China shares fell 5.5% Friday, the biggest daily slide since August, as authorities intensify their crackdown on the securities industry. The market’s swift fall signals officials’ efforts to snuff out trading practices they deem suspicious or volatile could be backfiring, as investors struggling to predict Beijing’s next move, and who might be affected, have opted to sell their shares. Investigations into three major Chinese brokerages over suspected securities violations triggered Friday’s steep losses, sending the index to 3436.30. The declines, which amount to the biggest daily percentage loss since Aug. 18, wiped out most of Shanghai’s gains this month and pushed the index down 38% from its June peak. “Investors have concerns about who will be the next [brokerage]” targeted by authorities said Wong Chi-man, head of research at China Galaxy International Securities. “With limited information, investors are finding it difficult to quantify the impact, therefore some investors may […]