After the new executive of Gf Securities Co.Ltd(000776) was settled in July 2021, Guangfa Hong Kong, a subsidiary of Gf Securities Co.Ltd(000776) also completed the change of command.
The Chinese reporter of the securities firm learned that recently, Liu Zhongyuan, former director of the Securities Investment Department of the National Social Security Fund Council, officially took over the former chairman Lin Chuanhui as chairman of GF Hong Kong; Xiong Liyu, former vice CEO of Guosen Securities Co.Ltd(002736) (Hong Kong), succeeded Shen Minggao, global chief economist of Gf Securities Co.Ltd(000776) as CEO.
It is reported that the executives of GF Hong Kong airborne this time adopt the market-oriented external employment method, breaking the tradition of internal promotion from Gf Securities Co.Ltd(000776) in the past and attracting external attention.
Gf Securities Co.Ltd(000776) in response to the Chinese reporter of the securities firm, the relevant matters belong to the normal personnel arrangement of the company. GF Hong Kong is the platform for the company to implement the internationalization strategy. Relying on the natural geographical and cultural advantages of the Great Bay area of Guangdong, Hong Kong and Macao, GF Hong Kong will continue to forge the ability to provide customers with cross-border integrated comprehensive financial services. The two newly appointed leaders of GF Hong Kong have rich experience in the financial field and overseas investment, have an international perspective and can further implement the internationalization strategy.
chairman and CEO of GF Hong Kong airborne
on December 29, 2021, CITIC shares (00267, HK) announced that Liu Zhongyuan, a non-executive director of the company for seven years, resigned due to job adjustment.
Where is Liu Zhongyuan's next stop? The Chinese reporter of the securities firm learned from Gf Securities Co.Ltd(000776) that this person has served as the chairman of Guangfa Holdings (Hong Kong) Co., Ltd. (hereinafter referred to as "Guangfa Hong Kong"), Gf Securities Co.Ltd(000776) chairman Lin Chuanhui will no longer serve as the chairman of Guangfa Hong Kong.
According to the 2020 annual report of CITIC shares, Liu Zhongyuan graduated from the Department of economics of Renmin University of China, aged 52, and is now the director of the Securities Investment Department of the National Social Security Fund Council. Previously, Liu Zhongyuan worked in the general office of the National Economic Reform Commission and the Secretary Administration Department of the economic reform office of the State Council. Later, he mainly worked in the National Social Security Fund Council and served as the director and deputy director of the equity assets department; Deputy director of equity assets Department (Industrial Investment Department), director of overseas investment department, etc.
The official website of the national social security fund disclosed that the performance of the social security fund was good when Liu Zhongyuan served as the director of the Securities Investment Department of the National Social Security Fund Council. By the end of 2020, the total assets of the social security fund were 2922.661 billion yuan, the investment income was 378.66 billion yuan, and the investment return rate was 15.84%. Since its establishment, the average annual return on investment of the social security fund has been 8.51%, with a cumulative investment return of 1625.066 billion yuan.
at the same time, the CEO of GF Hong Kong is no longer Shen Minggao, the global chief economist and managing director of Gf Securities Co.Ltd(000776) and is replaced by Xiong Liyu, the former vice chief executive of Guosen Securities Co.Ltd(002736) (Hong Kong). In May 2019, Shen Minggao, then Gf Securities Co.Ltd(000776) chief economist and managing director, was appointed as the CEO of GF Hong Kong.
According to the data, Xiong Liyu is a master of business administration and finance from the University of Poitiers, France. He has successively engaged in investment and other related businesses in domestic and foreign financial institutions such as United Securities, Huabao Societe Generale fund, HSBC securities, Prudential fund and Guosen Securities Co.Ltd(002736) (Hong Kong) asset management Co., Ltd. before taking office, he was the vice president of Guosen Securities Co.Ltd(002736) (Hong Kong).
"Relevant matters are normal personnel arrangements of the company. The two leaders of GF Hong Kong have rich experience in the financial field and overseas investment and have an international vision," Gf Securities Co.Ltd(000776) told the Chinese reporter of the securities firm.
it is worth mentioning that GF Hong Kong parent company Gf Securities Co.Ltd(000776) also completed the new leadership change in July 2021, which ushered in fresh blood for the management and made the management team younger.
