Loss-Haunted GF Holdings Likely to Get New Economist CEO

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By Yue Yue and Zhao Runhua / May 21, 2019 05:12 PM / Finance

Shen Minggao. Photo: IC Photo

It’s been more than a month since the CEO of GF Holdings — the Hong Kong subsidiary of brokerage firm GF Securities — stepped down. Now, the company may finally have a new leader.

Shen Minggao, GF Securities’ chief economist, has been recommended as the subsidiary’s CEO, Shen confirmed to Caixin on Monday.

In April, after a GF Holdings hedge fund reported massive losses on foreign investments that blew a hole in the brokerage’s bottom line for 2018, the company’s former CEO Tang Xiaodong resigned, citing “personal reasons.”

Shen, 54, has served as both the head of China research and Greater China chief economist for Citigroup Global Markets Asia. He holds a doctorate in economics from Stanford University.

Many believe one of Shen’s priorities, if the CEO recommendation is accepted, would be risk management, considering both Shen’s personal background and GF Holdings’ own current situation.

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