Central Huijin Investment Co, the majority shareholder of brokerage firm Galaxy Securities, has appointed Hu Changsheng as its new president.

The move comes soon after Caijing magazine linked Xiao Shiqing, the former president of Galaxy, to a bribery scandal involving Wang Yi, the former vice-chairman of the China Securities Regulatory Commission (CSRC) and vice-president of the China Development Bank.

Wang, who was arrested in January on graft charges, reportedly confessed to accepting bribes worth more than 10 million yuan.