(Yicai) June 19 -- Several Chinese state-owned brokerage firms have been recruiting general managers and other senior executive positions through market-oriented mechanisms to enhance their management capabilities.

Guosheng Financial Holding recently announced an opening for a GM at its subsidiary Guosheng Securities. Applicants must have experience as GM or deputy GM at a securities company comparable to or larger than Guosheng Securities for at least two years.

Last month, China Chengtong Holdings posted a job opening for a GM and one for a deputy GM for its subsidiary Chengtong Securities. The requirements for GM included no less than five years of experience as a department head at a securities or fund management institution, while those for deputy GM included at least 10 years of experience in the same business line they would be responsible for.

"Brokerage executives were generally appointed by major shareholders before,” Wang Jianhui, a senior securities researcher, told Yicai. "However, as industry development places greater responsibilities on executives, cases of recruiting senior management team members through market-oriented methods are increasing."

Before Guosheng Securities and Chengtong Securities, Dongguan Securities hired a new GM through an open recruitment process. Yang Yang, who took office earlier this year, previously served as asset management GM at China Merchants Securities and held positions at international financial institutions, including Bear Stearns, HBK Investments, and Citadel in the United States.

In recent years, financial institutions, including banks and brokerages, have been actively recruiting senior executives through market-based methods because this mature professional approach provides more options for the company's development and aligns with talent selection mechanisms, Wang noted.

"Some state-owned shareholders may also have similar requirements when seeking executives for their other subsidiaries, aiming to build strong management teams," he added.

Editor: Futura Costaglione