Brokerage Haitong removes long-term Hong Kong unit chief Lin, appoints new head
HONG KONG: Chinese brokerage Haitong Securities eliminated Lin Yong from chief executive of its Hong Kong-basically basically based offshore unit, in line with an interior memo and a firm source with info of the subject.
Lin, who had been Haitong Global Securities’ CEO in Hong Kong since 2007, became eliminated from the tip post, in line with the memo reviewed by Reuters.
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He’s one amongst the longest-serving helmsman at any Chinese funding bank in Hong Kong, leading the offshore unit to was one amongst the banks that issued the most offshore high yield bonds of Chinese companies in the final decade.
However, a flurry of defaults of the debt autos and muted issuance ended in complete losses of US$1.7 billion for Haitong Global in 2022 an 2023, forcing the dad or mum firm to rob the Hong Kong-listed offshore unit interior most in January.
The Shanghai-headquartered dad or mum firm Haitong Securities appointed Zhuang Wei as novel chief executive and deputy chairman for Haitong Global, the memo showed.
Haitong Global did no longer reply to a Reuters quiz for comment.
Source: Reuters
