(XINHUA)

China Resources (Holdings) Company, one of China's largest state-owned conglomerates, named Fu Yuning as its new chairman, replacing Song Lin, who is under investigation and was dismissed from his post. The company made the decision during a meeting in Hong Kong on April 23.

Born in 1957, Fu obtained his Ph.D. in Offshore Engineering from Brunel University in Britain. He was the former chairman of the state-owned China Merchants Group Ltd. and a chairman of China Merchants Bank. China Resources owns a group of companies ranging from real estate to gas.