Hou Jianhang has resigned as chairman of the board and executive director of China Cinda Asset Management Co. Ltd.
Hou resigned due to his age, according to an Aug. 14 release.
Zhang Zi'ai will replace Hou as chairman and executive director. Zhang is the secretary of the party committee of the company since May. He also served as deputy secretary of the party committee, vice chairman, executive director and president of China Orient Asset Management Co. Ltd.