By Selena Li
HONG KONG (Reuters) – A senior investment banker at one of China’s largest securities firms, Shenwan Hongyuan Securities, has been detained by the authorities, the second such high-profile probe in about a week into the country’s investment banking industry.
Wang Zhaoping, who was most recently the deputy general manager at the sponsoring and underwriting subsidiary of Shenwan Hongyuan, has been detained, the firm said in a statement on Thursday.
Wang is being held under a special measure called “Liuzhi”, according to the statement, which is a type of detention by authorities used in graft probes.
Shenwan Hongyuan said Wang has resigned for personal reasons.
The arrest is the latest amid a string of high-profile investigations into the country’s financial elite over the last two years.
Last week, Jiang Chengjun, who was deputy general manager and head of investment banking at Shanghai-based Haitong, was arrested overseas and taken back to China due to suspected job-related crimes.
Bao Fan, founder and former CEO of China Renaissance Group, was seized by Chinese authorities and has not been seen by colleagues since February 2023.
(Reporting by Selena Li; editing by Jason Neely)
