Official announcement! This securities firm welcomes a female chairman

The power of the board of directors and high school supervisors of securities companies continues to increase, and some securities firms have recently appointed female chairmen.

On August 25th, China Development Securities announced that its chairman and directors had changed. According to the personnel adjustment of the shareholder unit, Liu Hui will replace Sun Xiaokun as the Chairman and Director of Guokai Securities. Xu Hua no longer serves as an independent director, and Ge Rongrong is elected as a director of the second board of directors.

It is understood that Liu Hui has worked in CDB for many years and has a lot of connections with CDB Securities. He once served as the supervisor of CDB Securities and was transferred back to China base note. In May this year, Liu Hui returned to China Development Securities as the Party Secretary. Coincidentally, Sun Xiaokun, the previous chairman, had also worked as the chairman of China Development Bank before becoming the chairman of the company. After returning from China Development Bank, he was promoted to chairman.

Take a look at the details——

Newly appointed "Female Handsome" by Guokai Securities

Another securities company welcomes the appointment of a female chairman.

According to the announcement of Guokai Securities, based on the personnel adjustment decision of the shareholder unit, it is recommended that Liu Hui replace Sun Xiaokun as the chairman and director. On August 18th, Guokai Securities held the 17th meeting of the second board of directors and the first extraordinary general meeting of shareholders in 2023, and voted to approve that the former chairman Sun Xiaokun would no longer serve as chairman or director from that day on; Elect Liu Hui and Ge Rongrong as directors of the second board of directors, with a term consistent with that of the current board of directors.

According to public resume information, Liu Hui was born in September 1970 and is a member of the Communist Party of China. He holds a master's degree and graduated from Renmin University of China with a major in accounting. As early as 1996, Liu Hui had joined the China Development Bank for 27 years now. In March 2011, Liu Hui was appointed as the Deputy Director of the Market and Investment Bureau of China Development Bank. In April 2018, he was transferred to the position of Deputy Secretary of the Party Committee and Secretary of the Discipline Inspection Commission of China Bank Financial Leasing.

In April 2019, Liu Hui went to Guokai Securities to serve as the Deputy Secretary of the Party Committee, and began serving as the Chairman of the Supervisory Board in September of the same year. However, Liu Hui did not have a long tenure at China Development Bank. In April 2020, he returned to China Development Bank as the Director of the Market and Investment Bureau, and in November of the same year, he became the General Manager of the Market and Investment Department.

In May 2023, Liu Hui returned to Guokai Securities as the Secretary of the Company's Party Committee. Liu Hui's employee registration with the China Securities Association also shows that after completing the resignation cancellation in October 2020, she re registered with China Development Securities at the end of May this year.

At present, the official website of China Development Securities has updated the chairman's information to Liu Hui in the personnel information disclosure section. According to the company's articles of association, the chairman of Guokai Securities serves as the legal representative, and the industrial and commercial changes are currently being processed.

In addition, Ge Rongrong, who has been newly appointed as a director, also has many years of work experience in the financial industry. She joined Central Huijin in 2005 and has been appointed as a director and independent director in companies such as Industrial and Commercial Bank of China, ICBC Credit Suisse Fund, and Shenwan Hongyuan. From May 2023 to present, Ge Rongrong has been appointed as a director of Central Huijin dispatched to China Development Bank.

From the changes in the chairman of China Development Bank in recent years, it can be seen that many of the candidates given by China Development Bank have work experience at China Development Bank, and both chairmen were "gone and gone" after the former chairman was transferred to China Development Bank.

Looking back, in the fourth quarter of 2020, there were personnel adjustments in multiple positions including the former Chairman, Vice Chairman, President, and Chairman of the Supervisory Board of China Development Securities. Among them, Zhang Baorong resigned as Chairman and Director of Guokai Securities, Zheng Wenjie resigned as Vice Chairman, Director, and President of Guokai Securities, and Liu Hui resigned as Chairman and Supervisor of Guokai Securities.

Afterwards, Sun Xiaokun took over the position of Chairman of Guokai Securities and also acted as Acting President. Sun Xiaokun served as the chief supervisor of CDB Securities from August 2017 to September 2019, then transferred to CDB, and once served as the head office inspection office director. In May 2021, Jiang Daozhen, the former supervisor of Guoyin Financial Leasing, was appointed as the President of Guokai Securities, ending the "shoulder to shoulder" situation.

