Wu Xiaohui's Shock Departure Sees Share Prices Fall at Anbang-Invested Companies
Yicai Global
/SOURCE : Yicai
Wu Xiaohui's Shock Departure Sees Share Prices Fall at Anbang-Invested Companies

(Yicai Global) June 14 -- Companies in which Chinese holding firm Anbang Insurance Group hold shares have seen their share prices decline following the departure of Wu Xiaohui, the group's former chairman, amid speculation of corruption.

At market close, the following firms had seen their share price decline:

-          Dong-E E-Jiao Co. [SHA:600528] fell 2.33 percent to CNY70.55

-          Financial Street Holding Co. [SHE:000402] fell 2.01 percent to CNY11.72

-          Goldwind Science and Technology Co. [SHE:002202] fell 1.41 percent to CNY15.34

-          Yuan Longping High-Tech Agriculture Co. [SHE:000998] fell 1.71 percent to CNY21.33

-          Dashang Co. [SHA:600694] fell 1.58 percent to CNY38.5

-          Beijing Tongrentang Co. [SHA:600085] fell 2.4 percent to CNY32.92

-          China State Construction Engineering Corp. Ltd. [SHA:601668] fell 3.03 percent to CNY9.6

-          China Merchants Bank Co. [SHA:600036] fell 1.29 percent to CNY21.47

-          China Minsheng Banking Corp. Ltd. [SHA:600016] fell 0.87 percent to CNY8.02

-          Gemdale Corp. [SHA:600383] fell 3.35 percent to CNY10.68

(CNY10 = USD1.47)

An Anbang statement released in the early hours of today said Wu could no longer fulfill his role due to personal reasons, and senior executives have been asked to take on his responsibilities. Aside from the departure, the company is running as normal, the statement said.

Yesterday, financial magazine Caijing said Wu had been taken away by authorities on June 9, with representatives from the China Insurance Regulatory Commission holding a meeting at the firm to inform executives. The article doesn't go into further detail.

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Keywords: Anbang , CIRC