Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
TikTok Owner ByteDance Increasing Indian Operations: Reports
Trending in China: Good News For Street Vendors and Lovers of Street Food
Trending in China: Taiwan Pop Star Jay Chou Debuts on Mainland Social Media
LATEST
Trending in China: Banks Slash Red Tape to Verify ID, Receiving Both Cheer and Skepticism
Trending in China: Getting Rich Quick by Investing in Street Vendors
Swings and Roundabouts for Kingsoft Cloud as it Reports Both Strong Revenue and Widening Losses
Chinese Online Microlender Qudian Invests in Luxury Goods E-Retailer
Trending in China: Families Jump the Queue For Beijing Car License Plates, Setting Off Debate
Tesla Wannabe Xpeng Preparing for U.S. IPO: Report
Chinese Chipmaker SMIC Eyes $2.8 Billion From Shanghai Listing
Trending in China: Taiwan Pop Star Jay Chou Debuts on Mainland Social Media
Bilibili to Launch Satellite for Science Education Content
BYD Batteries to Power Ford Hybrid
Trending in China: Good News For Street Vendors and Lovers of Street Food
TikTok Owner ByteDance Increasing Indian Operations: Reports
Chinese Online Grocery Operation Dada Seeks $280 Million in U.S. IPO
NetEase Starts $2.6 Billion Hong Kong Secondary Listing
E-Retailer Mogu’s Sales Drop, Even as Livestreaming Makes Big Gains
Xiaomi Maintains Lead in India’s Smartphone Market, But Chinese Peers Catch Up
Didi Self Driving Unit Secures $500 Million in First Funding Round
Trip.com, Nio and Momo Take First-Quarter Revenue Hits
EHang to Trial Heavy Air Cargo Drones
Video Streamer Bilibili Plans to Issue $650 Million in Convertible Bonds
Donghai Securities Chairman Steps Down Under Investigation

By Quan Yue and Denise Jia / Jul 19, 2019 05:40 AM / Finance

Photo: VCG

Photo: VCG

Donghai Securities Co. Ltd., a brokerage listed on China’s over-the-counter market, confirmed Thursday that its chairman was “assisting authorities with an investigation” and resigned.

The company said it received a phone call late Tuesday from the public security department of Jiangsu province, where the brokerage is located, saying that Zhu Kemin, chairman of Donghai, is cooperating with an investigation.

Zhu, a former government official who previously held various positions in local governments, the Ministry of Finance and the top securities regulator, submitted his resignation to the board effective Tuesday, the company said. Zhu doesn’t hold any shares of the company.

Donghai Securities didn’t disclose on what matter Zhu is being investigated, but the company received three regulatory penalties this year for lack of risk control in its overseas subsidiaries, inadequately qualified personnel and misuse of funds.

Donghai Securities’ largest shareholder is state-owned Changzhou Investment Group Co., with a 21.59% stake.

The board named director Chen Yaoting as interim chairman for no more than six months. Chen is a vice president of Changzhou Investment Group.

Related: Private Equity Boss Faces Life in Jail After Bilking Investors
Share this article
Open WeChat and scan the QR code