Catching some observers by surprise, Henry Fan Hung-ling has resigned as managing director of Citic Pacific, where he reached the pinnacle of his career.
His resignation took effect yesterday along with that of his boss and long-time business partner Larry Yung Chi-kin.
'After working with Mr Yung for more than 20 years, he thinks it is time to demonstrate his support,' a close friend of Mr Fan said last night.
For outsiders, the resignation was a shock as some analysts had expected Mr Fan would stay at the company to play a transitional role as new management took over.
But for the two long-time partners, the move was not unexpected. 'We are truly going to rise and fall together,' a friend quoted Mr Fan, 61, as saying.
The close relationship between the two, both born in Shanghai, began as early as 1987, when Mr Fan, a barrister, was invited to join other professionals to help Mr Yung set up Citic Pacific. It was among the first mainland firms to be established in Hong Kong.
Since then, Mr Fan has been Mr Yung's right-hand man in his official pursuits, whether it was seeking a back-door listing through the takeover of Hong Kong-listed Tylfull, or building the company into one of the biggest red chips.
