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China’s Citic Tightens Grip on CLSA After Mass Departures

  • Citic names President Yang Minghui member of new committee
  • Citic appoints Li Chunbo chairman of CLSA equities business
The CLSA Ltd. logo is displayed at the company's office in Hong Kong.

The CLSA Ltd. logo is displayed at the company's office in Hong Kong.

Photographer: Anthony Kwan/Bloomberg
Updated on

Citic Securities Co. is tightening control over its CLSA Ltd. unit, following an exodus of staff and top executives from the Hong Kong brokerage last year amid a clash over corporate culture and bonus levels.

China’s biggest broker is creating a “coordination committee” at CLSA, which will include its President Yang Minghui and Chairman Zhang Youjun, according to people familiar with the move who asked not be identified discussing internal matters. Citic’s head of research and equities and trading, Li Chunbo, will also be part of the new group along with CLSA Chief Executive Officer Rick Gould, they said.