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China's CITIC Securities takes $170m write-off on Hong Kong's CLSA

Culture clash has seen many veterans depart since acquisition

Hong Kong investment bank CLSA was known for drawing big-name speakers like former Pakistan President Pervez Musharraf to its annual investor forum.   © Reuters

HONG KONG -- CITIC Securities, China's largest brokerage house by revenue, has written off most of the remaining value of CLSA, the Hong Kong investment bank it acquired almost a decade ago.

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