On November 17, 2025, BOC International (China) Co., Ltd. held its third extraordinary general meeting of the year, where shareholders voted on the election of two non-independent directors. Both proposals passed with over 99.8% approval, officially appointing Liang Gang and Dong Shangbin as directors.
Public records show that both individuals are affiliated with PetroChina, whose subsidiary, China Petroleum Group Capital Co., Ltd., is the second-largest shareholder of BOC International, holding a 14.32% stake.
However, the voting breakdown revealed notable dissent among minority shareholders. Liang Gang received 90.44% approval, while Dong Shangbin secured 89.34%, indicating roughly 10% opposition or abstentions from small shareholders.
This contrasts sharply with the June 2023 appointment of PetroChina-nominated directors Xuan Liyong and Zhou Jing, who received over 99% support from minority shareholders. Two years later, on October 31, 2025, Xuan and Zhou resigned due to "work arrangements," and their successors faced a nearly 10% drop in minority shareholder backing.
During Xuan and Zhou’s tenure, BOC International’s performance remained lackluster. In H2 2023, revenue and net profit attributable to shareholders fell by 10.81% and 11.63%, respectively. In 2024, revenue dipped another 1.79%, while net profit edged up 0.64%. Only in 2025, amid a market rebound, did the firm post strong growth—Q1-Q3 revenue and net profit surged over 20% year-on-year.
This performance shift coincided with leadership changes. In June, Chairman Ning Min, who had led the company for nearly a decade, stepped down, succeeded by Zhou Quan from Bank of China. In October, PetroChina-appointed directors Xuan Liyong and Zhou Jing resigned, followed by Liang Gang and Dong Shangbin’s appointments in November.
Zhou Quan, the new chairman, joined Bank of China in 1999, holding roles in IT, asset-liability management, and finance. He later served as vice president of Bank of China’s Heilongjiang branch and head of asset-liability management before assuming leadership at BOC International in June 2025.
Liang Gang, a PetroChina veteran since 1997, has extensive experience in capital markets and corporate governance, currently serving as deputy chief economist at PetroChina’s management department.
Dong Shangbin, a Ph.D. in management and senior accountant, joined PetroChina in 1990, later working at Kunlun Bank in financial and strategic roles before returning to PetroChina in 2022. His career spans industrial and financial sectors.
Ranked 34th among 43 listed brokers by revenue, BOC International saw Q3 2025 revenue grow 38.33% year-on-year, the 20th-fastest in the industry. Whether the reshuffled board can capitalize on market momentum remains to be seen.
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