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Article: PRICE WAR LOOMS OVER CHINA'S BROKERAGE HOUSES.
- Article from:
- AsiaPulse News
- Article date:
- April 29, 2002
CopyrightCOPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SHANGHAI, April 29 Asia Pulse - A price war which has rocked China's consumer electronics and car industries, is about to strike securities houses.
The war began following the China Securities Regulatory Commission's decision to lower the commission for stock trading from a rigid 0.35 per cent to a flexible maximum of 0.3 per cent, starting from May 1.
In an immediate reaction, Jiangnan Securities said it would no longer charge commissions on each transaction, but rather an annual fee based on the capitalization of a customer's shares under its custody.
For example, a customer with shares worth less than 100,000 yuan in capitalization will pay ...