Citic Won't Guarantee Bear Stearns Deal

Bear Sterns suffered a sharp liquidity crisis late last week. JPMorgan Chase & Co. agreed to provide Bear with emergency financing for four weeks, with guarantees from the Federal Reserve, while a permanent solution is sought for Bear's troubles.

Kong said Citic Securities had been in touch with JPMorgan on the matter, but he referred to the communication as "technical" in nature and didn't elaborate.

Citic Securities is China's largest brokerage by earnings and is part of Citic Group, a financial conglomerate set up in 1979 by then Vice President Rong Yiren.

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Zheng Jin of Dow Jones Newswires contributed to this story.