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October 24, 2015

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Securities chief found hanged at home

THE head of a Chinese securities company was found hanged yesterday.

Chen Hongqiao, president of Shenzhen-based Guosen Securities, was found hanging from the balcony at his home, news portal Tencent reported, citing unnamed sources in the company and a senior manager of a state-owned bank.

Guosen Securities later confirmed in a statement that it had been informed by Chen’s relatives that he had died, without providing further details.

Authorities were reported to have prevented him leaving the country following the sacking of a top industry regulator for corruption.

Chen had been turned back because he had been put under “border control” — a standard measure imposed on foreign and Chinese citizens under investigation, according to the Sohu news portal, citing an unnamed source.

Chinese stock exchanges plunged over the summer as a debt-fueled bubble burst, prompting authorities to intervene at a cost of hundreds of billions of dollars.

Several investigations were launched over alleged market manipulation and insider trading.

Before joining Guosen, Chen was a vice general manager of the Shenzhen Stock Exchange under Zhang Yujun, Tencent said.

Zhang was later promoted to assistant chairman of the China Securities Regulatory Commission, but he was sacked last month amid a corruption probe.


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