Red chip China Resources Enterprise (CRE) said yesterday Zhu Youlan had retired as chairman and director with effect from yesterday, raising concerns about a change in strategy at the conglomerate. Ms Zhu also resigned from her position as president at the parent China Resources (Holdings). Her positions were filled by Gu Yongjiang, the parents' chairman. Separately, CRE said its offer to conditionally acquire all of Lippo China Resources' shareholding interest in Lippo CRE (Financial Services) had not been awarded the necessary approvals from the People's Bank of China and the Hong Kong Monetary Authority. The firm said accordingly, its general offer for all shares in HKCB Bank Holdings remained a possibility only. CRE beneficially owns about 80.7 million shares in HKCB Holdings, representing about 6 per cent of its issued capital.