Ex-Changjiang Chairman Yang Falls to Death, Xinhua Reports

  • Yang Zezhu was under investigation for alleged violations
  • Finance industry focus of government's probes on misconduct

Changjiang Securities Co.’s former chairman, who resigned three weeks ago after being put under investigation by the Communist Party, fell to his death on Tuesday morning, according to the official Xinhua News Agency.

Yang Zezhu, who was being investigated for disciplinary violations, fell off a residential building in Wuhan city, Xinhua reported on its Weibo account, citing local police.

Changjiang Securities announced Yang’s resignation on Jan. 7, a day after the mid-sized Chinese brokerage said he had been placed under investigation. Yang, who was in his early 60s, was suspected of violations of discipline for “personal reasons,” Changjiang said in a Jan. 6 statement.

The finance industry has been the focus of official probes since last summer’s stock rout, with regulators vowing to cleanse the market of misconduct including “malicious” short-selling and price manipulation. The investigations have entangled figures including officials at the securities regulator and executives at Citic Securities Co., the nation’s biggest brokerage.

Yang had a long career with state-owned companies in Hubei province, having served as chairman at several state-owned enterprises in the region, according to Changjiang Securities’s annual report. He had also headed the provincial branch of the State-owned Assets Supervision and Administration Commission, which oversees government conglomerates, according to the report.

Phone calls to Changjiang Securities’s investor relations office in Wuhan city went unanswered.

— With assistance by Alfred Liu, and Aipeng Soo

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