Previously in charge of Everbright Securities and Dacheng Fund, the latest appointment on the Hong Kong Stock Exchange! The new mainland business manager is responsible for his development | business | Everbright Securities
Can the addition of new executives lead the mainland business of the Hong Kong Stock Exchange to shine again?
On the evening of July 12th, Hong Kong Exchanges and Clearing Limited officially announced that former CEO of Everbright Securities and Chairman of the Dacheng Fund Executive Committee, Zhou Jiannan, has been appointed as the General Manager and Head of Mainland Business Development, and will become a member of the Group Management Committee. He will join the Hong Kong Stock Exchange on July 18th. As a senior financial expert in China, Zhou Jiannan had 20 years of regulatory experience before taking charge of the aforementioned financial institutions.
At the same time, Mao Zhirong, the current head of mainland business development at the Hong Kong Stock Exchange, will also be appointed as a strategic advisor for China's commodities and Greater Bay Area. "Through these appointments, we will further enhance our professional experience and layout in mainland China's business, ensuring that we place this important market at the core of our future development vision and supporting the group in seizing future opportunities," said the CEO of the Hong Kong Stock Exchange, Ou Guansheng.
The new senior management has a beautiful resume
On July 12th, the Hong Kong Stock Exchange announced two senior appointments to support the group's sustained strategic development. Among them, Zhou Jiannan will replace Mao Zhirong as the head of business development in mainland China, and Mao Zhirong will be transferred to serve as the strategic advisor for China Commodities and the Greater Bay Area of the Hong Kong Stock Exchange. They will both report to Chen Yiting, the joint operating director of the Hong Kong Stock Exchange.
The Hong Kong Stock Exchange stated that after taking office, Zhou Jiannan will lead the cooperation between the Hong Kong Stock Exchange and major regulatory agencies and partners in mainland China, supporting the group to use its unique advantages to connect China and the world. In fact, both Zhou Jiannan and Mao Zhirong have rich experience working in mainland securities regulatory agencies.
The CEO of the Hong Kong Stock Exchange, Eurovision, stated that Zhou Jiannan is an experienced financial veteran with a profound understanding of China's financial market and infrastructure. "I believe that his professional background and industry experience will play a crucial role in supporting the group's future strategic development, and will further promote the group's implementation of the strategy of connecting China and the world."
Zhou Jiannan's resume is indeed quite beautiful. According to public information, he was born in 1969. He obtained a Bachelor's degree in Economics from Shandong University in July 1991, a Master's degree in Economics from Renmin University of China in July 1994, a PhD in Finance from Peking University in June 2007, and a Master's degree in Public Administration from Harvard University in June 2008.
What is more valued by the Hong Kong Stock Exchange is his rich and unique work experience, not only working in exchanges and regulatory agencies, but also serving as a senior executive in securities and fund companies.
According to the resume, Zhou Jiannan served as the Deputy Director and Director of the Institutional Department of the China Securities Regulatory Commission from July 1994 to October 2001, as well as the Deputy Department Secretary and the Chief Department Secretary of the Office; From October 2001 to April 2012, he served as the Director of the Shenzhen Stock Exchange Office, Director of the Office and Director of the International Department, and Assistant to the General Manager and Director of the Office; From April 2012 to December 2014, served as the Deputy Director of the Supervision Department of Listed Companies of the China Securities Regulatory Commission.
Since 2015, Zhou Jiannan has been working as a senior executive in financial institutions. From January 2015 to October 2017, served as the Secretary of the Party Committee and Director of the Executive Committee of Dacheng Fund Management Co., Ltd; In October 2017, he was appointed as the CEO of Everbright Securities and obtained the qualification for executive position in December of that year and officially assumed his duties. He resigned from Everbright Securities in October 2019; Starting from September 2021, served as the Chairman of Jiahe Fund.
Glorious Mainland Business for 10 Years
As mentioned in the announcement from the Hong Kong Stock Exchange, Mao Zhirong has led his mainland business development team for 10 years.
