SHENZHEN Gov't takes over securities brokerage

China's regulators recently took over debt-ridden China Southern Securities, one of the biggest brokerages in China.

The China Securities Regulatory Commission and Shenzhen's municipal government issued a joint statement on January 3 to announce they had seized control of the Shenzhen-based securities house.

Officials also announced a special panel had been formed with the People's Bank of China, the nation's central bank, and the Ministry of Public Security to handle the matter.

The move, triggered by the illegal and irregular management of the securities house over the past few years, was aimed at protecting the interests of investors and creditors, the statement said.

BEIJING

Ping An offers free policies

Ping An Life Insurance, the country's second-largest life insurer, aims to expand its local footing by offering free policies in Beijing.

The company announced last week that anyone who purchases Ping An's life policies through the insurer's bank agents between January 8 and February 20 will receive a free, one-year policy ?protection against accidents while on holidays ?worth up to 30,000 yuan (US$3,614).

The holidays include the three week-long holidays ?Spring Festival, Labour Day and National Day ?and New Year's Day and two days at Christmas.

Competition continues to heat up as China lowers its threshold to foreign insurers in accordance with its commitments to the World Trade Organization.

Ping An Insurance (Group), the parent company of Ping An Life, is based in Shenzhen, a boom city in South China.

(Business Weekly 01/13/2004 page5)