There is a new change in the senior management of Tianfeng Securities Co.,Ltd. It is learned that Deng Hong, the former president of Ping An Bank Co.,Ltd.'s Changsha Branch, is set to join Tianfeng Securities and is expected to be appointed as a vice president.
Deng Hong, female, was born in 1974.
From 1993 to 2004, she served successively as an associate section member at the Hubei Provincial Directly Affiliated Housing Reform Office and a section chief at the Hubei Provincial Education Examination Authority. From 2004 to 2009, she served as a section chief at the Wuhan Branch of the People's Bank of China. Starting in 2009, she held various positions including head of the corporate banking market department and head of the ninth market department at the Wuhan Branch business department of Ping An Bank (formerly Shenzhen Development Bank), president of the Optical Valley sub-branch, sales director of the Wuhan Branch, general manager of the Hubei Branch of Ping An Securities, deputy president (acting in charge), and president of Ping An Bank's Wuhan Branch. In July 2024, she became the president of Ping An Bank's Changsha Branch. During this period, from November 2022 to January 2026, she also served as an employee supervisor at Ping An Bank.
The early story of Tianfeng Securities is a typical script of "wild growth" for a private securities firm.
After its listing in 2018, it rapidly expanded in research and bond underwriting, once being called a "dark horse" in the securities industry. However, this high-leverage, high-risk model proved fragile in the face of the debt crisis of its former major shareholder, Contemporary Group. In 2022, Tianfeng suffered a huge loss of 1.503 billion yuan, not only its worst performance since listing but also nearly facing severe regulatory penalties and delisting due to issues with connected transactions and non-compliant financing.
From late 2022 to 2024, Hongtai Group took over, essentially a local state-owned capital stepping in to "save the day." All business operations were subordinated to risk disposal, with the core task being to divest all assets and businesses related to Contemporary Group.
In June 2025, Hongtai Group fully subscribed to a 4 billion yuan private placement, increasing its shareholding to 28.14% and becoming the absolute controlling shareholder. Net profit in 2025 increased by 624.52% year-on-year, but this high growth rate was based on a low base of a slight loss in 2024. Actual profitability has not recovered to pre-crisis levels.
In the first quarter of 2026, operating revenue decreased by 31.06% year-on-year, and net profit attributable to the parent company was only 223,600 yuan, almost negligible. Although the company explained this as a significant decrease in proprietary investment income, the overall industry's net profit grew by 16.46% during the same period, indicating that Tianfeng's proprietary business capabilities remain weak.
In terms of personnel, almost all senior executives from the former "Contemporary" faction have left.
In February 2024, Pang Jiemin took over as chairman, marking the comprehensive takeover by state-owned capital. Pang Jiemin has a background in regulation and top-tier securities firms, excelling in risk control and corporate governance. His main task is to "restore order." In May 2026, Luo Guohua succeeded as president, completely ending the original management system.
Luo Guohua, 55 years old, has a career spanning banking, insurance, and securities. He is most skilled in retail business and wealth management, which are currently Tianfeng's biggest weaknesses. However, Luo Guohua is already 55 and worked as general manager of Shanghai Securities for less than four years before moving to Tianfeng. How long can he stay at Tianfeng? Can his wealth management transformation ideas be implemented at Tianfeng? These all carry significant uncertainty.
Vice President Zhao Xiaoguang, 44 years old, is the only business-oriented talent in the entire senior management team and the youngest. His research capabilities are unquestionable, but he has never managed the overall business of a full-license securities firm, primarily focusing on research operations.
Other senior executives, such as Vice Presidents Guan Mingyang and Tuo Junmin, CFO Wang Yang, and Chief Compliance Officer Jin Tianpeng, are all "veterans" with rich experience in their respective fields, but they have only joined Tianfeng in the last year or two.
In terms of age structure, the average age of the senior management team is close to 50, and the youngest, Chief Risk Officer Chen Xiaohua, is already 39.
Whether Deng Hong's joining can bring some fresh changes to Tianfeng Securities will continue to be watched by the market.
Overall, Tianfeng Securities' "second venture" has just begun. Whether the current management can lead Tianfeng on a differentiated development path remains to be tested by time.
For Tianfeng, the best possible future outcome may not be becoming the next top-tier securities firm, but rather becoming a distinctive, profitable, and risk-controllable regional medium-sized securities firm.
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