In September 2012, the Hong Kong Stock Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange jointly established China Securities Trading Services Co., Ltd. Mao Zhirong, then Director of the Hong Kong, Macao, and Taiwan Affairs Office and Director of the Financial Innovation Laboratory of the Shenzhen Stock Exchange, was appointed as one of the co chairmen. Six months later, on March 8, 2013, the Hong Kong Stock Exchange announced the appointment of Mao Zhirong as Senior Director and Head of Mainland Business Development.
According to the resume, Mao Zhirong joined the Shenzhen Stock Exchange in 2001 and has held multiple important positions. He has also served as the Deputy Director of the Membership Management Department, responsible for member supervision, as well as the Director of the Planning International Department, Director of the Financial Innovation Laboratory, and Leader of the Derivatives Working Group. From 1993 to 2001, he also worked at Wellpoint, one of the largest healthcare insurance companies in the United States.
It is worth mentioning that Mao Zhirong led the mainland business of the Hong Kong Stock Exchange for 10 years, which was also the closest period of exchange and cooperation between the mainland and Hong Kong securities and finance. On November 17, 2014, the Shanghai Hong Kong Stock Connect was opened; On December 5, 2016, the Shenzhen Hong Kong Stock Connect was opened; In July 2017, bonds were launched northward; In September 2021, Bond Connect will realize two-way opening; The exchange platform will be launched in May 2023
The European Championship expressed gratitude to Mao Zhirong for his significant contributions to the development strategy of the mainland during a critical period of market development on the Hong Kong Stock Exchange. Many of the projects he led have laid an important foundation for the Hong Kong Stock Exchange to build a leading market for the future. I believe he can continue to help the Hong Kong Stock Exchange develop its Greater Bay Area strategy and commodity business.
Highly valued interconnectivity
"The world needs more, not less, interconnectivity. The role of capital markets in promoting global interconnectivity, creating win-win outcomes, and promoting sustainable development in society will be even more important. The series of interconnectivity mechanisms we have established with the mainland market in the past, as well as the opportunities brought by these mechanisms, have already reflected this," wrote the CEO's blog post on July 11th.
In the past twelve months, there have been multiple optimizations and expansions of interconnectivity, with unprecedented efforts. However, the European Championship believes that more importantly, in today's era of "fragmentation" and "decoupling", the sustained development of interconnectivity means the persistence and efforts of the Hong Kong Stock Exchange, striving to deepen and expand its own advantages, and connecting China with the world.
Data shows that 70% of the A-shares held by foreign investors are held through the Shanghai Shenzhen Hong Kong Stock Connect, and about 70% of the transactions of foreign investors in the mainland inter-bank bond market are conducted through the Bond Connect. The Shanghai Shenzhen Hong Kong Stock Connect and Bond Connect have developed into important channels and platforms to help the global market further connect.
For example, since the launch of the Shanghai, Shenzhen, and Hong Kong Stock Connect, the daily transaction volume of northbound transactions has grown rapidly, from RMB 20 million in July 2022 to RMB 681 million in June 2023. During the same period, the daily average transaction volume of southbound trading increased from HKD 200 million to HKD 4.6 billion.
The Champions League emphasizes that Hong Kong is currently the only market in the world that can connect two independent and large capital pools, mainland China and overseas. In the Hong Kong market, listed companies not only have access to investors from around the world, but also have the opportunity to interact with the vast and rapidly growing investor community in mainland China. This also reflects Hong Kong's advantages as an international financial center.
The European Championship also mentioned that as the mainland capital market system develops towards diversification and multi-level development, the structure of mainland investors will continue to change, and the proportion of institutional investors will continue to grow. The reform of China's pension system and asset management industry, as well as a series of opening-up measures such as connectivity expansion, will also create more opportunities for mainland funds to invest in the Hong Kong market.
"The continuous development of interconnectivity has also laid an important foundation for the Hong Kong Stock Exchange to build a diversified and rich product and service ecosystem, further promoting the two-way flow of capital between China and the global market, consolidating Hong Kong's position as an international financial center, and allowing Hong Kong's society to continue to prosper and develop.".
