On the evening of April 30, just before the May Day holiday, China Merchants Bank, often referred to as the "King of Retail Banking," announced the completion of a change in its presidency.
According to the bank's announcement, Wang Liang, who had served CM BANK for nearly 31 years, resigned from the position of President due to age reasons. Wang Xiaoqing has been appointed as his successor.
Born in 1971, Wang Xiaoqing brings not only the advantage of relative youth but also an impressive academic background, holding a Ph.D. in Economics from Fudan University. His career spans nearly 34 years and includes extensive experience and management roles across banking, insurance, securities, fund management, and financial holding companies. The market is watching closely to see how he will lead this major joint-stock bank, known for its blend of innovation and stability, into its next chapter.
The announcement detailed that Wang Liang submitted his resignation to the board of directors, stepping down from his roles as executive director, president, and member of relevant board committees, effective April 30, 2026. Wang Liang confirmed no disagreements with the board and no other matters requiring the attention of shareholders and creditors related to his resignation.
During the same board meeting chaired by Chairman Miao Jianmin, a resolution was passed to commend Mr. Wang Liang. Upon the chairman's proposal, the board fully recognized and highly praised Wang Liang's significant contributions to CM BANK, awarding him the title of "CM BANK Lifetime Honorary Staff Member."
Also on April 30, the board reviewed and passed a resolution to appoint Wang Xiaoqing as the President of CM BANK.
Wang Xiaoqing's term as President will commence from the date the company receives approval from the National Financial Regulatory Administration and will last until the expiration of the 13th Board of Directors. From the date the board passed the resolution, Wang Xiaoqing began acting as President until his official term takes effect.
Wang Xiaoqing's career path is notably diverse. He is a highly educated professional, holding a doctorate in Political Economy from Fudan University.
At 54 years old, born in October 1971, he is in the prime of his career. Prior to formally assuming the role of President, he had already been appointed as the Communist Party Secretary of CM BANK.
His financial industry experience is extensive, spanning nearly 34 years since 1992. Before joining the CM BANK group, he had worked at one bank, two securities firms, one insurance asset management company, and a regulatory body.
From July 1992 to September 1994, he worked at the Haian Sub-branch of the Agricultural Bank of China in Jiangsu Province. From July 1997 to May 1998, he worked in the Fund Management Department of Haitong Securities Co., Ltd. From May 1998 to April 2004, he served at the Shanghai Office of the China Securities Regulatory Commission. From April 2004 to April 2005, he worked at Tianyi Securities Co., Ltd. From April 2005 to August 2007, he held various positions at PICC Asset Management, including Deputy General Manager of the Risk Management Department concurrently serving as Deputy General Manager of the Portfolio Management Department, Deputy General Manager of the Portfolio Management Department, and General Manager of the Portfolio Management Department. From August 2007 to March 2020, he served successively as Assistant President, Vice President, Party Committee Member, Deputy Party Secretary, and Chairman of the Investment Committee at PICC Asset. During this period, he accumulated substantial experience in securities, investment management, handling complex tasks, and long-term management of financial institutions.
In March 2020, Wang Xiaoqing left PICC Asset to join China Merchants Fund, marking a step onto a new and broader professional platform.
He joined China Merchants Fund in March 2020 as Party Secretary and Director, and was appointed General Manager in May 2020. In September 2021, he additionally assumed the role of Chairman of Cigna & CMB Life Insurance Co., Ltd. From October 2021, he served as Assistant President of CM BANK while concurrently holding the chairmanships of China Merchants Fund and Cigna & CMB Life. From November 2021, he also became Chairman of Cigna & CMB Asset Management. Subsequently, he served concurrently as President of the CM BANK Shenzhen Branch, was appointed Vice President of CM BANK, and also held the positions of General Manager and Director of China Merchants Group Financial Holdings Co., Ltd. Within the China Merchants Group system, he has managed businesses in public offering funds, insurance, banking, and financial holdings, achieving notable results.
The experienced financier Wang Xiaoqing has also delivered speeches on various occasions. At the "First Global Asset Management Forum" held in Shenzhen, he delivered a keynote speech titled "Asset Management from a Wealth Management Perspective: Advancing Together, Creating the Future."
In his speech, he mentioned that wealth management focuses on "people," emphasizing client needs, risk tolerance, financial goals, and capital planning. Asset management revolves around "assets," focusing on understanding the risk-return characteristics of various asset classes and identifying investment opportunities. The key bridge connecting the two is solutions based on a deep understanding of client needs.
He emphasized that, in the long run, the key factor affecting investment returns is not the selection of a specific product or asset class, but rather the allocation proportions and style combinations of different assets. In the business practice of investment advisory and asset allocation, details are crucial. Beyond understanding needs, judging capital markets, and model building, scientifically defining assets in practice is equally important. To better meet client needs, wealth management and asset management institutions must collaborate closely.
Wang Xiaoqing also mentioned that from the perspective of wealth management institutions, excellent asset management firms need to possess multi-faceted capabilities, including investment research culture, system construction, in-depth research, risk management, and client companionship.
His remarks reflect a deep understanding of client importance, organizational culture, system building, and risk management.
CM BANK's recently disclosed first-quarter report for 2026 shows total assets of 134.8 trillion yuan as of the end of Q1 2026. During the quarter, the bank's revenue and net profit attributable to the parent company both achieved positive growth. The market awaits to see the future development of this major bank with a illustrious history.
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