Nearly a year later, the next stop of the securities industry leader was settled.
On March 5, the Chinese reporter of the securities company learned exclusively from people close to century securities that century securities held a cadre meeting that day and determined Yu Weijia to hold the posts of party secretary, chairman and general manager of the company. Former chairman Li Qiang and former general manager Dong Xiaoliang both resigned. Yu Weijia’s former “comrades in arms” also joined century securities. Li Zhitao, former president of Zhongtian Guofu securities, served as executive deputy general manager, he Shenghua, former vice president, Zhu Han, former chairman of the board of supervisors, and Wang Tao, a leading investment banker, served as deputy general manager of century securities.
On September 27 last year, the Chinese reporter of the securities firm exclusively learned that Yu Weijia had contact with Qianhai financial holding, the major shareholder of century securities, and the second shareholder Xiamen Itg Group Corp.Ltd(600755) of century securities (exclusive! The former chairman of the securities firm will set out again, or will change to this Shenzhen securities firm! At the age of 34, he once served as vice president of investment promotion and went to the front line of the securities industry in his first year). According to the analysis of insiders, Yu Weijia’s “shoulder to shoulder” shows the trust of the two shareholders and the determination to vigorously develop century securities.
From the perspective of business characteristics, brokerage business is the dominant sector of century securities. The asset management business has made remarkable progress, but the performance of investment banks is the weakest. The next step of the team led by Yu Weijia is how to strengthen the advantages, make up for the shortcomings and increase the coordination ability of the Department, which is worthy of the expectation of the market. What is more noteworthy is that as century securities turns losses into profits in 2019, whether the company’s IPO strategy can be realized quickly is expected to be the top priority during Yu Weijia’s term of office.
Yu Weijia starts the fourth stage of the journey of the securities industry
according to informed sources, on March 5, century securities held a number of meetings, including the cadre meeting, the board of directors and so on. At the meeting, a new management team was determined. Yu Weijia became the new party secretary and chairman of the company and served as the general manager at the same time
It has been 11 months since Yu Weijia left Zhongtian Guofu securities. According to the previous exclusive news of the Chinese reporter of the securities company, Yu Weijia had contact with a number of securities company shareholders after resigning from the chairman of Zhongtian Guofu securities last year. After successively serving as senior executives of several securities companies, Yu Weijia’s goal is a fully licensed securities company. Qianhai financial holding, the major shareholder of century securities, and Xiamen Itg Group Corp.Ltd(600755) the second shareholder of century securities had detailed discussions with Yu Weijia last year, and had in-depth communication on some corresponding mechanism details.
According to his resume, Yu Weijia, born in 1964, is a doctor of engineering and senior economist. He has successively served as a researcher and director of the enterprise management office of the Development Research Office of Shekou Industrial Zone in Shenzhen, and the general manager of Shenzhen Peninsula Investment Fund Management Co., Ltd. In 1998, Yu Weijia joined China Merchants Securities Co.Ltd(600999) , and served as vice president at the age of 34. Since 2003, he has served as executive vice president and chief operating officer. During this period, he was in charge of asset management, proprietary trading, investment banking, research, brokerage, international business and other businesses. At that time, the growth of Chinese investment banks was the fastest in Hong Kong.
In 2012, Yu Weijia went to Southwest Securities Co.Ltd(600369) as president. During the four years of Southwest Securities Co.Ltd(600369) , the net profit of Southwest Securities Co.Ltd(600369) increased rapidly. The net profit attributable to the parent company was only 342 million yuan in 2021 and 3.497 billion yuan in 2015. He also vigorously promoted Southwest Securities Co.Ltd(600369) salary reform and increased employee income.
At the end of 2016, Yu Weijia became the chairman of Zhongtian Guofu securities. Under his leadership, the M & a business of Zhongtian Guofu securities performed prominently. In the third year when Yu Weijia led the senior management team, the number of M & a business meetings of Zhongtian Guofu securities in 2019 ranked eighth in the industry. In the first half of 2021, the net income of investment banking business was 274 million yuan, an increase of 92.03% year-on-year.
