The president of Guotai Junan Securities Co. Ltd. has offered to resign ahead of the company’s planned listing on the Shanghai Stock Exchange, Caixin.com reported Wednesday.
Chen Geng, who has been president of the brokerage since October 2004, was part of a group that established the Shenzhen Stock Exchange. He worked in its listing department before he joined Guotai Junan in 1996.
However, the company said any such resignation is subject to approval by related departments in the Shanghai city government where Chen serves as a Communist Party cadre.
Chen’s purported resignation offer might be related to the previous transfer of Guotai Junan shares to state-owned Shanghai International Group Co. Ltd., the report said, citing unnamed industry sources.
Chen, 46, could become chairman of Shanghai Securities Co. Ltd. after he leaves his current post, according to Sina Finance reported.
Guotai Junan confirmed previously that it had agreed to acquire 51 percent of Shanghai Securities. The deal is expected to be completed this month.
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