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China Galaxy shares plunge on probe
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SHARES of China Galaxy Securities Co slumped in Hong Kong yesterday after the state-owned brokerage announced that its chief officer of the fixed-income business was under probe.
Fixed-income chief Dai Xu and two other employees were cooperating with China’s judicial authorities due to “personal reasons,” China Galaxy said in a filing to the Hong Kong stock exchange late on Sunday.
The company’s shares fell 5.46 percent to settle at HK$5.54 (71 US cents) yesterday.
China Galaxy’s President Gu Weiguo will take over Dai’s role and duties, the filing said. The brokerage added that its business operations remained normal and that further relevant information would be disclosed in a timely manner.
Dai, 51, previously held the post of managing director of bond financing and was vice general manager of the investment bank department.
China Galaxy, majority-owned by China’s sovereign wealth fund, said last month that it was planning to list on Shanghai Stock Exchange and raise about 7.6 billion yuan (US$1.2 billion). It raised about US$1.1 billion in a Hong Kong IPO in 2013.
Domestic media claimed Dai’s case was linked with the anti-corruption drive, which has now targeted corporate bond issuance. Last month, it was announced that Zhang Dongsheng, a former director of the National Development and Reform Commission who oversaw corporate bond issues, was being investigated on suspicion of taking bribes.
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