China Resources (Holdings) Company Ltd named Fu Yuning as new chairman, replacing Song Lin, who was under investigation and dismissed from his post, according to information posted on the company's website Wednesday.

The company made the decision during a meeting in Hong Kong Wednesday, following Song's suspected serious violation of discipline and law announced by the Communist Party's Central Commission for Discipline Inspection last week.

Born in 1957, Fu obtained his Ph.D. in Offshore Engineering from Brunel University in Britain. He was former chairman of the state-owned China Merchants Group Ltd and chairman of China Merchants Bank.

China Resources, one of the largest state-owned conglomerates in the country, owns a group of companies ranging from real estate to gas. Shares of its Hong Kong-listed unit China Resources Power Holdings rose 1.7 percent to 19.3 HK dollars (about 2.5 U.S. dollars) as of noon.