On the evening of April 7, China International Capital Corporation (CICC), China’s leading investment banking firms, engaging of financial services in various areas, issued an announcement that the CEO is performing the duties of Chief Compliance Officer.

The announcement stated that Chen Gang, the company’s current compliance director, is unable to continue to perform the duties due to health reasons.

Public information shows that Mr. Chen has been the compliance director of CICC since August 2016. Prior to that, he served as a researcher at Development Research Center of the State Council of China, a senior lawyer at Broad & Bright Law Firm, and a director and general manager of Hopu Investment Management Co. Ltd.

It is worth mentioning that on April 7, there were media reports that Mr. Chen was suspected of having an affair with his subordinate, and a relevant phone recording was exposed to CICC’s client group on WeChat.