Last checked at 
** U.S. listed China ETF down just under 5 pct inpre-market trading following the sharp slide on Chinese H-sharefutures in Hong Kong
** Selloff triggered by reported crackdown on OTC marginfinancing -- in particular umbrella trust wealth managementproducts
** According to UBS estimates from February trust companieshave potentially become the largest source of margin finance andgrowth has come via strong demand for equity market marginfinancing known as umbrella trusts
** Margin loan balances have hit elevated levels on China'srunaway onshore stock markets raising concernsof another crackdown from authorities
** In Jan, the Shanghai Composite slumped 8 pct on a singleday when the CSRC announced tighter regulations.
** The index has snapped back 37% since and almost 10million new A-share trading accounts have been opened in Chinasince (RM: vikram.subhedar.thomsonreuters.com@reuters.net)