Senior official at Cosco under investigation

An executive director at China Cosco Holdings Ltd, Xu Minjie, is being investigated by the authorities, the company said on Friday.

The company's shares on the Hong Kong stock exchange declined 5.04 percent to HK$3.58 ($0.46) on Friday, while its shares on the Shanghai bourse were down 3.85 percent to 3 yuan ($0.49).

Cosco said on Friday that Xu is under investigation by "relevant departments" in China without disclosing any additional information about the investigation.