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Fu Yuning Named China Resources Chairman as Song Lin Probed

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April 23 (Bloomberg) -- China Resources Holdings Co., which controls five listed companies in Hong Kong, appointed Fu Yuning as chairman to replace Song Lin, who is being investigated by the nation’s anti-corruption agency.

Fu’s appointment was announced this morning at the Hong Kong headquarters of China Resources, according to a statement on the company’s website. Fu is no longer the chairman of China Merchants Group Ltd., according to a statement.

Song is being probed for “suspected disciplinary violations,” the Communist Party’s Central Commission for Discipline Inspection said in a statement on its website on April 17. Song was removed from office, the official Xinhua News Agency said on April 19.

Qiao Shibo, general manager at China Resources, was appointed by the central government on April 18 to take over Song Lin’s duties, according to a statement on the website of China Resources.

Fu was born in March 1957, and graduated from China’s Dalian Institute of Technology with a bachelor’s degree in port and waterway engineering, according to a biography posted on the website of the official newspaper People’s Daily. Fu obtained a doctorate in offshore engineering from Brunel University in the U.K.

China Resources Power Holdings Co., China Resources’ listed unit in Hong Kong, gained 2.5 percent to HK$19.46 in Hong Kong today. Shares fell 12 percent yesterday in the first trading day after Song’s investigation was announced.

China Merchants said Li Jianhong will take over Fu’s duties.

To contact the reporter on this story: Aibing Guo in Hong Kong at aguo10@bloomberg.net

To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net Rebecca Keenan

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