China continues to dismantle missing tycoon Xiao Jianhua’s financial empire

Rongtong Fund Management, which was once part of Xiao Jianhua’s Tomorrow Group, has unveiled a management reshuffle, marking its official exit from the missing Chinese magnate’s embattled financial empire.

Zhang Wei was named Rongtong’s chairman on Friday, taking over from Gao Feng who resigned citing personal reasons after seven years in the position, according to a statement issued by the asset management firm.