China Merchants Bank is set to convene its 2025 annual general meeting.
The upcoming meeting features several notable items on the agenda.
According to the latest released meeting documents, aside from reviewing routine proposals such as the board of directors' work report and the 2025 annual report, the appointment of four new directors is also pending approval.
These include the nomination of Wang Xiaoqing as an executive director, Huo Da and Li Yungui as non-executive directors, and Zhang Yong as an independent director.
Wang Xiaoqing is the bank's newly appointed president, so his entry to the board was an expected development.
This round of appointments adds two new non-executive directors, strengthening the representation of shareholder directors. Li Yungui represents shareholder China COSCO Shipping Group, while Huo Da represents shareholder China Merchants Financial Holding.
Zhang Yong, the executive dean of the Dishui Lake Institute at Shanghai University of Finance and Economics, will fill the vacancy left by a previously departed independent director.
Regarding remuneration, if Li Yungui and Huo Da are appointed as non-executive directors, they will not receive director's fees. If Zhang Yong is appointed as an independent director, his annual pre-tax fee standard will be 500,000 yuan.
Among the new director nominees, Huo Da stands out.
On February 9, 2024, the Shenzhen Securities Regulatory Bureau issued a "Decision on Taking Regulatory Measures of Issuing a Warning Letter to Huo Da" to him.
The document stated that several employees of China Merchants Securities Co.,Ltd. (CMSC) had engaged in illegal activities, including long-term stock trading using others' securities accounts and accepting client trading orders privately. Huo Da, as the then chairman of China Merchants Securities Co.,Ltd., bore management responsibility for these issues.
China Merchants Bank Co.,Ltd. has specifically noted that this warning letter does not affect Huo Da's qualification or suitability to serve as a non-executive director.
It is noteworthy that Huo Da recently stepped down from his role as chairman of China Merchants Securities Co.,Ltd., subsequently assumed the position of general manager at China Merchants Financial Holding, and is now poised to join the board of China Merchants Bank Co.,Ltd..
China Merchants Financial Holding is the exclusive financial holding platform under China Merchants Group, overseeing a portfolio that includes China Merchants Bank Co.,Ltd., China Merchants Securities Co.,Ltd., China Merchants Fund, Bosera Funds, CMB-P&C Life Insurance, China Merchants Leasing, China Merchants Ping An Asset Management, and China Merchants Capital, among others.
Observing the executive reshuffles and board appointments at China Merchants Bank Co.,Ltd., a clear trend is emerging.
China Merchants Group is intensifying its oversight and control over the bank.
As of the end of 2025, China Merchants Group, through its subsidiaries including China Merchants Steamship, China Merchants Financial Holding, Shenzhen Yanqing Investment Development Co., Ltd., Shenzhen Chuyuan Investment Development, China Merchants Union (BVI) Limited, Best Winner Investment Limited, and China Merchants Industrial Development (Shenzhen), collectively held an indirect stake of 29.97% in China Merchants Bank Co.,Ltd., making it the largest shareholder.
The proportion of directors on China Merchants Bank Co.,Ltd.'s board who are affiliated with the major shareholder, the China Merchants Group system, is increasing.
In January 2025, Zhu Liwei, deputy general manager of China Merchants Financial Holding, became a non-executive director of the bank. In October 2025, the two newly added non-executive directors, Deng Renjie and Jiang Chaoyang, held positions as deputy general manager of China Merchants Group and deputy general manager of China Merchants Financial Holding, respectively.
Now in 2026, Wang Xiaoqing, having gained experience at China Merchants Financial Holding, has returned to China Merchants Bank Co.,Ltd. and currently still serves as a director at China Merchants Financial Holding.
The career of the bank's former president, Wang Liang, was largely centered around China Merchants Bank Co.,Ltd.. In contrast, Wang Xiaoqing's professional experience spans the insurance, fund, and banking sectors, coupled with experience working at the shareholder level, suggesting broader comprehensive capabilities.
As for Huo Da's entry into China Merchants Financial Holding, he is effectively filling the position previously held by Wang Xiaoqing. Notably, Wang Xiaoqing did not join the board of China Merchants Bank Co.,Ltd. during his tenure as general manager of China Merchants Financial Holding.
With these changes, the board of China Merchants Bank Co.,Ltd. now comprises 17 members, of which 7 are directors with ties to the major shareholder, China Merchants Group.
The bank's chairman, Miao Jianmin, and non-executive director Shi Dai, serve as the chairman and general manager of China Merchants Group, respectively.
Through these personnel adjustments, China Merchants Group is orchestrating its financial resources across the entire group, aiming to maximize the synergistic effects of its financial businesses.
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