IT firm shrugs off blame for China stocks rout
“It’s not objective or rational to say Homs was the major force of the stock- market turmoil,” Hundsun told the Shanghai Stock Exchange yesterday.
The Homs cloud-based system was launched in 2012 and was designed for small and mid-sized asset management firms. Since China’s stock rally started, it has been widely used by ‘gray market lenders’ — off-market financing firms that allow speculators to borrow up to 10 times their starting capital for up to 17% annualised interest.
