China Southern Securities, one of the mainland's largest brokerages, has reshuffled its Hong Kong office after being punished by the SAR's regulators for unauthorised trading practices.
The Securities and Futures Commission on Tuesday prosecuted CSSC International and its managing director Shao Yan for securities dealing and acting as investment advisers without registration between October 1996 and August last year.
To rebuild the corporate identity of its Hong Kong office, China Southern formed a new holding company, China Southern Finance Holdings Co, to take over CSSC International's existing securities operations and appointed several senior executives to replace Mr Shao.
China Southern head-hunted Nick Ni, formerly the head of Crosby Corporate Advisory's North Asia area, to be the president of the new holding company.
It also appointed Li Zhengwei, from its Shenzhen headquarter's international department, as chairman and Peter Chen Yuan, from its Shanghai office, to be vice-president.
Mr Chen, who became CSSC International's director and deputy general manager in December, said yesterday the new company was registered early this month and would gradually acquire businesses from CSSC International, which would eventually become obsolete.
