Mainland billionaire Zhang Zhirong has resigned as chairman of two Hong Kong-listed companies, shortly after a court approved a US$14 million settlement of an insider trading case by an investment firm he owns.
Zhang resigned from the boards of Shanghai-based shipbuilder China Rongsheng Heavy Industries and developer Glorious Property yesterday, the two companies' announcements posted on the Hong Kong stock exchange website said.
In each announcement, the firms said Zhang had resigned as chairman "to devote more time to his personal endeavours".
via Business feed http://www.scmp.com/business/china-business/article/1091684/chairman-steps-down-after-insider-settlement
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