China Merchants Group Chairman Fu Yuning attends the Asian Financial Forum (AFF) in Hong Kong Jan 13, 2014.[Photo/Agencies]

HONG KONG - China Resources (Holdings) Co Ltd has appointed a new chairman with immediate effect, replacing Song Lin who is being investigated, the firm said in a statement on Wednesday.

Fu Yuning, a former executive chairman of China Merchants Group, would take over from Song, China Resources said in a statement on its website. China Merchants Group is the parent of Chinese ports operator China Merchants Holdings International Co Ltd.

The move to appoint a new chairman comes after the shares of several Hong Kong-listed units under parent group China Resources Holdings came under heavy selling pressure following news of Song's probe.

China Resources (Holdings) is a State-owned conglomerate whose Hong Kong-listed units include China Resources Enterprise Ltd, China Resources Power Holdings Co Ltd, China Resources Land Ltd, China Resources Cement Holdings Ltd, and China Resources Gas Group Ltd.

Chairman of China Resources removed from office	Kweichow Moutai beer arm gets China Resources boost