China Hongxing CEO makes exit, leaving firm's trading resumption plans in lurch

THE chief executive and executive director of sportswear maker China Hongxing Sports will step down on from Jan 4.

Mr Lan Zhongming, 41, resigned in order to spend more time with his family.

His departure means the company will not be able to meet the conditions for its shares to resume trading.

The stock has been suspended since Feb 2011 after external auditors flagged financial irregularities in the company's accounts.

One condition for trading to resume was for the company to appoint suitably qualified people to key managerial positions, including that of chief executive.