There are also changes in senior executives of securities companies.
The Chinese reporter of securities companies learned that Dong lichen, President of Jianghai securities, the only state-owned holding securities company in Heilongjiang, retired at the age of. Dong lichen was the president of Jianghai securities when it was founded in 2003. During his tenure, Jianghai securities absorbed and merged Tianyuan securities brokerage Co., Ltd., increased capital and shares, and “bypass listing” became a wholly-owned subsidiary of Harbin Hatou Investment Co.Ltd(600864) , realizing multiple milestones.
Jiang Baolin, vice president of the company, was promoted to President in late January this year. According to his resume, Jiang Baolin is also an “old man” of the company. He has served for more than 15 years and has rich experience in R & D and brokerage business management.
According to the unaudited financial report disclosed by Harbin Hatou Investment Co.Ltd(600864) , the revenue of Jianghai securities in 2021 was 1.272 billion yuan, a year-on-year decrease of 26%; The net profit was 186 million yuan, a year-on-year increase of 210%. Among them, the net income from brokerage service fees maintained a slight increase, while the self operated, investment banking and asset management businesses all experienced a significant decline. In 2021, Jianghai securities was classified and rated as CCC. How the new president will lead the development of the company in the future is worthy of attention.
founder veteran retirement
Recently, Chinese reporters from securities companies learned from the official website of China Securities Association that there were personnel changes in senior executives of Jianghai securities. Former president Dong Lishen has left office.
As can be seen from the Harbin Hatou Investment Co.Ltd(600864) annual report, Dong lichen served as a director of Harbin Hatou Investment Co.Ltd(600864) from 2018 to 2020, and now has reached the retirement age.
According to his resume, Dong lichen was born in January 1962. As early as May 2002 to March 2003, Dong lichen served as the deputy general manager of Harbin International Trust and investment company and the general manager of Jianghai securities brokerage Co., Ltd. since March 2003. He participated in and witnessed the establishment of Jianghai securities brokerage Co., Ltd., which “appeared” in December 2003, It was reorganized and established by the former securities business department of Harbin International Trust and investment company, Harbin finance securities company and Harbin securities trading center.
In 2006, Jianghai securities absorbed and merged Tianyuan securities brokerage Co., Ltd. and later expanded the scale of registered capital through several rounds of capital and share increase. In 2009, the company was renamed Jianghai securities, and Dong lichen served as the general manager of Jianghai Securities Co., Ltd. until he retired.
During Dong lichen’s term of office, another major event of Jianghai securities is to realize “curve listing”. In 2016, the listed company Harbin Hatou Investment Co.Ltd(600864) purchased 99.946% equity of Jianghai securities held by nine counterparties including Harbin Investment Group Co., Ltd. by means of non-public offering of shares, with a transaction price of 9.83 billion yuan. At the same time Harbin Hatou Investment Co.Ltd(600864) purchased 0.054% equity of Jianghai securities held by Yichun Tianhe economic and Trade Co., Ltd. with its own funds, and the transaction price was determined as 5.3183 million yuan. After the completion of the above transactions, Jianghai securities became a wholly-owned subsidiary of the listed company.
Now Jiang Baolin takes over the post of president of Jianghai securities. According to the official website of China Securities Association, Jiang Baolin became the new president of Jianghai securities in late January this year.
According to the resume, Jiang Baolin is also an “old man” of Jianghai securities. Born in 1969, Jiang Baolin served as assistant to the president of Jianghai securities and general manager of Harbin Youyi Road Securities Business Department from June 2007 to September 2009; He then served as vice president of the company for 12 years. At present, he is also one of the directors of the listed company Harbin Hatou Investment Co.Ltd(600864) .
the performance of the three major businesses fell sharply year-on-year
In recent years, the business and rating of Jianghai securities have been reduced. How the new president will regroup in the future has attracted the attention of all parties.
He was severely punished in 2020. The CSRC found that in the process of bond investment trading, Jianghai securities had problems such as insufficient trader qualification management and trading behavior control, inadequate management of underlying securities and counterparties, and insufficient effectiveness of compliance management and risk control; There are some problems in carrying out securities asset management business, such as illegal new channel business, chaotic internal management, inadequate risk management and so on; There are some problems in carrying out stock pledge business, such as business decision-making is a mere formality, due diligence is not sufficient, internal control is not perfect and so on.
At that time, the company’s bond proprietary business, asset management product filing and stock pledge repo trading business were suspended for half a year. At that time, the vice president in charge of bond proprietary business of Jianghai securities was identified as an inappropriate candidate by the supervision, and his rights to receive remuneration and benefits other than the basic salary in 2018 and 2019 were limited. Several other executives were publicly condemned by the CSRC.
affected by this, the classified rating of Jianghai securities decreased by five levels in 2029. From the previous BBB level, it was directly reduced to level C. It is the securities company with the largest downgrade among the participating securities companies. The situation improved the next year. In 2021, the rating of Jianghai securities was raised to CCC level, two levels in a row.
In terms of performance, according to the unaudited financial statements of Jianghai securities in 2021 disclosed by Harbin Hatou Investment Co.Ltd(600864) , the operating revenue of Jianghai securities in 2021 was 1.272 billion yuan, a year-on-year decrease of 26% compared with 1.719 billion yuan in the previous year; The net profit in 2021 was 186 million yuan, an increase of 210% over the previous year’s 60 million yuan.
From the perspective of various businesses, the brokerage business of Jianghai securities maintained growth in 2021, and the net fee income of this sector was 334 million yuan, a slight increase of 6.03% year-on-year.
However, the proprietary business, investment banking business and asset management business of Jianghai securities all performed poorly, and their performance fell sharply. According to the calculation of “investment income – investment income on associates and joint ventures + income from changes in fair value”, the company’s self operated business income in 2021 was 552 million yuan, a significant year-on-year decrease of 44% compared with 957 million yuan in the previous year; The net income from investment banking service charges was 228 million yuan, a significant decrease of 44% year-on-year; The net income from handling charges of asset management business was 24.9586 million yuan, a year-on-year decrease of 38.19%.
