CLSA Premium suspends operations of its Australian business
Hong Kong-focused Forex broker CLSA Premium Ltd (HKG:6877), formerly known as KVB Kunlun, today provided an update on its business operations.
Given the ongoing losses suffered by the business in Australia and the uncertain future of such business, the board of directors of the company considers that the resources and effort deployed in Australia could potentially be better utilized in the company’s development in other areas. On that basis, the Board has decided to suspend the operation of the company’s Australia business.
In January 2022, the Board of Directors of CLSA Premium made a similar decision regarding the New Zealand business of the company. The broker said back then it had decided to suspend the operation of CLSAP NZ and change it to a dormant company until further notice.
The broker noted the disengagement of the company’s PRC domestic clients and the imposition of additional license conditions and the litigation against CLSAP NZ.