中信證券總經理及兩名高管被調查

The general manager and two other executives from Citic Securities, China's largest investment bank, have been arrested as part of an insider trading probe, the latest casualties of the country's ailing stock market.

據中國官方通訊社新華社報道，中國最大投行中信證券(Citic Securities)的總經理及另兩名高管“因涉嫌內幕交易、泄露內幕信息被公安機關依法要求接受調查”，成爲中國麻煩纏身的股市的最新犧牲品。

State-owned Citic Securities, controlled by industrial and financial conglomerate Citic Group, has been on the front line of government efforts to rescue the country's tumbling stock market. The so-called "national team" of state financial institutions directed many trades through the brokerage's flagship trading hall in Beijing.

由工業及金融綜合企業集團中信集團(Citic Group)控股的國有企業中信證券，一直處於中國政府救市的前線。由官方金融機構組成的所謂“國家隊”，曾通過該券商在北京的旗艦交易大廳，發出多筆交易指令。

Police are investigating Chen Boming, Citic’s general manager, Yu Xinli, operations management head, and Wang Jinling, vice director of information technology, on allegations in connection with insider trading and the leak of inside information, the official Xinhua news agency said late on Tuesday.

官方的新華社週二晚上表示，警方正在對中信證券股份有限公司總經理程博明、運營管理部負責人於新力、信息技術中心副經理汪錦嶺等人展開調查，其涉嫌罪名與內幕交易及泄露內幕信息有關。

In late August, eight Citic executives and board members were taken into custody. Four of them were later punished for insider trading. The three latest arrests deal a further blow to the company, whose stock price has fallen 61 per cent since the height of China's broader market rally in early June.

8月下旬，8名中信證券高管及董事會成員遭到羈押。他們中的4人隨後因內幕交易受到處罰。最新被調查的3人對該公司造成了進一步打擊。目前，該公司股價已從6月初中國牛市頂峯時期的水平跌去了61%。

In mid-July, as the government was deploying trillions of renminbi in state rescue funds to stem the panic in the Shanghai and Shenzhen markets, Mr. Chen gave an interview to Caijing, a respected financial magazine in which he pledged the broker would do its part to stabilise the market.

7月中旬，在中國政府爲官方救市資金配置數萬億元人民幣、以遏制滬深兩市的恐慌情緒之際，程博明曾接受廣受尊敬的財經雜誌《財經》採訪。在那次採訪中，他承諾中信會在穩定市場方面盡到應盡的責任。

Detailed allegations against Mr Chen and other Citic executives are not public, but the company is the government's favoured brokerage and may have had information about which stocks state institutions were buying.

關於程博明和其他中信高管所涉罪行的細節並未公佈。不過，該公司是中國政府偏愛的券商，可能會了解官方機構在買入哪些股票的信息。

Traders say China Securities Finance Corp, the state-owned margin lending agency that became the government's main conduit for injecting rescue funds into the market, was known to route trades through Citic. Indeed, picking stocks thought to be favoured by CSF emerged as a popular investment strategy in July, when the agency was conducting daily market interventions.

多名交易員表示，中國證券金融股份有限公司（China Securities Finance Corp，簡稱：證金公司）據悉是通過中信進行交易的。的確，今年7月證金公司開展日常市場干預之際，一種流行的投資策略就是挑選那些據信受到該公司偏愛的股票。證金公司是一家爲保證金交易提供資金的國有機構，已成爲中國政府向股市注入救市資金的主要渠道。

Goldman Sachs estimates that the national team has spent Rmb1.5tn ($236bn) since late June to stabilise the market. That includes cash injections from CSF as well as a $120bn fund comprising funds from 21 leading brokerages led by Citic, China's largest by assets.

據高盛(Goldman Sachs)估計，自6月底以來，“國家隊”爲穩定股市已投入1.5萬億元人民幣（合2360億美元）。這其中包括了證金公司多次注入的現金，以及一隻1200億美元的基金，後者由以中信爲首的21家領先券商出資。中信證券是中國資產規模最大的券商。

The Shanghai Composite Index is down 41 per cent from its peak on June 9 and has fallen 6 per cent this week.

目前，上證綜指(Shanghai Composite Index)已從6月9日的峯值跌去41%，本週已下跌6%。

The Citic arrests are the latest in a series of regulatory and police actions in response to the market tumble. Police have investigated so-called "malicious" short selling and placed new limits on futures trading. Regulators also targeted high-frequency traders in a probe focused on the practice known as "spoofing".

對中信高管的調查，是爲迴應股市暴跌而採取的一系列監管及警方行動的最新事例。中國警方已對所謂“惡意”做空行爲開展調查，併爲期貨交易設定了新的限制。此外，在針對被稱爲“誘騙”(spoofing)行爲的調查中，監管機構還把矛頭指向高頻交易商。

A reporter for Caijing confessed on state television to stoking 'panic and disorder' for a story saying that the national team was looking for a way to scale back interventions.

一名《財經》記者曾在官方電視臺認罪，承認因一篇有關國家隊正在想辦法退出救市的報道，造成“市場混亂和恐慌”。