Markets

China Detains Former AMC Fund Manager Wang Yawei

 

Chinese officials have detained the country’s star fund manager Wang Yawei since August, sources say, in the latest crackdown on a high-profile business executive.

Attempts to reach Wang have been unsuccessful for several weeks, two sources with knowledge of the matter said.

Wang, 52, is the founder of Qianhe Capital Management in Shenzhen and Top Ace Asset Management in Hong Kong and a former official of the China Securities Regulatory Commission (CSRC).

 

Also on AF: China Curbs Brokerage Accounts in Bid to Stop Capital Outflows

 

Sources say Wang is being investigated in relation to a probe into Zhu Congjiu, a former senior official at Chinese securities regulator.

Zhu is suspected of serious violations of the Communist Party’s discipline and national laws, the Central Commission for Discipline Inspection (CCDI) said in May. He is is one of several former CSRC officials to come under scrutiny in recent years.

The CCDI, the Ministry of Public Security and Qianhe Capital did not immediately respond to Reuters’ requests for comment. Wang and Top Ace could not be reached for comment.

Before setting up his own shop, Wang spent 14 years at China Asset Management (AMC), one of the country’s largest mutual fund houses, as its vice-president and chief investment officer.

At AMC, Wang was known for generating huge returns on stock picks and garnering a large following among retail investors.

Wang’s detention follows Beijing’s increased scrutiny of the financial sector, which has previously led to the detention of top Chinese dealmaker Bao Fan.

In February, China’s top graft-busting body vowed to “resolutely” crack down on corruption in the financial sector in a strongly worded commentary.

 

 

China’s top-most decision-making body — the Politburo — reiterated that call late last month, in a meeting chaired by Chinese President Xi Jinping.

The anti-corruption campaign has been a signature of Xi’s presidency, with crackdowns so far ranging from private tutoring to healthcare and technology sectors.

The campaign is part of Xi’s increasing focus on national security risks within the party, government, and large industries in the face of rising geopolitical tensions.

 

  • Reuters, with additional editing by Vishakha Saxena

 

Also read:

 

Ex-Bank of China Chairman Expelled From Communist Party

 

Capvision Vows to Defend China’s Security After ‘Rectification’

 

Evergrande Chief Suspected Of Transferring Assets Offshore: WSJ

 

China Bans Top Nomura Investment Banker From Exiting Mainland

 

China Bankers to Shun ‘High-End Taste’ Fearing Regulatory Ire

 

Chinese Minister, ‘Mistress’, Rocket Chiefs All Missing – A/Sentinel

 

 

Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at vishakha.saxena@asiafinancial.com

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