SHANGHAI—Wang Dongming, one of China’s best known financiers, on Tuesday said he will retire as chairman of Citic Securities Co., a brokerage he built into the country’s largest and most international, but which came under fire during this year’s stock market turmoil. In a regulatory notice Tuesday, Citic Securities quoted the 64-year-old Mr. Wang as “proposing” to not stand for the next election of board members due to his age. It...
SHANGHAI Chairman, Wang Dongming, is to step down next year with the company still embroiled in a series of investigations, following a government crackdown within the financial industry; his age has been cited as the factor for his departure, with Zhang Youjun being named as a potential successor. As we previously noted, half of the brokerage firm's eight-member executive committee have been placed under investigation since August for possible insider trading.