Brokerages Guotai, Haitong to Face Anti-Graft Checks in Shanghaiby
Shanghai is sending anti-graft inspectors to Guotai Junan Securities Co., the parent of the Hong Kong brokerage whose chairman and chief executive officer has gone missing.
Haitong Securities Co., another of the nation’s big brokers, is also being checked in the city’s third round of inspections this year, according to a statement posted on the website of the Communist Party’s discipline inspection committee in Shanghai.
The brokerages are among 14 state-owned enterprises to face inspection and six universities are being checked, the statement said.
Guotai Junan International Holdings Ltd. lost contact with its Chairman and Chief Executive Officer Yim Fung, leading to a 12 percent slump in the firm’s shares in Hong Kong on Monday. While no new information on Yim’s whereabouts emerged on Tuesday, the shares bounced back by 2.5 percent.