(Yicai Global) May 28 -- Chen Liang, former general manager of investment manager Shenwan Hongyuan Group, will serve as president of China Galaxy Securities.

Shen Rujun, deputy general manager of China Investment, which is China Galaxy Securities' indirect parent and general manager of Central Huijin Investment, announced the appointment at a China Galaxy meeting, reported Securities Times today.

Gu Weiguo, former president of China Galaxy Securities, retired in March and the position had been vacant since.

Born in 1968, Chen had been working with Hongyuan since 1994 and is now director and general manager at Hongyuan.

China Galaxy and Hongyuan are both units under Central Huijin. Central Huijin holds a 22.3 percent stake in Hongyuan as its second-largest shareholder, according to the Shanghai-based firm's first quarter report. China Galaxy Financial Holdings, the controlling shareholder of China Galaxy, was jointly formed by the finance ministry and Central Huijin, which holds a 69 percent stake in the firm through investment of CNY7.6 billion (USD1.1billion).

China Galaxy's operating revenue fell 12.5 percent annually to CNY9.9 billion last year while net profit fell by more than one-quarter to CNY2.9 billion.