Hong was. Managing Director and Head of Research at BOCOM International, the Hong Kong-based investment banking arm of Bank of Communications, China’s fifth largest bank.
A BOCOM International spokesman told CNN Business on Wednesday Hong resigned from the company for personal reasons.
Hong declined to comment. His Weibo account, which had more than 3 million followers, was also removed during the weekend.
Quad Lockdown has hit the world’s second-largest economy hard. The latest official survey data – released on Saturday – shows that manufacturing and services activity is falling to its lowest level since February 2020.
Beijing’s zero-sum policy and its crackdown on Big Tech have triggered an unprecedented flight of capital from foreign investors in recent months. The yuan recently fell to its lowest level in 17 months.
It is unknown at this time what he will do after leaving the post. Restrictions
The latest reports posted on its WeChat public account were titled: “Beware of Capital Flight” and “What Chinese ADRs Should Concern”. ADRs are securities issued by Chinese firms listed in the United States.
In another note on March 21, Hong also predicted that the Shanghai Composite would fall below 3,000 points.