Brokerage Haitong removes long-term Hong Kong unit chief Lin, appoints new head
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
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Shares end higher on tech support; banks slide
US: Stocks rally on cooler hiring numbers
Singapore stocks end week in the red; STI down 0.1%
Asia: Markets track Wall Street higher as rate hopes rise, eyes on US jobs
H2G Green chief to stand trial on Aug 5 amid MOM probe
Singapore shares climb at Friday’s open; STI up 0.2%