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Brokerage chairman goes missing
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Guotai Junan International Holdings Ltd, a Hong Kong subsidiary of China’s second-largest brokerage Guotai Junan Securities Co, said it has lost contact with its chairman and chief executive for five days.
The company has been unable to reach Yan Feng since last Wednesday, it said in a filing to the Hong Kong stock exchange yesterday.
Its shares dived 12.3 percent in Hong Kong yesterday while shares of Shanghai-listed Guotai Junan Securities fell 2.6 percent.
The firm said it has temporarily appointed executive director Qi Haiying as acting chairman and Wang Dongqing as acting CEO. It added that the company’s current operations are normal and stable.
Yan’s disappearance comes as China is tightening a crackdown on malpractices in its financial sector following the dramatic stock market rout this summer on the Chinese mainland.
China’s anti-graft watchdog said earlier this month that it was investigating Yao Gang, vice chairman of the China Securities Regulatory Commission, for suspected “severe disciplinary violations,” the usual euphemism for corruption.
Yao served as general manager of Guotai Junan Securities between 1999 and 2002.
Yan, 52, joined Guotai Junan Securities in 1993 and has led the Hong Kong-based subsidiary since 2002. He has been in his current position since August 2012.
After soaring 150 percent in one year, Shanghai stocks went into a tailspin in June, tumbling nearly 40 percent in a few weeks despite massive intervention by the authorities.
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