The story
Established in 1997, Beijing Securities was created with 21 investors holding shares. The investors included Beijing State-owned Assets Management and Shougang Group. Having been set up with CN¥850 million (US$131,782,946), the company ranked among China's top 10 securities firms. Beijing Securities had CN¥1.515 billion (US$234,883,721) in assets in 2000.
By 2004, the company was left with only CN¥477 million (US$73,953,488). That year, it had a CN¥160 million (US$24,806,202) deficit. According to sources in the industry, some of the losses were due to embezzlement. UBS took a 20% ownership in Beijing Securities in September 2005, reorganizing it and rebranding it as UBS Securities.
On April 4, 2007, the China Securities Association announced the termination of Beijing Securities' membership. In June, the Beijing Municipal People's Government State-owned Assets Supervision and Administration Commission replied in a letter agreeing that Beijing Securities Co., Ltd. would initiate the shareholder self-liquidation procedure on June 18, 2007, and entrust China Cinda Asset Management Co., Ltd. to set up a liquidation team to carry out liquidation work. Thereafter, Beijing Securities continued to operate with the limited business scope of carrying out liquidation work. On December 30, 2021, Beijing Securities Co., Ltd. was officially deregistered.
From Wikipedia’s article on Beijing Securities, shared under CC BY-SA 4.0.3