On September 6, Boc International (China) Co.,Ltd. (601696) announced that its board of directors elected Zhou Quan as chairman, simultaneously designating him as the company's legal representative, chairman of the board's strategy and development committee, and member of the board's risk control committee, with a term until the current board's expiration. This officially ends the "transition period" that began on June 23 when Ning Min resigned due to work reassignment, with Executive President Zhou Bing serving as acting chairman. The company's extraordinary shareholders' meeting held the previous day also approved key proposals including the abolition of the supervisory board and raising the upper limit for equity proprietary trading business scale.
From "Transition" to "Implementation"
On June 23, Ning Min resigned from his position as chairman and related duties due to work reassignment, with Director and Executive President Zhou Bing acting in his capacity. On the same day, the company's shareholders nominated Zhou Quan, former General Manager of Asset and Liability Management Department at Bank of China, as a director candidate and recommended him as chairman, setting the stage for the subsequent handover. On September 5, the company completed the election at the 39th meeting of the second board of directors, with Zhou Quan officially taking over.
From a governance perspective, before Zhou Quan's election, the company had intensively reviewed and approved amendments to the "Articles of Association," improvements to information disclosure and independent director systems, and proposed to the shareholders' meeting the abolition of the supervisory board in mid-August. The September 5 extraordinary shareholders' meeting implemented these institutional adjustments "all at once," demonstrating the synchronous advancement of leadership change and governance restructuring.
Zhou Quan's resume shows he began working in 1999 and has long been trained in Bank of China's headquarters operations, successively serving in the Information Technology Department, Asset and Liability Management Department, and Financial Management Department. Starting in 2016, he served as Vice President and Chief Financial Officer of Bank of China's Heilongjiang Branch. In 2020, he returned to headquarters to serve as the principal officer and General Manager of the Asset and Liability Management Department, and from December 2023 to December 2024, he concurrently served as Deputy Director of Bank of China's Party Committee Comprehensive Reform Office. Since June 2025, he has served as Party Secretary of Boc International (China) Co.,Ltd. His experience reflects "bank-wide asset-liability management" expertise.
Governance and Strategy "In Sync"
Additionally, at the September 5 extraordinary shareholders' meeting, several important proposals were approved: amendments to the "Articles of Association" and "three meetings" rules of procedure, abolition of the supervisory board, revision of independent director working systems, and approval to "increase the upper limit for equity proprietary trading business scale."
The abolition of the supervisory board and simultaneous strengthening of the board's audit/risk control functions align with the new "Company Law" and listed company governance directions. Raising the proprietary trading limit directly addresses investment trading business, which has seen significantly increased profit weight in the industry in recent years, providing institutional space for "research-driven + multi-strategy" approaches.
From an implementation perspective, the chairman transition, articles and supporting system amendments, and proprietary trading limit adjustments were completed simultaneously within the same cycle, helping to shorten the "institutional lag" transition period and "clear the path" for the new management team's coordinated deployment in research systems, asset allocation pace, risk appetite, and resource investment.
Profit and Revenue Growth, Scale Insufficiency
According to the interim report, Boc International (China) Co.,Ltd. achieved operating revenue of 1.505 billion yuan in the first half of 2025, up 20.79% year-on-year; net profit attributable to shareholders of 565 million yuan, up 33.13% year-on-year; non-GAAP net profit attributable to shareholders of 529 million yuan, up 25.39% year-on-year; net cash flow from operating activities of 3.825 billion yuan, up 8.94% year-on-year; and weighted ROE of 3.10%, up 0.66 percentage points year-on-year.
By business segment, net fee and commission income was 897 million yuan, up 31.14% year-on-year; investment income was 193 million yuan, up 1,139% year-on-year, while fair value changes recorded a loss of 71 million yuan.
In the first half, equity financing lead underwriting scale was 51.833 billion yuan, with refinancing significantly outperforming IPOs, and bond financing lead underwriting total scale was 99.263 billion yuan. Total assets under management were 468.682 billion yuan, declining compared to the beginning of the year due to various degrees of reduction in public funds, single asset management, and special/China business scales.
Regarding capital and risk control indicators, period-end net capital was 15.866 billion yuan, capital leverage ratio was 44.94%, liquidity coverage ratio was 279.75%, and net stable funding ratio was 237.26%, with all core indicators remaining generally stable.
For shareholder returns, the company plans to implement an interim dividend based on total share capital as of the end of June, distributing 0.204 yuan per 10 shares (including tax), with a static amount of approximately 56.67 million yuan.
Additionally, regarding compensation, calculations show the company's total compensation in the first half (cash paid to employees + period-end employee compensation payable - beginning employee compensation payable) was approximately 418 million yuan. Since the interim report did not disclose the number of employees, based on an estimate of 2,934 employees at the beginning of the period, the average compensation per employee in the first half was approximately 142,500 yuan. In comparison, leading securities firms' average compensation exceeded 200,000 yuan, indicating Boc International (China) Co.,Ltd. still has a gap with industry leaders.
For the newly appointed Zhou Quan, the key lies in building upon rapid growth by strengthening stability and refining investment capabilities, utilizing his banking experience and asset-liability management expertise to stabilize and expand Boc International (China) Co.,Ltd.'s business while improving profit quality and stability.
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