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In the first three quarters of this year, changes at the general manager level among listed securities firms increased noticeably. According to an incomplete tally, as of September 30, 17 listed brokerages had seen changes at the chairman or general manager (president) level since the start of the year, with both chairman and general manager positions changing at China Merchants Securities and CITIC Securities.

Compared with the same period last year, the number of listed brokerages with chairman-level changes decreased from 9 to 6, while those with general manager changes increased from 6 to 13. In terms of timing, adjustments were relatively concentrated in January and May. In January, Huatai Securities, Caida Securities, and Great Wall Securities successively underwent relevant adjustments; in May, Tianfeng Securities, China Merchants Securities, and Hualin Securities saw changes one after another.

Six Listed Brokerages Complete Chairman-Level Adjustments

In the first three quarters of this year, a total of 6 listed brokerages completed chairman-level adjustments. On September 28, CITIC Securities completed both a chairman transition and a change in the general manager position. Zhang Youjun resigned from his roles as executive director and chairman due to retirement age; on the same day, executive director and general manager Zou Yingguang resigned as general manager due to work adjustments. Subsequently, the board of CITIC Securities elected Zou Yingguang as chairman and legal representative, and during the vacancy of the general manager position, he was designated to perform the duties of general manager.

The chairman adjustment at China Merchants Securities was completed within several months. On May 8, Huo Da resigned from his positions as chairman and executive director due to work changes; on May 26, Zhu Jiangtao took over as chairman and also assumed the duties of president. In addition, in January Huatai Securities elected Wang Huiqing as chairman and appointed Zhou Yi as chief executive officer and director of the executive committee; in February First Capital Securities elected Guo Chuan as chairman; Nanjing Securities' former chairman Li Jianfeng ceased to hold relevant positions due to reaching retirement age, and former president Xia Hongjian succeeded him; in March Orient Securities elected Zhou Lei as executive director, and from the same day he assumed the roles of chairman, executive director, and legal representative.

13 Listed Brokerages See General Manager Changes

Compared with chairman changes, adjustments at the general manager level were more intensive. In the first three quarters of this year, a total of 13 listed brokerages saw changes at the general manager, president, or chief executive officer level.

Some adjustments came from internal company arrangements. Caida Securities chairman Zhang Ming no longer concurrently served as general manager, and the company appointed former executive deputy general manager Hu Hengsong as general manager; after former president of Zheshang Securities Qian Wenhai resigned as president, he continued to serve as the company's party secretary, chairman, and legal representative, and the company appointed former vice president Cheng Jingdong as president; former vice president and board secretary of Great Wall Securities Zhou Zhongshan was appointed as president; on September 30, China Merchants Securities appointed Liu Bo as president, completing the appointments for both chairman and president positions.

After former general manager of Huaxi Securities Yang Jiongyang left due to age reasons, he took up the positions of chief strategy officer and deputy general manager on August 25. Three individuals left due to personal reasons. After former president of Tianfeng Securities Wang Linjing departed, the company appointed Luo Guohua as successor; after former general manager of Guolian Minsheng Ge Xiaobo and former chief executive officer of Hualin Securities Qin Xiang left, the two companies were respectively represented in relevant duties by executive vice president Wang Jinling and executive committee member Dong Dong.

For brokerages with vacancies in the general manager position, some companies had the chairman act in that capacity. After former executive director and president of Guotai Haitong Li Junjie resigned on July 5 due to work reassignment, chairman Zhu Jian assumed the duties of president; after former executive director and president of Everbright Securities Liu Qiuming resigned on September 18 due to term reasons, chairman Zhao Ling assumed the duties of president and legal representative; after former general manager of Southwest Securities Yang Yusong resigned on June 12 due to work reassignment, chairman Jiang Donglin also acted as general manager until the company appointed Li Jun as successor on August 5.

Former general manager of Shenwan Hongyuan Huang Hao resigned on August 14 due to work arrangements, and the company appointed Huang Jianjun as general manager on the same day. As of the end of September, 5 listed brokerages still had relevant positions in acting status, including CITIC Securities, Guotai Haitong, Everbright Securities, Guolian Minsheng, and Hualin Securities.

Diverse Sources of New Executives

Judging from the backgrounds of the new chairmen and general managers, the new appointees mainly came from three paths. The first is internal promotion: the new chairmen of Nanjing Securities, China Merchants Securities, and CITIC Securities were all promoted from within, and the new general managers of Caida Securities and Zheshang Securities also came from inside the companies. The second is appointment by shareholders: Shenwan Hongyuan's new general manager Huang Jianjun previously served as deputy party secretary, executive director, and president of China Jianyin Investment Limited, the company's largest shareholder; Orient Securities' new chairman Zhou Lei and First Capital Securities' new chairman Guo Chuan also came from the largest shareholder Shenergy Group and Beijing State-owned Capital Operation and Management Co., Ltd., respectively. The third is intra-industry mobility: former general manager of Shanghai Securities Luo Guohua resigned in April and joined Tianfeng Securities in May as deputy party secretary and was appointed president; former deputy general manager of Guosheng Securities Dong Dong resigned in April and began acting as chief executive officer at Hualin Securities from May.

Departure Reasons Mainly Work Adjustments

Based on the reasons disclosed in announcements, retirement, age, expiration of term, and work adjustments were the main reasons for the departure of brokerage chairmen and general managers in the first three quarters of this year. According to a review, a total of 16 chairmen and general managers left their positions in the first three quarters of this year. Among them, 5 left due to retirement age, age reasons, or expiration of term; 8 left due to work adjustments, work changes, work transfers, or work arrangements; and 3 left due to personal reasons. The first two categories totaled 13 people, accounting for 81.25%. Among them, former chairman of CITIC Securities Zhang Youjun left due to retirement age; former chairman of Nanjing Securities Li Jianfeng no longer held relevant positions due to retirement age; and former president of Everbright Securities Liu Qiuming left due to term reasons.

AVIC Securities noted in an industry weekly report that the current round of wealth management transformation is reshaping the securities industry ecosystem in areas such as profit structure, internal mechanisms, talent development, competitive landscape, technology investment, and compliance and risk control. The institution believes that the wealth management transformation of securities firms involves not only adjustments to business models but also internal mechanisms and talent development.