Last month, CICC convened a board meeting chaired by its Chairman, Chen Liang.
The meeting primarily deliberated on proposals concerning personnel changes.
These included the removal of Xu Yicheng from his position as a member of the company's Management Committee and his role as acting Chief Financial Officer, as well as the removal of Sun Nan from his positions as a member of the Management Committee, Board Secretary, and Joint Company Secretary.
In their place, CICC's President, Wang Shuguang, will concurrently assume the role of Chief Financial Officer, while Liang Dongqing has been appointed as Board Secretary and Joint Company Secretary.
The market is not particularly surprised by Wang Shuguang taking on multiple roles.
A top graduate of Tsinghua University, he joined CICC's Investment Banking Department upon graduation in 1998, worked his way up into the company's core leadership, became head of the Investment Banking Department in 2022, joined the CICC Management Committee in 2023, and was promoted to President in 2025, with his capabilities being widely recognized.
The market, however, was slightly more surprised by Liang Dongqing's promotion to Board Secretary.
Liang Dongqing is relatively young; born in December 1983 and having just turned 42, she has now become a core senior executive at CICC. She joined the CICC Research Department in July 2008 and has previously served as Head of CICC's Wealth Research Department, Co-Executive Head of the Wealth Service Center, and as a member of the Executive Committee, Vice President, and Head of the Product & Solutions Division at CICC's subsidiary, China CICC Wealth Securities.
Her promotion has been rapid; she became a member of the CICC Party Committee in August 2024 and joined the CICC Management Committee in September 2024.
In December 2025, Liang Dongqing began serving as Director and President of China International Capital Corporation (International) Limited, taking the helm of the overseas platform.
The latest announcement reveals that Liang Dongqing has obtained the Board Secretary qualification training certificate issued by the Shanghai Stock Exchange. She officially assumed the role of Company Board Secretary from the date she obtained this certificate.
Nevertheless, CICC is at a critical juncture in its development, and continued changes in senior management are considered normal.
On one hand, CICC needs to align its management team's capabilities with the business scale following the implementation of its restructuring, ensuring the executive team matches the operational size.
In 2025, CICC is advancing its restructuring with China Cinda Asset Management and Dongxing Securities; upon completion of the transaction, it will enter the "trillion-yuan broker" club, marking a significant step up in scale.
The current transaction plan still requires further review and approval by the respective boards of the merging parties, approval by the shareholders' meetings of the parties involved, and the approval, verification, registration, or consent of the relevant regulatory authorities before it can be formally implemented.
According to the performance forecast, based on preliminary calculations, CICC expects to achieve an annual net profit attributable to shareholders of between 8.542 billion yuan and 10.535 billion yuan for 2025, representing a year-on-year increase of 50% to 85%. It also expects an annual net profit attributable to shareholders after extraordinary items of between 8.428 billion yuan and 10.351 billion yuan, a year-on-year increase of 49% to 83%.
The company stated that its core business segments, including investment banking, equities, and wealth management, achieved steady growth, driving a significant improvement in the company's operating performance compared to the same period last year.
On the other hand, CICC is strengthening its wealth management business.
In November 2025, Chen Liang personally took the helm of CICC Wealth, demonstrating increased focus on the development of the wealth management business under CICC.
The new Board Secretary, Liang Dongqing, also has substantial early career experience in wealth management, which should enable her to better coordinate the relevant business with corporate governance and information disclosure work.
CICC Wealth is currently on a rapid growth trajectory.
As of December 31, 2025, CICC Wealth's total assets reached 204.051 billion yuan, an increase of 11.25% from the end of the previous year, with net assets of 22.437 billion yuan.
From January to December 2025, CICC Wealth achieved operating revenue of 8.349 billion yuan, a year-on-year increase of 25.41%, and a net profit of 1.759 billion yuan, a year-on-year increase of 47.32%.
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