Guotai Junan says chairman's disappearance a good stress test
Guotai Junan International Holdings Ltd. (01788.HK) has sought to play down the impact of the disappearance of the company's chairman and chief executive Yan Feng, calling it an "extremely good stress test".
Qi Haiying (祁海英), the acting chairman, told analysts in a teleconference that individual cases of company executives will not affect the operation of a state-backed listed company, the Hong Kong Economic Journal reported on Wednesday.
He said the incident is a good stress test for the company as it is still able to operate smoothly.
The company, a subsidiary of one of China's largest investment banking and brokerage firms, said it has not been able to contact Yan since Wednesday last week.
Wang Dongqing (王冬青), the acting chief executive, said the company's operations are normal, including plans to sponsor four to five initial public offerings in Hong Kong and another four to seven fixed-income projects by year-end.
The company's credit line from banks has not been affected, with debt ratio at 1.1 to 1.2 times and leverage ratio at about three times, Wang said.
BOCOM International analysts said Yan's disappearance is not expected to have a huge impact on the company's operations as 80 percent of its business comes from online trading, which is not manpower-intensive.
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