Gao Changqing, 68, board chairman of Zibo Wanchang Science and Technology Co Ltd, committed suicide on Monday, the next market day of his company's IPO, China Securities Journal reported on Tuesday, quoting a source with the local government.

The company said in a statement Monday night that Gao died on May 23, without disclosing the cause of his death.

The paper said in a post on its website Tuesday that Gao fell from his 23rd floor apartment. The local government source said he had been suffering from depression and had been taking pills for a long time.

Gao's company produces pesticide intermediates, and was listed on May 20 on the growth enterprise market, which targets startups.

The report said the company has appointed Wang Mingxian, its general manager, to take over his job temporarily.