Avic Capital director fired for selling shares in subsidiary

Yang Shengjun, managing director Aviation Industry Corp of China subsidiary Avic Capital (600705.SHA), has been fired by the latter’s board for selling stocks in another subsidiary, South China Morning Post reported. An exchange filing by Avic Heibao (600760.SHA) on June 30 showed Avic Capital’s wholly owned Avic Investment Holdings dumped all of its 16.8 million shares – 4.88% of Heibao’s issued shares- for RMB431.4 million between June 16 and 29, while Avic Jincheng sold 3.4 million shares for RMB78.8 million between June 5 and 24. Avic Heibo said the China Securities Regulatory Commission was investigating both companies for reducing stakes in breach of rules–though the CSRC did not order major shareholders to cease selling stocks until July 8.