Head of Minsheng Securities said to be under investigation

Feng worked for the CSRC for 18 years before joining Minsheng Securities in 2016.

By SUN Yizhen

 

FENG Henian, president of Minsheng Securities was taken into custody by police on Tuesday, according to reports in Caixin, China’s influential economics news source.

Before joining Minsheng in 2016, Feng worked for the China Securities Regulatory Commission (CSRC) for 18 years where he was latterly head of the legal department. His last public appearance was on February 17, when he addressed a meeting on the company’s five-year plan. On May 30, an article with Feng’s byline was posted by the Securities Association of China. 

Since 2016, over 1.7 billion yuan (US$250 million) of state assets have been injected into the company whose major shareholder is private capital firm China Oceanwide. 

Feng is said to be involved in the cases of WANG Zongcheng, former head of CSRS’s accounting division, and ZENG Changhong, a former securities regulator. The three worked together in 2012 when Feng was in charge of new stock offerings on the ChiNext market. Wang is currently under suspicion of various offenses. Zeng was expelled from the party in April.