China’s Zheshang Securities Gets New President, Insider Says
Zhang Yuanke
DATE:  Jun 06 2023
/ SOURCE:  Yicai
China’s Zheshang Securities Gets New President, Insider Says China’s Zheshang Securities Gets New President, Insider Says

(Yicai Global) June 6 -- Zheshang Securities has a new president after the previous incumbent resigned nearly a month ago, Yicai Global learned from a source at the Chinese brokerage.

The firm’s major shareholder, Zhejiang Communications Investment, today nominated Qian Wenhai to replace Wang Qingshan. Qian, 48, is currently chairman and party committee secretary at Zhejiang communication Investment's financial arm.

Zheshang Securities said on May 12 that it has received Wang’s resignation letter, adding that he was standing down from his positions in the Hangzhou-based firm, including board director and president, for personal reasons.

According to a report by Securities Times, Wang was called out of an internal training session at the end of March and has not been seen in public since, sparking speculation. Zheshang Securities responded by saying that he was on vacation.

Zheshang Securities went public on the Shanghai Stock Exchange in June 2017, becoming the first listed broker from Zhejiang province. With a 31 percent stake, state-owned Zhejiang Communications Investment is its de facto controller.

The brokerage’s net profit jumped 51 percent to CNY488 million (USD68.5 million) in the first quarter from a year earlier, per its latest earnings report. Revenue climbed 57 percent to CNY4.9 billion (USD688.2 million) thanks to a rebound in the Chinese mainland stock market over the period.

Board Secretary Zhang Hui had performed the duties of president after Wang quit.

Editors: Dou Shicong, Peter Thomas

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Keywords:   Zhejiang Communications Investment Group,Zheshang Securities