Everbright President Resigns after Trading Mistake

(Beijing) – Xu Haoming resigned as Everbright Securities' president on August 22, six days after the firm made a trading mistake that rocked the A-share market.

His position will be temporarily filled by board chairman Yuan Changqing, the brokerage said.

The announcement came shortly after the securities firm suspended Yang Jianbo, head of its strategic investment department. The regulator and the company say the department was responsible for sending a huge amount of erroneous acquisition orders to the Shanghai Stock Exchange on August 16.