By Li Qing
BEIJING ( Caixin Online ) — Sovereign-wealth fund China Investment Corp. (CIC) said Friday it had accepted the resignation of its deputy general manager, Xie Zhichun.
The announcement said Xie also left his position as president and executive director of Central Huijin Investment Ltd., CIC’s wholly owned subsidiary, which primarily invests in financial institutions.
Xie will teach at a university and help launch an equity-investment fund linked to the central government’s Silk Road initiatives, which refer to the New Silk Road Economic Belt and the 21st Century Maritime Silk Road, a CIC employee said. He did not elaborate.
Xie, 57, asked to resign in February and received permission recently, a person close to Huijin said. The decision had nothing to do with Huijin announcing on Thursday that it had sold some of its holdings in two state-owned banks, he said, a move that has been widely associated with a fall of 6.5% in the A-share market’s benchmark index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.55% that day.
“The procedures of appointing or dismissing a senior executive cannot be completed in two days,” the person said.
Huijin sold shares of the Industrial & Commercial Bank of China /zigman2/quotes/201401473/delayed HK:1398 -1.36% /zigman2/quotes/204265987/composite IDCBF -6.88% /zigman2/quotes/202525815/delayed CN:601398 +0.46% and China Construction Bank /zigman2/quotes/208974133/delayed HK:939 -1.76% /zigman2/quotes/209484779/composite CICHF -4.32% /zigman2/quotes/208058581/delayed CN:601939 +0.18% that were worth 1.6 billion yuan and 1.9 billion yuan ($260 million and $310 million), respectively on May 26. Its holdings in the two banks were reduced to 45.89% and 2.14%. This was the first time in six years the firm sold bank shares.
Huijin said its chairman of the board of supervisors, Guo Haoda, would handle daily operations until it finds a successor to Xie.
Xie took over as Huijin’s president in April 2014 after his predecessor, Peng Chun, left in August 2013. He was an executive director and deputy general manager of financial conglomerate China Everbright Group before that, and worked in various capacities in Everbright’s insurance, securities and banking subsidiaries.
Rewritten by Wang Yuqian