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CSRC probes Hundsun amid securities financing regulation

Updated: Jul 14,2015 7:30 AM     Xinhua

The China Securities Regulatory Commission (CSRC) said it visited the premise of Hundsun Technologies Inc on July 13 over public concerns that its financing service may be unlawful.

The Hangzhou-based financial software company provides its HOMS system to assist over-the-counter share financing, a kind of leverage that can magnify both gains and losses.

In a very brief statement, the CSRC said the investigation was “looking for clues”, without any elaboration.

Hundsun said HOMS is just a “technical tool” for private funds, and called suggestions that the system triggered chaos in China’s stock market over the past weeks “very much biased and unprofessional.”