Hengtai Securities Announces Resignation of Yu Fang as Chief Compliance Officer
November 02, 2017 at 08:57 am
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The board of directors of the company announced that it has recently received a letter of resignation from Ms. Yu Fang, the Chief Compliance Officer and Chief Risk Officer of the Company, in which Ms. Yu Fang requested to resign from the position of Chief Compliance Officer given that the requirements on qualifications for chief compliance officers under Article 18 of the Administrative Measures on Compliance of Securities Companies and Securities Investment Fund Management Companies which was promulgated by the China Securities Regulatory Commission and came into force from 1 October 2017, specify that the chief compliance officer of a securities company or fund management company should possess at least ten years' work experience in securities or fund business and pass the competence examination for compliance management personnel held by the Securities Association of China or the Asset Management Association of China and Ms. Yu Fang has less than ten years' experience in securities or fund business. A meeting of the Board was held on 2 November 2017, at which the resignation of Ms. Yu Fang as the Chief Compliance Officer of the Company was approved and it was resolved that following the resignation of Ms. Yu Fang, Mr. Pang Jiemin, the Chairman of the Board and executive director of the Company, shall perform the duties of Chief Compliance Officer for a period of not more than six months, during which the company shall make an effort to identify and appoint a qualified person to fill the vacancy as required under the Administrative Measures on Compliance of Securities Companies and Securities Investment Fund Management Companies. Upon her resignation as Chief Compliance Officer of the Company, Ms. Yu Fang shall continue to hold the position of Chief Risk Officer of the Company. Ms. Yu Fang has confirmed that she has no disagreement with the Board and there are no matters relating her resignation that need to be brought to the attention of the shareholders of the company or The Stock Exchange of Hong Kong Limited.
Hengtai Securities Co., Ltd. is principally engaged in the security and brokerage businesses. The Company has five business segments. The Brokerage and Wealth Management is engaged in the trading of stocks, funds, bonds and futures and the provision of investment and financing solution services. The Investment Banking is engaged in the provision of corporate finance services, including financial advisory, equity underwriting and debt underwriting services, as well as New Over-the-Counter Board-related services. The segment is also engaged in the provision of services for companies to enter into National Equities Exchange and Quotations (NEEQ) for share quotation and transfer. The Proprietary Trading is engaged in the trading of equities, bonds, funds and derivatives. The Investment Management is engaged in asset management, private equity investment and alternative investment businesses. The Other is mainly engaged in other related operations of head office.