In Brief

China Merchants confirms chief financial officer's resignation

Former China Merchants Bank chief financial officer Chen Wei has resigned from the lender, the company said in a statement filed with the Hong Kong stock exchange. Ms Chen, who joined China Merchants in 1993, was reported earlier this month to have taken a job as a vice-president at Shenzhen Development Bank, handling the credit card business.

Heng Tai profits surge 40.8pc on higher turnover, increased margin

Food and household sundries distributor Heng Tai Consumables Group posted a 40.8 per cent year-on-year rise in net profit to HK$73.58 million in the six months to December as turnover grew 42.8 per cent to HK$752.49 million. Gross margin increased to 19.4 per cent from 17.1 per cent in 2005 as it sold more higher-margin products. The company is looking at setting up logistics hubs in Beijing, Changsha and Mudanjiang.

PICC appointment approved

PICC Property and Casualty, the mainland's largest non-life insurer, said a special meeting of shareholders had approved the appointment of Wu Yan as chairman. Mr Wu is the former president of China Life Insurance.