CITIC Securities revamp on cards

CITIC Securities Co, China's largest securities brokerage, said on Tuesday that its chairman is retiring, raising questions about the direction of the firm that is under government investigation for alleged insider trading.

Wang Dongming, 64, will step down from his position as chairman "for the reason of his age", the securities firm said in statement to the Shanghai Stock Exchange.

State-owned CITIC Group Corporation, the largest shareholder of the firm, has named Zhang Youjun, 50, a senior executive of the group, as a candidate for the new chairman. Wang will continue to serve as the chairman until the next board election, according to the statement.