Beijing-based Central Huijin Investment said its president, Xie Zhichun, has stepped down from his post. No reason was cited why he left the stater-owned asset manager, nor the date of his departure.
Here is the full statement published on its website dated May 29.
“With approval of the State Council, Mr. Xie Zhichun will no longer serve as Executive Director of Central Huijin. With approval of the Board of Directors of Central Huijin, Mr. Xie Zhichun will no longer serve as President of the company.
“Mr. Ding Xuedong, Chairman and CEO of China Investment Corporation and Chairman of Central Huijin, appreciates and commends Mr. Xie’s contributions to the company during his tenure, including pushing forward Central Huijin’s reform and development and enhancing the work of equity management, improving corporate governance of the institutions invested and held directly by Central Huijin, and enriching the “Huijin Model” for the management of state-owned financial assets.”
Last week, Huijin unloaded A-shares in state-owned lenders Industrial and Commercial Bank of China and China Construction Bank. According to Reuters, Huijin sold a total of 3.5 billion yuan ($564.50 million) of A-shares in the two banks, which was one of the reasons traders had cited as behind the country’s equities markets tumbling more than 6% on Thursday.
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