Citic shares opened down 4.5 per cent at HK$14.12 on Friday after the Securities and Futures Commission on Thursday filed a lawsuit against the Chinese state-backed conglomerate and five former directors.

The commission is seeking HK$1.9 billion in compensation for 4,500 investors who the regulator says suffered losses due to the firm’s failure to report massive foreign-exchange trading losses in 2008.

In a filing with the Hong Kong stock exchange on Friday, Citic said: “The company is in the process of considering the [commission’s] allegations and claim, and seeking legal advice.”