 million) in fines and penalties for activities undertaken by its offshore investment business as Beijing tightens its scrutiny of capital flows. Guotai Haitong Securities Asset Management was fined 25.9 million yuan and ordered to forfeit 26.7 million yuan in illegal gains for breaching foreign-exchange rules governing the Qualified Domestic Institutional Investor...