Hong Kong — Shares in Guotai Junan International dived Monday after the
major Chinese brokerage said it could not find its Hong Kong chief, at a time
when Beijing is targeting the financial sector in an anti-graft campaign.
Shares in the Hong Kong-listed firm, a subsidiary of Guotai Junan
Securities, dropped more than 15% at one point after the company said it had
not been able to locate its chairman Yim Fung since Wednesday.
"The company has been unable to reach Dr. Yim Fung, chairman of
the board ... since 18 November 2015," the company said in a statement
filed to the stock exchange.
"Dr. Yim currently cannot discharge his duties," it said,
adding that the firm has appointed executive director Qi Haiying as temporary
chairman.
Shares in Guotai Junan International stood at $0.38, down 10.46%, by
the break.
Yim is also a board member of the local trade group Chinese Securities
Association of Hong Kong.
The circumstances of his disappearance are unclear, but it comes as China
targets the financial sector as part of a sweeping anti-graft campaign after a
stock market rout that rocked global markets over the summer.
Chinese authorities have been pursuing a hard-hitting campaign against
crooked officials since President Xi Jinping took office in 2013, a crusade
that some experts have called a political purge.
State media reported earlier this month that Yao Gang, the deputy chief
of China's top securities regulator, is under investigation for committing
"severe disciplinary violations" — normally a euphemism for graft.
In October, China's anti-corruption watchdog said it would expand its
inspections to major financial institutions, which are already under pressure
after a spectacular stock market meltdown.
After soaring 150% in one year, Shanghai stocks went into a tailspin in
June, tumbling nearly 40% in a few weeks despite massive intervention by the
authorities.
The frantic and clumsy state efforts to stop the bleeding were
criticized, with numerous experts questioning the apparent contradiction with
Beijing's intention to give a greater role to the market and private sector.
The CSRC played a lead role in the response to the crisis, including
launching probes into "malicious short-selling," which the government
said was partly to blame for the chaos, and putting a temporary stop on initial
public offerings.
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