On July 22, 2021, Gf Securities Co.Ltd(000776) announced that sun Shuming, who had served as the chairman for 9 years, resigned due to his age and elected Lin Chuanhui, the current general manager, as the chairman.
At the same time, after Luo Binhua and Yang long, deputy general managers, resigned, Gf Securities Co.Ltd(000776) newly appointed Yi Yangfang, Xin Zhiyun, Li Qian and Xu Youjun as deputy general managers, all of whom came from Gf Securities Co.Ltd(000776) internal promotion.
further promote the internationalization strategy
The Chinese reporter of securities firm learned that GF Hong Kong has changed its previous internal promotion and boldly employed experienced executives, which is closely related to Gf Securities Co.Ltd(000776) developing cross-border business and promoting internationalization strategy.
It is understood that GF Hong Kong is a wholly-owned subsidiary of Gf Securities Co.Ltd(000776) established in Hong Kong in June 2006. It is known as the bridgehead of Gf Securities Co.Ltd(000776) promoting the internationalization strategy. GF Hong Kong has obtained the first, fourth, sixth and ninth licenses of the Hong Kong Securities Regulatory Commission through its subsidiaries.
Gf Securities Co.Ltd(000776) revealed that as of the first half of 2021, GF holdings had a total operating revenue of 370 million yuan and a net profit of 145 million yuan in Hong Kong.
In December 2021, the U.S. sec announced the implementation of new regulations and rules for the supervision of overseas listed companies, "forcing back" the upsurge of listing of China concept shares, while the Hong Kong Stock Exchange optimized the listing system and launched the "special purpose acquisition company" (SPAC) listing system. The new mechanism will take effect on January 1, 2022.
insiders believe that under the external blockage and internal drainage, it may set off a wave of upsurge of Chinese concept shares returning to Hong Kong for listing, which will further activate the investment banking business of Chinese securities companies in Hong Kong and benefit the head securities companies with advantages in overseas business.
Gf Securities Co.Ltd(000776) believes that the 14th five year plan proposes to adhere to the implementation of wider scope, wider fields and deeper opening to the outside world, rely on China's large market advantages, promote international cooperation and achieve mutual benefit and win-win results; The outline of the development plan of Guangdong, Hong Kong and Macao Dawan district is clear. It will build an international financial hub, vigorously develop characteristic financial industries, orderly promote the interconnection of financial markets, and support the improvement of modern financial service system.
In recent years, the internationalization process of capital market is accelerating. Mingsheng (MSci) expanded the weight of a shares, the inclusion factor of MSCI Emerging Market Index Chinese market A-Shares was increased from 5% to 10%, the Shanghai Luntong was officially launched, FTSE Russell announced the inclusion of A-Shares in its global stock index system, QFII and rqfii completely lifted the quota restrictions, Chinese government bonds were officially included in JPMorgan Chase's global emerging market government bond index, the restrictions on the proportion of foreign shares of securities companies were lifted Comprehensive upgrading of QFII system, etc.
"Under the background of national strategy, international development of enterprises and global allocation of residents' assets, the internationalization level of the securities industry will continue to improve. The improvement of business capacity and the development of overseas markets will provide new opportunities for the development of the securities industry." Gf Securities Co.Ltd(000776) told Chinese reporters of securities companies.
The Chinese reporter of securities companies noted that setting up a securities subsidiary in Hong Kong to carry out international securities business based on Hong Kong, expand business development space and enhance cross-border business service capacity has become the choice of more and more Chinese securities companies.
On December 1, 2021, China Greatwall Securities Co.Ltd(002939) announced that it received a reply from the CSRC on the same day, agreeing to set up Changzheng International Finance Co., Ltd. in Hong Kong with its own capital of HK $500 million. In the next step, it will do a good job in the establishment of its Hong Kong subsidiary, accelerate the application for various Hong Kong securities business licenses and carry out cross-border securities business.
On December 20, 2021, Huaan Securities Co.Ltd(600909) Hong Kong subsidiary Huaan Securities Co.Ltd(600909) (Hong Kong) financial holding company held a trial operation and launch ceremony of the trading system. Since then, Huaan Securities Co.Ltd(600909) has officially connected with the global mainstream exchanges to provide global investment and financing services.
In fact, Chinese securities companies and above are basically established in Hong Kong or have their own subsidiaries through acquisition.
(brokerage China)
