Scandal-Hit Citic Securities Says Its Party Head Will Retire

(Beijing) – Citic Securities, a leading Chinese brokerage firm whose top managers are being investigated for insider trading, said on November 17 that the head of its Communist Party committee will retire and be replaced by an executive from its largest shareholder.

Wang Dongming, 64, who is also Citic Securities' chairman, will be succeeded by Citic Group Corp.'s chairman and party head, Chang Zhenming, the brokerage firm said.