New | CITIC Securities stock rises after announcing exit of current chair
Investment icon Wang Dongming would not act as chairman in the next board
CITIC Securities share prices jumped on Tuesday after the company announced the upcoming exit of its iconic current chairman, Wang Dongming, although no specific date has been set for his departure.
CITIC Securities, where several of its top executives have come under investigation, said its current chairman Wang Dongming, would not be named as a chairman candidate for the next board, “due to age reasons”.
CITIC Securities’ shares initially climbed by 4.51 per cent in Hong Kong, and 4.22 per cent in Shanghai after the announcement at 1:10 pm on Tuesday.
Wang, 64, will continue as chairman of China’s biggest brokerage until the next board election, Citic said in a statement to the Shanghai and Hong Kong stock exchange on Tuesday.
Wang is an investment titan with deep political connections in China’s finance sector, whose father served as a former vice minister of foreign policy.
Citic Corp., the brokerage’s largest shareholder, plans for Zhang Youjun, 50, to join the board of Citic Securities, the brokerage said in the statement.