Hong Kong brokerage chairman missing

Guotai Junan International is based in Hong Kong and is a subsidiary of China's Guotai Junan Securities

Shares in Hong Kong brokerage firm Guotai Junan International fell as much as 17% after the company announced its chairman Yim Fung had been unreachable since 18 November.

In a statement to Hong Kong's stock exchange, the firm said it would temporarily replace Mr Yim from Monday.

However, it did not offer any further explanation as to Mr Yim's whereabouts.

The firm's parent company, Guotai Junan Securities, is one of the biggest securities firms in China.

By afternoon trade, Guotai Junan International's Hong Kong-listed shares were down 11%.

Mr Yim is Guotai Junan International's chairman, executive director and chief executive officer.

"As Dr Yim currently cannot discharge his duties, the board resolved on 22 November 2015 to appoint Ms Qi Haiying, executive director and deputy chief executive officer of the company, to temporarily act as chairman of the board until further notice," the company said.

"In addition, the board resolved to appoint Mr Wong Tung Ching, executive director and deputy chief executive officer of the company, to temporarily act as chief executive officer of the company until further notice."