China Resources appoints new chairman

China Merchants Group Chairman Fu Yuning attends the Asian Financial Forum (AFF) in Hong Kong Jan 13, 2014.[Photo/Agencies]

HONG KONG - China Resources (Holdings) Co Ltd has appointed a new chairman with immediate effect, replacing Song Lin who is being investigated, the firm said in a statement on Wednesday.

Fu Yuning, a former executive chairman of China Merchants Group, would take over from Song, China Resources said in a statement on its website. China Merchants Group is the parent of Chinese ports operator China Merchants Holdings International Co Ltd.

The move to appoint a new chairman comes after the shares of several Hong Kong-listed units under parent group China Resources Holdings came under heavy selling pressure following news of Song's probe.

China Resources (Holdings) is a State-owned conglomerate whose Hong Kong-listed units include China Resources Enterprise Ltd, China Resources Power Holdings Co Ltd, China Resources Land Ltd, China Resources Cement Holdings Ltd, and China Resources Gas Group Ltd.

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