More top officials might fall in the high- profile investigation into the former second-in-command at the mainland’s securities regulator, Yao Gang, whose detention is likely linked to a corruption probe into disgraced former presidential aide Ling Jihua, industry insiders said.
But analysts said Citic Securities, another target in the sweeping crackdown on the financial sector, could escape harsh punishment with the announcement yesterday that the brokerage’s chairman, Wang Dongming, was retiring.
Citic Securities has struggled since its president, Cheng Boming, and several other top executives came under investigation for so-called trading irregularities. The departure of Wang, who was central to Citic Securities’ ascent to the nation’s top brokerage, could pave the way for a company-wide overhaul to help it hold on to its lead, analysts said.
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