CITIC product in default danger

China's top brokerage, CITIC Securities, will seek a legal solution for repayment from the issuer of one of its wealth management products that is in danger of default, the company said on Tuesday.

A high-yielding product, issued by a wealth management firm and marketed by CITIC, had missed a 7 million yuan ($1.12 million) payment to investors on last Thursday.

CITIC said it was aware of the possible problem and had already repeatedly asked the issuer and guarantor for repayment, and "that it would pursue appropriate remedies in accordance with the law."