On January 11, the all media reporter of Nanfang finance and economics learned from Gf Securities Co.Ltd(000776) (000776. SZ, referred to as ” Gf Securities Co.Ltd(000776) “) that after the high-level blood exchange in July last year, at the beginning of the new year, Gf Securities Co.Ltd(000776) once again had several senior management personnel changes.
According to the announcement, Ge Changwei, Secretary of the Party committee of GF, was nominated as the candidate for executive director of the 10th board of directors; Kong Weicheng, the chief risk officer, resigned and Wu Shunhu, the former general manager of the company’s compliance and legal affairs department, took over; Cui zhouhang, the former general manager of the company’s human resources management department, was promoted to human resources director (Senior Manager).
It is understood that GE Changwei has long served in government systems such as Anhui, Chongqing and Guangdong. He has a rich government background. He once served as the director of Guangdong Development and Reform Commission before being transferred to Guangfa fund. This change also means that GE Changwei officially joined the high-level team of the company’s headquarters.
many high-level personnel changes in half a year
From cross-border politics to financial institutions, Ge Changwei has become one of the typical examples of local government officials transforming into senior executives of financial institutions.
Statistics show that GE Changwei was born in July 1965 and graduated from the Chinese language and Literature Department of Anhui University in 1985. Later, he worked in many government departments such as the finance and Economic Commission of Anhui Provincial People’s Congress, the Provincial Department of Finance and the general office of the provincial government. From October 2000 to November 2001, he served as the assistant to the general manager and sales manager of China Shenhua Energy Company Limited(601088) group transportation and marketing company. From 2001 to 2006, he worked in the national development and Reform Commission The general office of the State Council held the post of secretary and served as Deputy Secretary General of Chongqing municipal Party committee from January 2006 to November 2007.
After December 2007, he officially entered the political arena of Guangdong and successively served as Deputy Secretary General of Guangdong provincial Party committee, Secretary of Qingyuan Municipal Party committee, director of Guangdong Provincial Development and Reform Commission, etc. On May 26, 2021, Ge Changwei was removed from the post of director of Guangdong Development and Reform Commission at the 32nd meeting of the Standing Committee of the 13th Guangdong Provincial People’s Congress. Subsequently, Ge Changwei transferred to the post of deputy director of the expert committee of China Southern Power Grid Co., Ltd. and was transferred to the party secretary of Guangfa fund in June 2021.
for many years, the senior management team of Gf Securities Co.Ltd(000776) has been relatively stable. 2021, which has just passed, is the “year of senior management turnover” for Gf Securities Co.Ltd(000776) since Kangmei case. Since Lin Chuanhui, former general manager of Guangfa fund, took over the post of Gf Securities Co.Ltd(000776) chairman in July last year, Gf Securities Co.Ltd(000776) headquarters, Guangfa Hong Kong, Guangfa asset management and Guangfa fund have all had senior personnel changes.
Affected by the risk event of Kangmei pharmaceutical, Gf Securities Co.Ltd(000776) was rated BBB for two consecutive years, Gf Securities Co.Ltd(000776) attached great importance to risk control. In 2021, the company’s classified rating finally returned to the industry AA rating, and the importance of the chief risk control officer became increasingly obvious.
Kong Weicheng, who resigned as chief risk officer this time, was originally announced to perform his duties in the major personnel changes in July last year, but his tenure was less than half a year. Combing Kong Weicheng’s resume, it can be found that he was born in 1974. After graduating from the master of accounting of Southwest University of Finance and economics in 2000, he has worked in Gf Securities Co.Ltd(000776) for more than 20 years. After his resignation, he still serves as a director of Gf Securities Co.Ltd(000776) asset management (Guangdong) Co., Ltd.
Wu Shunhu, who was born in 1969 and worked in the regulatory department for many years in his early years, took over the post of chief risk officer. He once served as the chief clerk of the risk disposal Office of the CSRC and the researcher of the Shanghai Commissioner’s office of the CSRC. After 2011, he entered the securities industry and once served as Deputy Secretary of the Party committee and general manager of the asset management department of Zhongshan Securities Co., Ltd, General manager and legal representative of Zhongxin Huijin equity investment fund management (Shenzhen) Co., Ltd., chief risk officer and compliance director of Gf Securities Co.Ltd(000776) asset management (Guangdong) Co., Ltd. since June 2018.
