AVIC Capital GM dismissed for breaking share sale rules
Print Edition
THE general manager of Shanghai-listed AVIC Capital has been sacked for his role in the sale of shares in a subsidiary, defying rules banning such deals amid the recent stock market volatility, the company said yesterday.
Yang Shengjun, 44, was dismissed after the China Securities Regulatory Commission on Sunday informed AVIC Capital of its investigation into the sale of shares in Shanghai-listed Zhonghang Heibao Co, which breached securities laws, it said in a statement.
Between June 5 and June 29, AVIC Capital and Jincheng Group, Heibao’s largest shareholders, sold a combined 5.86 percent stake in the company in a concerted action.
Heibao reported the sales in a filing on June 30.
On July 14, the CSRC issued a note accusing AVIC Capital and Jincheng of violating the law by not suspending trading and for failing to disclose information about the sale of a stake of more than 5 percent.
All parties involved are units of state-owned Aviation Industry Corp of China.
In the wake of Yang’s dismissal, AVIC Capital said it will work with the regulator to help stabilize the stock market.
Two directors of the company yesterday used their private funds to buy 763,000 shares in AVIC Capital, it said.
The deal helped the stock to rise 7.4 percent, while Heibao rose by the 10 percent limit.
Parent AVIC Group also said it will continue to support the market, adding that between July 8 and 10 it bought 285 million yuan (US$45.9 million) worth of Shanghai-listed shares and 53.7 million yuan worth of Hong Kong stocks.
AVIC Capital Chairman Meng Xiangtai will act as interim general manager, the firm said.
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