Zhu Haokang is head of digital asset management and family wealth at one of the ETF providers, ChinaAMC.
Yao Qian is reportedly being investigated for "violations of discipline and law."
China's securities regulator said on Friday it would mete out increasingly tough penalties on fraudulent listings, accounting scams and misappropriation of funds by big shareholders, as part of a crackdown to boost confidence in the stock market. In its first news conference since the appointment of a new chairman, the China Securities Regulatory Commission (CSRC) also said it would target insider trading and market manipulation more precisely, removing regulatory blind spots. As investors anticipated forceful measures to boost the market, China's blue-chip CSI300 Index rose for its ninth straight session on Friday, having rebounded 12% from five-year lows hit early this month.