The Chinese reporter of the securities firm also learned that Li Zhitao, who has been “partner” with Yu Weijia for many years, decided to serve as the executive deputy general manager of century securities on March 5. Li Zhitao once served as general manager of China Merchants Securities Co.Ltd(600999) (Hong Kong), followed by Yu Weijia to join Southwest Securities Co.Ltd(600369) , successively served as general manager of strategic development department, general manager of brokerage business department and general manager of operation management department, and joined Zhongtian Guofu securities as president in 2016.
He Shenghua has the same career track. This time he will be the deputy general manager of century securities. His resume shows that he has worked in China Merchants Securities Co.Ltd(600999) , Southwest Securities Co.Ltd(600369) , Zhongtian Guofu securities. Zhu Han, former chairman of the board of supervisors of Zhongtian Guofu securities, and Wang Tao, an investment banker, also served as deputy general manager of century securities.
shoulder the important task of listing century securities
after the change of ownership in 2019, century securities has entered a stage of rapid development and moved towards the goal of listing
It is understood that in 2019, when Anbang disposed of its assets, Qianhai financial holding and Xiamen Itg Group Corp.Ltd(600755) jointly became the master of century securities. Under the leadership of the senior management team with former chairman Li Qiang as the core, the overall performance of century securities recovered. From 2019 to 2021, the classification evaluation of century securities was upgraded from CCC level to BB level; In 2020, the operating revenue increased by 98% year-on-year; Net profit turned from loss to profit.
The annual performance of the company in 2021 has not been disclosed, but Li Qiang, the former chairman, mentioned in his speech on January 31 this year that the businesses of century securities will develop steadily in 2021: the wealth management line will be actively transformed, and the number of customers and custody assets will grow rapidly; The asset management line has realized multi-level product systems such as cash management, fixed income, fixed income +, private fof, and the income of asset management business has increased significantly; The business income of investment banking lines increased year-on-year, and the business reserve increased rapidly.
Although century securities has made progress, it has not met the expectations of shareholders. Another person close to century securities told the Chinese reporter of the securities firm that judging from the current profit situation, there is still a considerable distance to go from the listing goal put forward by the shareholders. Li Qiang also said at the internal meeting in July last year that there is still a certain gap between the performance level and the requirements of shareholders, and century securities still faces great difficulties, including weak foundation of Party construction, insufficient innovation ability, unbalanced business development, insufficient collaborative development ability of various departments, insufficient company popularity and market influence, etc.
As early as 2019, the second shareholder Xiamen Itg Group Corp.Ltd(600755) revealed for the first time that “listing is the development goal of century securities” on the investor interaction platform. Until February this year, Xiamen Itg Group Corp.Ltd(600755) still expressed the same determination when answering investors’ questions.
According to the data, securities companies close to the scale of century securities and even with relevant indicators second to century securities have successively put forward IPO plans and even entered the IPO queue review stage.
According to the data of China Securities Association, in the total assets ranking in 2020, century securities ranked 75th with RMB 14.471 billion, and Huajin securities with total assets of RMB 11.114 billion has entered IPO counseling in 2020; Shengang securities, with total assets of only 9.533 billion yuan, also recently submitted an IPO guidance application.
In terms of net profit index, century securities ranked 70th with 150 million yuan in 2020, better than listed securities companies Central China Securities Co.Ltd(601375) 104 million yuan and higher than Huajin securities 92.9 million yuan; YueKai securities (1.53 yuan), whose net profit scale is slightly higher than century securities, has also proposed an IPO plan in recent years.
In addition, the brokerage business income of century securities in 2020 was 222 million yuan, which was close to that of listed securities firm Hongta Securities Co.Ltd(601236) and better than that of Capital Securities (202 million yuan). The IPO application of capital securities was accepted by the CSRC last year and has received feedback from the regulators.
however, the investment banking business performance of century securities is weak. In 2020, it ranked close to the bottom with an income of 16.62 million yuan
According to the measures for the administration of initial public offering and listing, one of the listing conditions of the issuer shall meet “the net profit in the last three fiscal years is positive and has accumulated more than 30 million yuan, and the net profit shall be calculated based on the lower one before and after deducting non recurring profits and losses”. Considering the net profit loss of century securities in 2019, if the net profit is positive from 2020 to 2022, the company’s listing plan will make substantial progress as soon as next year.
It can be predicted that for Yu Weijia, the next step is not only to make up for weaknesses, strengthen advantages and improve quality and efficiency, but also to shoulder the mission of promoting the listing of century securities.
