A significant leadership change has been finalized at a leading securities firm. On the evening of May 26, China Merchants Securities Co., Ltd. announced that its board of directors had formally elected Zhu Jiangtao as the chairman of the eighth board and the legal representative. Concurrently, Zhu Jiangtao resigned from his position as president due to work adjustments and will temporarily assume the president's duties in his capacity as chairman until a new president is appointed.
This appointment signifies that Zhu Jiangtao, the former vice president and chief risk officer of China Merchants Bank, has officially taken the helm of this top-tier securities firm with nearly 800 billion yuan in total assets, less than a year after becoming its president.
As a seasoned financial veteran with nearly 30 years of experience within the "China Merchants" system, Zhu Jiangtao possesses solid frontline operational and head office risk management expertise. During his tenure overseeing wealth management and institutional business, the firm's core operations performed notably: in 2025, revenue from this segment reached 13.825 billion yuan, accounting for over half of the total revenue. Additionally, the company achieved a record-high net profit attributable to shareholders of 12.350 billion yuan last year.
Prior to this, on May 8, the company announced that its board had received a written resignation from then-chairman Huo Da, who stepped down from all his roles, including chairman and executive director of the eighth board, due to work changes. Following Huo Da's resignation, Zhu Jiangtao assumed the acting responsibilities of chairman and legal representative. According to an announcement from China Merchants Financial Holdings, Huo Da will take up the roles of party committee secretary and general manager at China Merchants Financial Holdings.
Zhu Jiangtao, born in December 1972 in Jiangxi province, holds a master's degree in economics from Jiangxi University of Finance and Economics and is a senior economist. He began his career in July 1996, working at the Jiangxi Branch and Nanchang Ganjiang Sub-branch of Industrial and Commercial Bank of China. In January 2003, he became the president of the Qingshanhu Sub-branch of China Merchants Bank's Nanchang Branch. He joined China Guangfa Bank's Shanghai Branch in February 2005 and returned to China Merchants Bank's Guangzhou Branch in August of the same year, serving successively as general manager of the risk control department and general manager of the credit approval department.
Starting in December 2007, Zhu served as assistant president of China Merchants Bank's Guangzhou Branch, was promoted to vice president in May 2011, became president of the Chongqing Branch in September 2014, and was transferred to head the head office's credit risk management department in October 2015. From July 2020 to May 2024, he served as chief risk officer of China Merchants Bank, held the position of vice president from September 2021 to May 2025, and has been an executive director since August 2023.
In June 2025, Zhu Jiangtao was transferred to China Merchants Securities, where, during his tenure as president and executive director, his core responsibilities included overseeing the wealth management and institutional business headquarters. In 2025, revenue from this business reached 13.825 billion yuan, a significant increase of 35.10% year-on-year, accounting for 55.36% of the company's total revenue.
A financial commentator noted that Zhu Jiangtao's appointment as chairman and legal representative may indicate a continued focus on enhancing risk control management at China Merchants Securities. By introducing professionals specialized in risk control, the company aims to gradually improve its risk management capabilities. As the industry enters an era of strengthened regulation, strategic considerations emphasize compliance and risk management. Bringing in key talent in these areas can better meet the company's needs for compliant operations and risk management, with robust internal controls and adherence to bottom lines remaining fundamental development principles.
Established on August 1, 1993, China Merchants Securities is a securities company under the China Merchants Group. It was listed on the main board of the Shanghai Stock Exchange in November 2009 and on the main board of the Hong Kong Stock Exchange in October 2016. As a securities firm with a full range of licenses for the securities market, its business covers securities brokerage, asset management, investment banking, and other areas. It has numerous branches within China and subsidiaries in Hong Kong, China, and South Korea.
In terms of performance, for 2025, China Merchants Securities achieved operating revenue of 24.972 billion yuan, a year-on-year increase of 19.53%. Net profit attributable to shareholders reached 12.350 billion yuan, an increase of 18.91% year-on-year, setting a historical record. As of the end of 2025, the company's total assets stood at 753.477 billion yuan, an increase of 4.48% from the end of the previous year.
Breaking down the revenue by business segment, wealth management and institutional business contributed the most. In 2025, revenues from wealth management and institutional business, investment banking, investment management, investment and trading, and other businesses were 13.825 billion yuan, 1.031 billion yuan, 954 million yuan, 6.940 billion yuan, and 2.222 billion yuan, respectively, accounting for 55.36%, 4.13%, 3.82%, 27.79%, and 8.90% of the company's operating revenue.
Within wealth management and institutional business, the brokerage and wealth management sub-segment performed notably. As of the end of 2025, the number of active trading clients was approximately 20.9722 million, an increase of 8.67% year-on-year. Assets under custody amounted to 5.29 trillion yuan, an increase of 23.89% year-on-year. During the reporting period, the company's domestic stock and fund trading volume reached 45.35 trillion yuan, an increase of 69.79% year-on-year.
According to data from the Asset Management Association of China, the company's non-monetary market fund, equity fund, and equity index fund assets under custody for the second half of 2025 were 143.4 billion yuan, 97.0 billion yuan, and 73.2 billion yuan, ranking 6th, 4th, and 4th, respectively, in the securities industry.
For the first quarter of 2026, China Merchants Securities' performance showed a growth trend, with operating revenue of 6.973 billion yuan, an increase of 47.96% year-on-year. Net profit attributable to shareholders reached 3.271 billion yuan, an increase of 41.73% year-on-year. As of the end of the first quarter, its total assets were 788.353 billion yuan, an increase of approximately 4.6% from the end of the previous year.
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