“High Profile” CEO Of China Brokerage “Disappears”: “Company Says Can’t Find Him”
by Tyler Durden
ZeroHedge.com
11/23/2015
As we outlined in September, Beijing’s “kill the chicken to scare the monkey” campaign has brokers, hedgies, and even securities regulators so terrified, that one money manager said the following to his friend after being “summoned” by Chinese authorities: “If I don’t come back, look after my wife.”
Earlier this month, WSJ took a look at China’s case against Xu Xiang, who runs Shanghai-based Zexi Investment. Xu is accused of insider trading and stock manipulation and not only did Beijing detain him, they also froze his parents’ accounts. “After Xu Xiang was arrested, many people got nervous,” one fund manager told The Journal. “I don’t want to get arrested,” said another.
Around the same time the media picked up on the Xu story, another CSRC official was arrested in China. Yao Gang, vice chairman of the securities regulator, is now under investigation for graft, Reuters reported a little over a week ago, noting that Yao is the second official from the capital markets watchdog to come under scrutiny.
This is the backdrop against which Guotai’s Chairman and CEO Yim Fung went “missing” on November 18.
The Rest…HERE
