Another Chinese executive has vanished

Yim Fung, the CEO of $US20 billion Hong Kong financial firm Guotai Junan International Holdings Ltd., has vanished, Bloomberg reports.

On Monday the firm informed regulators that it is selecting temporary replacements for the executive as he has not been seen or heard from since November 18th, and shares of the company fell 12.6% in Hong Kong trading.

These days it’s less and less strange for powerful Chinese Wall Streeters to simply disappear. Last month, Wang Qishan, the head of China’s anti-corruption agency, said that he would focus his efforts on cracking down on corruption in China’s financial sector.

Since then, activist investor Xu Xiang has been arrested on suspicions of “insider trading and other offenses,” according to a statement from the government’s Xinhua News Agency.

Officials have also detained Zhang Yun, the President of China’s third largest bank, the Agricultural Bank of China, according to CNN. Both Xu and Zhang’s arrests demonstrate that Chinese President Xi Jinping is keeping the promise he made when he started the probe after taking power in 2013 — that he would go after powerful “tigers” and lowly “flies” alike in an effort to clean up the country.

For the full story, head to Bloomberg>

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