In addition to the post-60s and Post-70s mentioned above, Gf Securities Co.Ltd(000776) also vigorously promoted the post-80s. Cui zhouhang, who was announced to perform his duties as director of human resources, was born in 1984. In 2009, he also obtained a master’s degree in economics from Peking University and a master’s degree in finance from the University of Hong Kong. After graduation, he worked at Citibank for three years. In 2012, he joined the Gf Securities Co.Ltd(000776) risk management department and successively served as assistant general manager, deputy general manager and chief risk officer of GF Hong Kong.
looking at Gf Securities Co.Ltd(000776) over the past six months, there have been many rounds of personnel changes, mainly promoted from within the company or holding subsidiaries, but some executives have gradually “airborne” from the outside.
For example, at the end of December 2021, Gf Securities Co.Ltd(000776) holding subsidiary GF Hong Kong adopted market-oriented external employment, and 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.
generally speaking, Gf Securities Co.Ltd(000776) the new management team mainly focuses on the Post-70s, covering the post-60s, 70s and 80s, which is conducive to the construction of the company’s talent echelon. Most executives come from internal promotion. The advantage is that they have a deep understanding and recognition of the company’s culture and long-term strategy, and gradually “airborne” executives and even government officials cross the border, It also shows that its executive background is becoming more diversified.
in the third quarter of last year, the income of investment banking and proprietary business increased negatively
According to the third quarterly report of 2021, Gf Securities Co.Ltd(000776) in the first three quarters, the total revenue was 26.871 billion yuan, a year-on-year increase of 25.49%, and the net profit attributable to the parent company was 8.641 billion yuan, a year-on-year increase of 6.15%. In the first three quarters, the net income from asset management and fund management business was 7.351 billion yuan, a year-on-year increase of 56.25%, accounting for nearly 30% of revenue. It has become the largest source of revenue of the company, while the brokerage business and credit business recorded a 20% growth, and only the self operated business and investment banking business decreased by 19% and 42% respectively year-on-year.
As the holding subsidiary of Gf Securities Co.Ltd(000776) , GF has outstanding profitability. As of the semi annual report of 2021, Gf Securities Co.Ltd(000776) holds 54.53% equity of GF. According to the data of the annual report, the total scale of public funds managed by GF was 1065.080 billion yuan, an increase of 39.51% over the end of 2020; The net profit recorded during the period was RMB 1.272 billion, with a year-on-year increase of 39.78%, mainly due to the increase in the net income of fund management service fees.
The reporter observed that the self operated business of investment banking still needs to be improved. In the first three quarters of last year, Gf Securities Co.Ltd(000776) investment income was 5.937 billion yuan, with a year-on-year growth rate of 9%. However, the company’s income from changes in fair value was only 76.36 million yuan, a year-on-year decrease of more than 1.1 billion yuan. Finally, the net income from self operated business was 5.075 billion yuan, a year-on-year decrease of 19.11%.
In terms of investment banking, the net income recorded in the first three quarters of last year was 343 million yuan, a year-on-year decrease of 40%. At present, Gf Securities Co.Ltd(000776) recommendation business and bond underwriting business have been restarted, but it still needs time to recover.
In terms of equity financing business, Gf Securities Co.Ltd(000776) said that equity financing business had been carried out orderly in the first half of 2021, but there were no completed equity financing projects. The amount of IPO lead underwriting completed in 2019 and 2020 was RMB 8.96 billion and RMB 4.394 billion respectively.
In terms of bond financing business, in the first half of 2021, due to the administrative and regulatory measures that the documents related to the company’s bond underwriting business are not accepted temporarily, the underwriting projects of the company’s related debt financing issuance and the amount of lead underwriting decreased significantly. During the reporting period, the company took the lead in issuing 13 bonds, with a lead underwriting amount of 4.902 billion yuan. The principal underwriting amount of bonds in 2019 and 2020 were 135.929 billion yuan and 73.49 billion yuan respectively.
(source: 21st Century Business Herald)
