Brokerage falls as execs missing
Print Edition
SHARES of CITIC Securities Co dropped yesterday after China’s biggest brokerage said it has been unable to contact two of its senior investment bankers as a government crackdown against market malpractices continued, entangling several top executives of the brokerage.
Chen Jun and Yan Jianlin, members of the executive committee of CITIC, have been out of contact, the brokerage said in a filing to the Shanghai Stock Exchange on Sunday, but added that the company’s business operating normally.
Shares of CITIC lost 1.86 percent in Shanghai while its Hong Kong-listed shares fell 0.33 percent.
Chen is head of CITIC’s investment banking department while Yan is in charge of global investment banking, the company’s website said.
The brokerage issued the filing in response to Caixing magazine which said on Friday both men have been detained, but it was not clear whether they were under investigation or assisting in a probe by authorities.
Their disappearance came after a sweeping government probe entangled four executives of CITIC, including Chen Boming, the president in charge of daily operations.
But the company said, without specifying names, that some employees who assisted in government investigations have returned to work.
Several top brokerages, including Haitong Securities Co and Guosen Securities Co, said earlier they were being investigated by the regulator for suspected violation of market rules.
Guotai Junan International, a Hong Kong subsidiary of Guotai Junan Securities, one of China’s largest brokerage firms, said last month it had lost contact with chairman Yan Feng.
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