(Yicai) Nov. 17 -- China Galaxy Securities will reportedly name Vice President Xue Jun as the brokerage’s new president after completing the necessary formalities.

Xue, 53, will succeed Wang Sheng, who recently stepped in as acting chairman of Beijing-based China Galaxy, The Paper reported today.

Former Chairman Chen Liang resigned due to work arrangements, the firm said on Oct. 22, the same day that he was moved to China International Capital Corporation to replace Shen Rujun as chairman and legal representative.

Wang, who also previously worked at CICC, was confirmed as China Galaxy’s permanent chairman on Oct. 27.

Xue worked in the regulation issuance division of the China Securities Regulatory Commission from November 1997 to January 2008.

The series of personnel changes sparked a market rumor about a merger between the two brokerages. China Galaxy and CICC, both controlled by Central Huijin Investment, the domestic investment arm of the country's sovereign wealth fund, rebutted the rumor on Nov. 13.

Editor: Martin Kadiev