‘Academy Awards’ of Chinese Securities Research Drops Shortlisted Analysts After Lewd Party

‘Academy Awards’ of Chinese Securities Research Drops Shortlisted Analysts After Lewd Party

Liao Shumin

Date: Wed, 09/19/2018 - 22:07 / source:Yicai
‘Academy Awards’ of Chinese Securities Research Drops Shortlisted Analysts After Lewd Party
‘Academy Awards’ of Chinese Securities Research Drops Shortlisted Analysts After Lewd Party

(Yicai Global) Sept. 19 -- The non-governmental organization responsible for handing out China’s most-coveted awards in the securities sector has removed two analysts from contention after a video went viral of the pair engaging in lewd activities at a dinner party that was reportedly organized as a way to canvass for votes.   

The securities workers Ma Jun and Liu Fengyuan, both from Founder Securities, a subsidiary of Peking University's Founder Group, will no longer be eligible for New Fortune Magazine’s Best Analyst ranking and have also been suspended by their employer, state-backed Global Times reported.

Liu denies reports that a team from Founder Securities arranged the dinner party as a way to garner support for their bid for the prizes, known as Chinas "Academy Awards" for the field of investment research. The video that swept across social media shows the pair getting intimate with fellow attendees and Founder Securities has launched an investigation into the matter.

Competition is fierce among securities workers for inclusion in the award ranking, which has been held on an annual basis since 2003. The top five analysts can easily command a salary package in excess of CNY1 million (USD150,000), while some firms will double the bonuses of those who rank highly.

Chinese regulators have called for stricter supervision of the voting process following the incident, while demanding that candidates participate fairly and refrain from influencing the results by improper means.

Editor: William Clegg

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Keywords: Financial Analyst, Canvassing, New Fortune, Regulator