On December 11, reports indicated that Huatai Securities (601688) is set to welcome a new chairman. A pre-appointment announcement from the Jiangsu Provincial Party Committee Organization Department revealed a major leadership change at one of China's top securities firms.
Wang Huiqing, Chairman of Jiangsu High-Tech Investment Group, is poised to take the helm of this trillion-yuan brokerage. This appointment comes at a critical juncture as China's securities industry undergoes restructuring.
With the transition of leadership backed by strong state-owned capital, Huatai Securities will soon conclude its year-long interim period. Current Chairman Zhang Wei, who delayed retirement, will pass the baton to Wang Huiqing, a professional with multiple qualifications.
This move follows Jiangsu SASAC’s tradition of selecting brokerage executives from state-owned platforms—both Wang and his predecessor Zhang previously held key roles at Jiangsu High-Tech Investment Group. Notably, as Huatai’s fourth-largest shareholder, Jiangsu High-Tech holds a 3.95% stake, underscoring provincial state capital’s deep influence over the firm’s governance.
Wang Huiqing served as a shareholder representative on Huatai’s board of supervisors from 2016 to 2018, giving him familiarity with brokerage operations.
**The Track Record of a "Cross-Disciplinary Expert"**
At 55, Wang holds dual qualifications as a certified public accountant and lawyer. His career spans finance, commerce, and state-owned enterprise systems before transitioning into finance.
During his tenure at Jiangsu Trust and Guoxin Group, he accumulated extensive financial management experience. After taking charge of Jiangsu High-Tech in 2022, Wang delivered impressive results: by the end of 2024, the group’s total assets reached 51.2 billion yuan, with annual profits hitting 1.337 billion yuan, a 15.65% year-on-year increase. This performance has bolstered market confidence in his leadership at Huatai.
**Challenges for a Top Brokerage**
Despite Huatai’s total assets exceeding one trillion yuan, it still lags behind CITIC Securities and Guotai Junan, which are nearing two trillion yuan. The potential merger of CICC could further reshape the competitive landscape.
Unlike peers expanding via mergers, Huatai has relied on financing—though its 2022 28-billion-yuan rights issue failed amid market volatility. Currently, its price-to-book ratio of 1.17x is among the lowest for top brokerages, reflecting cautious market sentiment.
Wang Huiqing faces pressing challenges: How to overcome growth bottlenecks? Should Huatai pursue mergers or organic expansion amid regulatory pushes for "megabroker" development?
These questions will test the new leader’s strategic vision and execution. Whether Huatai can maintain its leading position in fierce competition remains to be seen.
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