Citic Securities Co., China’s largest brokerage, blamed a “system upgrade” for reporting incorrect numbers for its over-the-counter swaps business.
The brokerage commented after the Securities Association of China said it overstated some swaps data by 1 trillion yuan ($157 billion) between April and September. Numbers were inflated for new swaps business and for terminations, the association said.
Citic Securities corrected the numbers earlier this month, the securities firm said in an e-mailed statement. The brokerage has as much as 40 billion yuan of swaps business, it added.
The April-through-September period covers the peak of China’s stock boom and the start of the rout that prompted government intervention to support the market and a series of investigations within the securities industry.
Citic Securities shares fell 0.3 percent in Hong Kong as of noon local time, compared with a 0.5 percent drop in the benchmark Hang Seng Index.
The association is investigating and could take further action if necessary, it said in a statement on its website.
— With assistance by Aipeng Soo