CHINESE brokerage Haitong Securities removed Lin Yong from chief executive of its Hong Kong-based offshore unit, according to an internal memo and a company source with knowledge of the matter.

Lin, who had been Haitong International Securities’ CEO in Hong Kong since 2007, was removed from the top post, according to the memo reviewed by Reuters.

He is one of the longest-serving helmsman at any Chinese investment bank in Hong Kong, leading the offshore unit to become one of the banks that issued the most offshore high yield bonds of Chinese companies in the last decade.

However, a flurry of defaults of the debt vehicles and muted issuance led to total losses of US$1.7 billion for Haitong International in 2022 an 2023, forcing the parent firm to take the Hong Kong-listed offshore unit private in January.

The Shanghai-headquartered parent firm Haitong Securities appointed Zhuang Wei as new chief executive and deputy chairman for Haitong International, the memo showed.

Haitong International did not respond to a Reuters request for comment. REUTERS

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