On January 14, Xia Min, assistant president of the head office of Huishang Bank and chairman of Huishang Finance, was taken away for investigation. (Photo source: screenshot of the official website of Huishang Bank)
According to China Securities Times, on the morning of January 14, Xia Min, assistant to the president of Huishang Bank and chairman of Huiyin Wealth Management, was taken away by the discipline inspection department of the Communist Party of China for investigation. It is not yet clear the details of Xia Min’s investigation. The disciplinary authorities have searched Xia Min’s office at the head office of Huishang Bank and Huiyin Banking.
Huiyin Wealth Management was established on April 24, 2020, and is a wholly-owned wealth management subsidiary of Huishang Bank. Xia Min has been the chairman of Huibin Finance for less than a year.
Reuters said the investigation of Xia Min is the first chairman of a bank’s wealth management subsidiary in China to be taken away by the discipline inspection department for investigation.
Huishang Bank (HKEx: 3698, HKEx: 4608 (Preferred Stock)) is a regional joint-stock commercial bank headquartered in Hefei, Anhui Province. Fuyang Xinying, Fuyang Yinhe, Fuyang Jinda 7 city credit union reorganization. On November 12, 2013, it was listed on the main board of Hong Kong Stock Exchange.
In 2016, Huishang Bank achieved operating revenue of RMB 20.918 billion and net profit of RMB 6.87 billion, ranking 289th among Fortune China’s top 500 companies.
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