The CEO Of A Chinese Brokerage Firm Has Disappeared

Guotai Junan International

Guotai Junan International, the Hong Kong subsidiary of one of China’s largest brokerages, can’t find its CEO.

CEO Yim Fung disappeared on November 18 according to a stock filing from the company.

The firm’s board has appointed Wong Tung Ching, currently deputy CEO, to takeĀ over until the issue is resolved.

Guotai Junan says “the current operations of the company are normal and stable.”

Shares at the company plunged by 12% on Monday but ended the day up 2.5%.

The subsidiary’s parent is a state-owned securities firm listed in Shanghai.

Yim disappeared at a time when industry executives and senior government officials are being detained by Chinese authorities. Officials are attempting to probe deeper into insider trading practices that may have negatively affected the country’s stock market in 2015.

“Hundreds of people have already been arrested for alleged rumor-mongering that caused massive market swings, including prominent journalists, officials with China’s securities regulator and even executives at Citic Securities, a top Chinese investment bank,” CNN Money says.

Written by Lane Hanson

Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies. He can be reached at College Reviews.