(Yicai Global) July 30 -- Shares of Anxin Trust, a Chinese trust company that has been mired in a debt crisis for two years, rose by the exchange-imposed limit for a fifth day in a row after the firm shook up its senior management lineup ahead of a CNY9 billion (USD1.4 billion) government bailout announced earlier this week.

Anxin Trust [SHA:600816], which is in the process of special treatment, hit the upper 5 percent limit again today, before ending 4.9 percent up at CNY3.23 (50 US cents). The stock has gained 21 percent this week.

The Shanghai-based firm’s president, vice president and director of compliance have all been removed from their posts, Anxin Trust said in a statement yesterday. Each of the newly recruited executives share a background at Shanghai Electric Group, one of the parties involved in Anxin Trust’s bailout.

Gao Jun, who was deputy general manager at Shanghai Electric Group Finance, will become VP. Cong Shufeng, former operations and risk director at Shanghai Electric Investment, has been appointed as financial director.

A group of state-owned enterprises, led by Shanghai Electric, set up Shanghai Di’an Investment Management which will take a controlling 44.44 percent stake in the trust company, Anxin Trust said in a filing on July 27. Shanghai Di’an Investment will replace Shanghai Guozhijie Investment Development as the biggest single shareholder.

Anxin Trust is working to reduce systematic financial risks as some of its projects failed to redeem on time, exposing it to litigation and liquidity risks, the filing added.

Editor: Tom Litting