Why did China Minsheng Banking Corp president Mao Xiaofeng resign?

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Mao Xiaofeng Resigned from China Minsheng Banking Corp Amidst Investigation Reports

China Minsheng Banking Corp president Mao Xiaofeng has resigned from his position, citing "personal reasons" according to the bank. This development follows a report by Caixin magazine indicating that Mao is reportedly being investigated by Chinese authorities, a situation that has led to a decline in the bank's share prices.
Bank Cites Personal Reasons for Resignation

China Minsheng Banking Corp officially stated that Mao Xiaofeng stepped down for "personal reasons" on Saturday. This announcement came shortly after Caixin reported that authorities had taken Mao to assist with an investigation. Mao's mobile phone was reportedly unreachable when contacted by news outlets.
Potential Link to Anti-Corruption Campaign

Analysts suggest that Mao's investigation may be connected to China's ongoing anti-corruption campaign, which has intensified under President Xi Jinping. This campaign has already ensnared high-ranking officials and business figures. If a link is confirmed, Mao could represent the highest-ranking banker to be implicated in this crackdown.
Leadership Transition at Minsheng

Following Mao Xiaofeng's resignation, the bank has appointed Chairman Hong Qi as the acting president. Mao had been named president in August of the previous year. The bank has asserted that Mao's situation is unrelated to Minsheng's operational activities.
Mao Xiaofeng's Background and Market Reaction

Mao Xiaofeng, a Harvard University graduate, was the youngest president of a listed Chinese bank, with the role being equivalent to a CEO at a US bank. Before his tenure at Minsheng, which began in 2002, he held positions within the China Communist Youth League and served as an official in Hunan province. The news of his resignation and the reported investigation caused China Minsheng Banking Corp shares to fall, with declines of up to 10.5 per cent in Hong Kong and 6.6 per cent in Shanghai before market close.

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Why did China Minsheng Banking Corp president Mao Xiaofeng resign?

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