The son of a former Chinese Premier stepped down from his post as the Chairman and chief executive officer of China International Capital Corporation Ltd, (CICC), one of the leading investment companies in the country.

In a press statement, the company said the board of directors  had accepted the resignation of Zhu Yunlai, son of former premier Zhu Rongi, and appointed Lin Shoukang as acting CEO.

Like Us on Facebook

Zhu Yunlai's resignation was reportedly abuzzed with rumors that CICC will float share in Hong Kong and that his departure may delay the listing which could be valued at more than $3billion.

Bloomberg news reported the information citing people who were privy to the resignation. CICC refused to comment when asked for its reaction.

Reports said CICC has already formed a recruitment team to conduct a global search for the replacement of Zhu

Zhu, 57,  had expressed an interest in setting up an Internet-based business, as reported by the Securities Times.

Zhu's departure came at a time when CICC is struggling to maintain its lead in underwriting Chinese issues which have been their major source of income and  has been facing stiff competition from local  investment banks such as CITIC Securities Company and Haitong Securities Co.

China Securities Industry Association said CICC has been dislodged from the top position in terms of investment banking as it placed only fifth in the 2013 ranking.

As of June this year, it had completed 110 IPOs for Chinese companies, helping raise a total of $230 billion, according to media reports.

CIDC's ranking in Hong Kong dropped  into sixth place this year, falling behind Goldman Sachs Group, CITIC Securities Co HSBC Holdings UBSAG and bank of China Ltd, Wall Street Journal reports said.

Zhu Yunlai, the eldest son of former premier Zhu Rongi, was born in 1957 in Changsha, Hunan province,

He was a meteorology graduate at the Nanjing Institute and worked at the China Meteorological Administration in Beijing.

He earned a master's degree in accounting from de Paul University in Chicago before working as an associate for Credit Suisse First Boston in New York.

He later joined the CICC workforce in 1998 until he became chief executive.

TagsZhu Yunlai, Zhu Rongi, CICC, resignation