On February 24, Guoyuan Securities Company Limited(000728) announced that former President Chen Xin and vice president Yu Qiang both resigned from relevant positions, and the new president was taken over by Shen Hefu.
According to the resume, Shen Hefu was born in March 1971 with a bachelor’s degree. He once served as the section member of the legal department of Anhui International Economic and technological cooperation company, the manager assistant of the general manager’s office, and the deputy director of the legal advisory office of Anhui trust and investment company. From 2001 to 2019, he worked in Guoyuan Securities Company Limited(000728) and successively served as director of legal affairs department, compliance director and compliance director; He also served as the vice president in charge of investment banking and bond business in April 2014. In March 2020, Shen Hefu was appointed chairman of Guoyuan investment. At present, Shen Hefu is the Deputy Secretary of the Party committee of the company.
Shen Hefu has performed his duties in Guoyuan Securities Company Limited(000728) for nearly 20 years
From the perspective of senior management turnover over the years, the Guoyuan Securities Company Limited(000728) headquartered in Hefei, Anhui maintained the stability of the leading group during the critical period of the first two decades of its establishment.
At the end of 2019, Cai Yong, the former chairman of Guoyuan Securities Company Limited(000728) will no longer serve as a director of the company after the change of office due to approaching the retirement age. According to the announcement, Cai Yong is the founder of the company. He joined the predecessor of Guoyuan Securities Company Limited(000728) Anhui International Trust and investment company in 1993, participated in the establishment of Guoyuan Securities Company Limited(000728) in 2001, and served as the president and Deputy Secretary of the Party committee of the company; Since 2012, he has served as secretary of the Guoyuan Securities Company Limited(000728) Party committee and chairman of the board.
In January 2020, Guoyuan Securities Company Limited(000728) announced that Yu Shixin, the former president of the company, took over as the chairman, and Chen Xin, the former vice president, was appointed as the new president. Before taking over as the chairman of the board, Yu Shi was newly appointed Guoyuan Securities Company Limited(000728) party secretary, President and director; He also serves as a director of Guoyuan International Holding Co., Ltd., a director of Anhui Anyuan investment fund Co., Ltd. and the chairman of Anhui Anyuan innovation venture capital fund Co., Ltd. Chen Xin is also an old man of Guoyuan system. He once served as general manager, president assistant and vice president of Guoyuan Securities Company Limited(000728) investment management headquarters and chairman of Guoyuan Futures Co., Ltd.
Shen Hefu, who succeeded Chen Xin this time, has joined Guoyuan Securities Company Limited(000728) since 2001. He has been in charge of investment banking since April 2014. According to Shen Hefu’s resignation announcement in 2019, Guoyuan Securities Company Limited(000728) said that during his tenure, Shen Hefu led the business team to complete a number of equity and debt financing and the listing of new third board enterprises; Helped a number of state-owned enterprises to complete the mixed reform and serve the real economy in a diversified way with the business model of “investment banking + investment”; Established and trained an investment bank team; The investment banking business of the company took the lead in achieving the objectives of the 13th five year plan.
Thus, Guoyuan Securities Company Limited(000728) in the first two decades, the first and second leaders were deeply involved in Anhui’s financial system and performed their duties in an important position for a long time. The stability of the leading group has played a very important role in the stable development of Guoyuan Securities Company Limited(000728) .
net profit increased by 36% last year, but received regulatory fines
The performance express recently released by Guoyuan Securities Company Limited(000728) shows that in 2021, the operating revenue was 6.076 billion and the net profit attributable to shareholders of listed companies was 1.87 billion, with a year-on-year increase of 34.18% and 36.52% respectively.
However, from the perspective of regulatory penalties, Guoyuan Securities Company Limited(000728) still has room for improvement in compliance issues.
On November 26, 2021, the CSRC announced that Guoyuan Securities Company Limited(000728) had problems such as non-standard operation of asset management products, careless investment decisions, inadequate due diligence and risk assessment of investment objects, which violated Article 61 of the measures for the administration of private asset management business of securities and futures operating institutions. The CSRC said that according to the provisions of Article 78 of the measures for the administration of private asset management business of securities and futures operating institutions, it decided to take administrative supervision measures to issue warning letters for Guoyuan Securities Company Limited(000728) , and Guoyuan Securities Company Limited(000728) should take effective measures to improve the internal management and investment decision-making process and improve the effectiveness of compliance management.
In addition, branches of Guoyuan Securities Company Limited(000728) also received three tickets in 2021.
On January 20, 2021, Shandong Securities Regulatory Bureau issued the notice on taking corrective measures against Guoyuan Securities Company Limited(000728) Zibo Renmin West Road business department. On July 6, 2021, Shandong Securities Regulatory Bureau issued the decision on Issuing warning letter to Guoyuan Securities Company Limited(000728) Zibo Renmin West Road Securities Business Department, pointing out the problems existing in the business department.
On September 14, 2021, Anhui Securities Regulatory Bureau disclosed the warning letter punishment on Guoyuan Securities Company Limited(000728) , saying that some branches of Guoyuan Securities Company Limited(000728) have the following problems:
First, the allocated compliance management personnel do not have more than three years of working experience in relevant fields. The compliance management personnel undertake the responsibilities of information technology, business management and other conflicts with compliance management, and the allocation of compliance management personnel is not in place;
Two, the official account and WeChat group are not in place.
Third, assign assessment tasks to non marketing personnel in compliance management, risk monitoring, information technology and comprehensive positions. Personnel in compliance management, risk monitoring, information technology and comprehensive positions engage in marketing, customer accounts and other business activities and receive performance commissions. Information technology personnel undertake risk monitoring, compliance management and other responsibilities;
Fourth, individual personnel engaged in selling financial products on a commission basis did not obtain relevant professional qualifications;
Fifth, the management of surveillance video in the customer trading area is not in place;
Sixth, part of the information submitted to the local dispatched offices of the CSRC is inaccurate and untimely, and part of the publicity information is inaccurate.
At that time, Anhui securities regulatory bureau said that the above reflected that Guoyuan Securities Company Limited(000728) compliance management was not in place. However, since Guoyuan Securities Company Limited(000728) has carried out self-examination and rectification, actively handled and investigated for responsibility, it is decided to take administrative supervision measures of issuing warning letters for Guoyuan Securities Company Limited(000728) , requiring Guoyuan Securities Company Limited(000728) to further improve the internal control system and business processes, establish and improve the long-term mechanism of compliance management, and effectively improve the effectiveness of internal control.
After the return of Shen Hefu, who has both investment banking experience and compliance experience, can Guoyuan Securities Company Limited(000728) go further in compliance effectiveness in 2022? Worthy of investors’ attention.
