Everbright president quits after error probe

By Ye Zhen | August 22, 2013, Thursday |

Online Edition

Everbright Securities said today that Xu Haoming has quit as the company’s president and director after the brokerage was probed for erroneous buying orders that caused an aberration in Shanghai stock market last week.

Chairman Yuan Changqing will become the acting president, Everbright said in a filing to the Shanghai Stock Exchange.

Trading of Everbright shares was suspended this afternoon and will resume tomorrow, the brokerage said without elaborating.

Everbright lost 2.8 percent to 9.98 yuan in morning trading today, resulting in a 18.8 percent plunge this week. A total of 7.3 billion yuan has been wiped out off the brokerage’s market capitalization.

Yang Jianbo, who is in charge of Everbright’s strategic investment department, has been suspended and is assisting authorities’ investigation into the trading blunder, the National Business Daily reported.

China’s securities regulator yesterday ordered Everbright to suspend underwriting business for bond financing of non-financial companies. The regulator has barred Everbright from proprietary business until November 18.

Everbright said it suffered a loss of 194 million yuan from the trading error, based on its closing price on August 16.

Business Finance

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Everbright president quits after error probe

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