Asia-Pacific News

Guotai Junan International says unable to reach CEO and Chairman Yim Fung

Guotai Junan International Holdings Ltd, a Hong Kong subsidiary of one of China's largest brokerages, said on Monday it has been unable to reach its chairman since Wednesday.

Commercial buildings stand illuminated in the Central business district of Hong Kong, China.
Brent Lewin | Bloomberg | Getty Images

Yim Fung, the chairman of the board, executive director and CEO, will be replaced temporarily as CEO by Wong Tung Ching, according to a statement posted by the company on the Hong Kong stock exchange.

Last December, Guotai Junan International, a subsidiary of Guotai Junan Securities, said officers of Hong Kong's Independent Commission Against Corruption (ICAC) entered the home of Wong, executive director and deputy CEO, and that Wong was invited to assist with an ICAC investigation.

The board said on Monday that the current operations of the company are normal and stable.

Guotai Junan Securities listed on the Shanghai stock exchange in June in the largest China initial public offering since 2010.

Guotai Junan International could not be immediately reached for further comment.