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Citic Securities can't contact 2 senior executives
[HONG KONG] CITIC Securities Co Ltd is not able to contact two of its top executives, China's biggest brokerage said on Sunday, following media reports that they had been asked by authorities to assist in an investigation.
CITIC said in a Hong Kong exchange filing it could not reach two of its most senior investment bankers, Jun Chen and Jianlin Yan. Chinese business publication Caixin said on Friday the pair had been detained, although it was not clear whether they were subjects of an investigation or merely being asked to assist with it.
CITIC Securities is among Chinese brokerages facing investigation by the country's securities regulator for suspected rule breaches.
Some employees of CITIC Securities have returned to work after assisting with unspecified government investigations, the company said in the filing.
Chen is head of CITIC's investment banking division, according to the company website, while Yan runs investment banking at the company's overseas unit CITIC Securities International.
Several high-profile brokerage executives have been investigated in mainland China as authorities looked for answers to explain a slump of more than 40 percent in stocks between June and August that they blamed in part on "malicious short-selling".