BRIEF: PICC shares sink on reports of executive’s detention

2328.HK

Shares of insurer PICC Property and Casualty Co. Ltd. (2328.HK) fell on Wednesday, after media reported its vice president Yu Ze was missing, and was like being investigated for corruption. The stock fell as much as 4.3% during the morning, and later rebounded slightly to trade at HK$17.09 in the afternoon, down 3.7%.

PICC issued a statement saying it had noted reports “regarding information about a member of the company’s senior management and is currently verifying the authenticity.” It did not specify an individual by name.

Numerous Chinese media reported on Tuesday that Yu was last seen attending a company meeting on Nov. 28. The reports added that Yu took over as head of PICC’s property unit in March 2021. His detention would mark the latest among a growing number of high-level executives from China’s financial industry suspected of corruption.

By Doug Young

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