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BEIJING (Reuters) - China Huarong Asset Management Co Ltd (2799.HK) is set to be helmed by a senior bank regulatory official, who will replace the current chairman under investigation for alleged corruption, two people with knowledge of the matter told Reuters.

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FILE PHOTO - China Huarong Asset Management Co Chairman Lai Xiaomin listens to a question from a reporter during the debut of the company at the Hong Kong Exchanges in Hong Kong, China October 30, 2015. REUTERS/Bobby Yip/File Photo

The official, Wang Zhanfeng, is the head of the Guangdong branch of China’s banking regulator, the people said.

China’s anti-corruption watchdog said on Tuesday it is investigating Huarong Chairman Lai Xiaomin for suspected “serious discipline violations”, a euphemism for graft, the latest in a string of probes into high-profile financial executives.

Huarong, one of China’s largest state-owned bad debt managers, hit the headlines this year after building up a 36 percent stake in a key unit of embattled private energy company CEFC China Energy. The unit, CEFC Hainan International, is acquiring a $9.1 billion stake in Russia’s oil major Rosneft (ROSN.MM).

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FILE PHOTO - Logos of China Huarong Asset Management Co are seen during a finance expo in Beijing, China October 30, 2014. China Daily via REUTERS/File Photo

Li Xin, chief supervisor of China Orient Asset Management Co Ltd, will be appointed to the position of president which had been vacant, the people added, declining to be identified as the information was not public.

When contacted, a representative for Huarong referred to a filing. A filing has yet to be made, according to checks by Reuters.

The China Banking and Insurance Regulatory Commission did not immediately respond to an emailed request seeking comment. Reuters was not able to reach

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