Yim Fung, CEO of $20 billion Hong Kong financial firm Guotai Junan International Holdings, has vanished.
On Monday, the firm informed regulators that it is selecting temporary replacements for the executive, as he has not been seen or heard from since November 18, and shares of the company fell 12.6% in Hong Kong trading.
These days, it’s becoming less strange for powerful Chinese Wall Streeters to simply disappear. Last month, Wang Qishan, head of China’s anticorruption agency, said that he would focus his efforts on cracking down on corruption in China’s financial sector.
Since then, activist investor Xu Xiang has been arrested on suspicions of “insider trading and other offenses,” according to a statement from the government’s Xinhua News Agency.
Officials have also detained Zhang Yun, president of China’s third-largest bank, the Agricultural Bank of China, according to CNN.
Xu and Zhang’s arrests demonstrate that Chinese President Xi Jinping is keeping the promise he made when he started the probe after taking power in 2013 — that he would go after powerful “tigers” and lowly “flies” alike in an effort to clean up the country.
Read the full story here.