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Huishang Bank Independent Director Wen Probed by China Regulator

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Jan. 13 (Bloomberg) -- Huishang Bank, one of three mainland lenders whose shares began trading in Hong Kong last year, said China’s securities regulator is investigating Wen Jinghui, whose resignation as a director is pending.

Wen, an independent non-executive director, “has been under investigation by the China Securities Regulatory Commission in relation to alleged breaches to certain securities laws and regulations of the People’s Republic of China since July 4,” the lender said in a statement to the Hong Kong stock exchange today. Wen resigned with effect from the time a replacement is appointed, Huishang said Jan. 8. The bank is still looking for a candidate, it said today.

As far as the Huishang is aware, the investigation has no relevance to the bank, which learned of the probe Jan. 9, according to today’s statement. Wen resigned to devote more time to his new job and personal affairs, the bank said today.

Two calls to Huishang’s investor relations office went unanswered after office hours.

To contact the reporters on this story: Simon Lee in Hong Kong at slee936@bloomberg.net; Rachel Evans in Hong Kong at revans43@bloomberg.net

To contact the editor responsible for this story: John Liu at jliu42@bloomberg.net

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