Minsheng Wealth Management recently announced that Cong Jun has resigned from his positions as Chairman of the Board, Director, and Chairman of the Board's Strategy, Nomination, and Compensation Committee for health reasons, effective April 23, 2026.
Two senior executives from Minsheng Wealth Management have returned to MINSHENG BANK. Additionally, adjustments have been made involving the heads of two departments at the bank's headquarters and the presidents and vice presidents of several tier-1 branches.
Xu Hong, Vice President of Minsheng Wealth Management, has been reassigned as a Senior Specialist at the Shanghai Branch of MINSHENG BANK. Born in 1973, Xu holds a Master's degree in Business Administration from Nanjing University of Science and Technology. She is a Certified Internal Auditor and a Senior Accountant. Her previous roles include Assistant General Manager and Deputy General Manager of the Asset Management Department at MINSHENG BANK, and Chief Risk Officer at Minsheng Jiayin Asset Management Co., Ltd. She was appointed as a Party Committee Member and Vice President of Minsheng Wealth Management in June 2022.
Zheng Guohui, former Marketing Director of Minsheng Wealth Management, has been appointed as Deputy General Manager of the Wealth Management/Private Banking Department at the headquarters of MINSHENG BANK. Born in 1980, Zheng holds a Ph.D. in Computational Biology and Molecular Biophysics from Rutgers, The State University of New Jersey. He is a Financial Risk Manager and previously worked at Deutsche Bank and Royal Bank of Canada on Wall Street. He later served as General Manager of the Asset Management Product Development Department at MINSHENG BANK and General Manager of the Fixed Income Investment Department at Minsheng Wealth Management. He was appointed Marketing Director of Minsheng Wealth Management in November 2024.
Li Zhen, President of the Qingdao Branch, is slated to become General Manager of the Institutional Business Department at the headquarters. The former General Manager of the Institutional Business Department, Xiao Peng, is slated to become General Manager of the Corporate Business/Technology Finance Department. Born in June 1972, Li graduated from Anhui University of Science and Technology with a degree in Mineral Processing Engineering. He previously served as President of the Nanyang Branch and Assistant President of the Zhengzhou Branch of MINSHENG BANK. When the Lanzhou Branch was approved for operation in September 2014, Li was its inaugural President. He was transferred to become President of the Qingdao Branch in 2020.
Liu Changjiang, Vice President of the Jinan Branch, is slated to become President of the Qingdao Branch. His career at MINSHENG BANK includes roles as President of the Jining Branch, President of the Liaocheng Branch, General Manager of the Corporate Business Department at the Jinan Branch, and Assistant President of the Jinan Branch. He was appointed Vice President of the Jinan Branch in October 2025.
Qi Hai, Vice President of the Shanghai Branch, has been reappointed as Deputy General Manager of the Financial Institutions Department at the headquarters. He previously served as Assistant General Manager and Deputy General Manager of the Financial Institutions Department at the headquarters. He was appointed Vice President of the Shanghai Branch in March 2023. Wang Zhixia, Deputy General Manager of the headquarters' Financial Institutions Department, has left her position.
Wang Xiuhua, Vice President of the Wuhan Branch, has been appointed Vice President of the Shanghai Branch. She previously served as General Manager of the Financial Institutions Department at the Shanghai Branch of MINSHENG BANK. She was appointed Assistant President of the Wuhan Branch in June 2023 and promoted to Vice President of the Wuhan Branch in February 2025.
Liang Xiaode, Vice President of the Dalian Branch, has been appointed Vice President of the Wuhan Branch. His career at MINSHENG BANK includes roles as President of the Jinzhou Sub-branch, President of the Bonded Zone Sub-branch, President of the Xigang Sub-branch, and Assistant President of the Dalian Branch. He was appointed Vice President of the Dalian Branch in January 2025.
Zhang Tianran has been appointed as a member of the Party Committee of the Xi'an Branch. He previously served as Business Director of the Shijiazhuang Branch of MINSHENG BANK.
On April 29, the qualification of Cao Jinfu for the position of Vice President of the Xiamen Branch of MINSHENG BANK was approved. He previously served as President of the Jinjiang Anhai Sub-branch in Quanzhou and General Manager of the Retail Business Department at the Xiamen Branch. He was appointed Assistant President of the Xiamen Branch in May 2025.
According to the 2025 annual report, as of the end of 2025, MINSHENG BANK had established 41 tier-1 branches, 107 tier-2 branches (including cross-region sub-branches), and 2,389 branch outlets in China, comprising 1,257 general branches (including head office business departments), 989 community branches, and 143 small and micro-enterprise branches. Compared to the end of the previous year, the number of tier-2 branches increased by 2, while the number of branch outlets decreased by 50.
Notably, the integration of Minsheng-affiliated village and township banks is accelerating. In 2025, MINSHENG BANK completed the acquisition of Puer and Linzhi Minsheng Village Banks and established two tier-2 branches in Puer and Linzhi. In the first four months of 2026, regulatory authorities approved MINSHENG BANK's acquisition of Ningjin, Tongnan, Tiantai, and Tengchong Minsheng Village Banks, converting these four institutions into sub-branches.
Regarding personnel, as of the end of 2025, the MINSHENG BANK Group had 61,658 employees, a decrease of 1,832 from the end of the previous year, representing a reduction rate of 2.97%. This figure includes 58,982 employees of the bank itself, a decrease of 1,683, and 2,676 employees of subsidiary institutions.
In terms of internal management, MINSHENG BANK stated that it has deepened efforts to improve quality, reduce costs, and increase efficiency, focusing on strategic support and strengthening precise investment. It has enhanced refined management in areas such as human resources, capital, expenses, performance assessment, and technology, leading to a significant improvement in cost efficiency. The cost-to-income ratio decreased by 1.95 percentage points in 2025.
In 2025, the business and management expenses of the MINSHENG BANK Group were RMB 51.006 billion, a decrease of RMB 312 million compared to the previous year, representing a decline of 0.61%. Employee compensation (including director remuneration) was RMB 31.290 billion, showing a slight decrease year-on-year.
Calculated as "total employee compensation / number of employees," the average human capital cost at MINSHENG BANK in 2025 was approximately RMB 507,500, an increase of RMB 14,300 from RMB 493,200 in the previous year, representing a growth of 2.90%.
Regarding performance, the first-quarter report for 2026 shows that MINSHENG BANK's operating revenue maintained growth, while profitability faced short-term pressure.
From January to March this year, MINSHENG BANK achieved operating revenue of RMB 37.822 billion, a year-on-year increase of 2.74%. Net profit attributable to shareholders of the listed company was RMB 11.514 billion, a year-on-year decrease of 9.64%. As of the end of the first quarter, the total assets of MINSHENG BANK amounted to RMB 7,847.897 billion, a slight increase of 0.20% from the end of the previous year.
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