It is worth mentioning that in recent years, China Development Bank's financial anti-corruption work has continued to deepen, and it has also affected China Development Securities. Last September, the official website of the Central Commission for Discipline Inspection reported that Hou Shaoze, former president of China Development Securities, was suspected of serious violations of discipline and law and was under disciplinary review and supervision investigation.

In June this year, the Intermediate People's Court of Binzhou City held a public trial of the bribery case of Hou Shaoze. According to the case report, Hou Shaoze took advantage of his position to seek benefits for others in applying for support funds, coordinating loan disbursements, and receiving gifts from others, totaling more than 30.78 million yuan.

Transforming into a "distinctive boutique investment bank"

Just been removed from the securities' whitelist '

According to public information, China Development Bank (CDB) acquired 100% equity and renamed China Development Securities, which was formerly known as Aviation Securities. After the introduction of external shareholders to increase capital in December 2016, China Development Bank held 80% of the shares in China Development Securities, while CGN Capital and Hubei Communications Investment held 15% and 5% respectively.

In recent years, China Development Securities has carried out bold reforms and has seen frequent clearance actions. At the end of 2020, Guokai Securities packaged and sold 90% of its branches and related equity, which were eventually acquired by Zhejiang Securities. As of the end of March 2023, Guokai Securities had a total of 23 branches and 1 business department, transforming to focus on institutional customer service.

In November 2021, Guokai Securities signed a 66.7% equity transfer agreement with Beijing State owned Capital Operation and Management Co., Ltd., the transferee, for a price of 374 million yuan, to clear the fund equity held by Guokai Taifu Fund Management Co., Ltd.

As the only securities brokerage license under China Development Bank, the capital strength of China Development Securities cannot be underestimated. Recently, Pengyuan Credit released the 2023 main credit rating report of China Development Securities, providing an AAA main credit rating.

Data shows that in 2022, China Development Securities achieved a revenue of 1.645 billion yuan and a net profit of 501 million yuan, achieving three consecutive years of profitability. In the first quarter of this year, China Development Securities achieved operating revenue of 249 million yuan and a net profit of 130 million yuan.

As early as December 2017, Guokai Securities had applied for IPO guidance, with CITIC Securities as the guiding securities firm. However, due to the drag of stock pledge business in 2019, there was a net loss of 466 million yuan that year, and the IPO path of China Development Securities was temporarily postponed. After resuming three consecutive years of profitability, the IPO process of China Development Securities is expected to advance.

However, in June this year, the China Securities Regulatory Commission released a new "whitelist" of securities companies, with a total of 31 securities firms included. Among them, Guokai Securities was removed from the whitelist for that period. It is reported that the "whitelist" is mainly adjusted regularly based on the compliance risk control and business risk situation of securities companies. China Development Securities entered the "whitelist" in September 2021 and was removed within two years.

In April of this year, the Xizang Securities Regulatory Bureau took administrative supervision and management measures to supervise and talk with CDB Securities. The Xizang Securities Regulatory Bureau pointed out that, as the sponsor of Huayu Mining's project of publicly issuing convertible bonds, CDB Securities, in its recommendation work from 2018 to July 2019, had problems such as inadequate background investigation of major customers, inadequate implementation of interview procedures, failure to maintain necessary control over correspondence procedures, and inadequate verification of the reasons for the growth of accounts receivable.

It is worth noting that recently, China Development Securities is still applying for the qualification of Shanghai Stock Exchange bond market trading business. Recently, the China Securities Regulatory Commission provided feedback on the application of China Development Securities. It is mentioned that China Development Securities has adjusted its strategic positioning to "focus on serving national strategies, focusing on development finance, focusing on collaborative groups, and creating a distinctive boutique investment bank focused on institutional clients.". Based on this, the China Securities Regulatory Commission requires China Development Securities to explain whether the application to increase the qualification of Shanghai Stock Exchange bond market making trading business is consistent with the company's strategic arrangement of "building a distinctive boutique investment bank focused on institutional clients".