Long-delayed listing plan may be affected as state-owned assets supervisor announces his departure amid fraud probe
The State-Owned Assets Supervision and Administration Commission has replaced the head of China Putian Group - a move which could have implications for its long-delayed overseas listing plans.
The commission, set up in April last year to directly supervise 196 state-owned enterprises, informed the maker of telecommunications and electronics products that president Ouyang Zhongmou would step down from all his positions, including general manager and party secretary.
Commission chief Li Rongrong announced Mr Ouyang's departure at a meeting with China Putian executives on Monday.
Mr Li also urged China Putian to hasten reform efforts so it could compete with international giants.
The commission is the direct controlling shareholder of China Putian. It said Mr Ouyang had retired, without elaborating.
