As 2025 draws to a close, several major Chinese brokerages are entering a critical period of board reshuffles. Among them, Huatai Securities Co., Ltd. has initiated high-level personnel adjustments. Wang Huiqing, Chairman of Jiangsu High-Tech Investment Group (JSIC), has recently been appointed as Party Secretary of Huatai Securities and is expected to succeed current Chairman Zhang Wei, who is approaching retirement age, after completing necessary procedures. This leadership transition marks Huatai Securities' first chairman change since 2019 and may signal further strategic and governance adjustments for the company in its new development phase.
**The Successor's Ties to Jiangsu's State-Owned Financial System** Wang Huiqing, the incoming chairman, has deep connections with both Huatai Securities and Jiangsu's state-owned financial network. Currently serving as Chairman of JSIC—Huatai Securities' fourth-largest shareholder with a 3.959% stake—Wang steps into a role where the ultimate controlling authority rests with Jiangsu SASAC. The provincial government indirectly holds over 29% of Huatai Securities through state-owned enterprises like Jiangsu Guoxin Group, Jiangsu Transportation Holding, and JSIC. This appointment is viewed as another coordinated move within Jiangsu's state-owned financial platform.
A certified public accountant and lawyer, Wang began his career in Jiangsu's government system, working at the Provincial Finance Department, Industry and Commerce Bureau, and SASAC before transitioning to state-owned enterprises in 2009. Over a decade in the Jiangsu Guoxin Group system, he served as General Manager of Jiangsu Trust and Chairman of Li'an Life Insurance, accumulating extensive experience in managing licensed financial institutions. Since taking the helm at JSIC in 2022, Wang has emphasized the role of state-owned venture capital as "patient capital" to support technological innovation. Notably, he is no stranger to Huatai Securities, having served as a shareholder representative and supervisor from 2016 to 2018.
**Huatai Securities Under Zhang Wei's Leadership** During Zhang Wei's five-year tenure, Huatai Securities achieved leapfrog growth. Appointed in 2019 from his role as JSIC Chairman, Zhang spearheaded the firm's wealth management transformation, merging traditional brokerage operations into the digital finance division and overhauling organizational and performance evaluation systems.
Under his leadership, Huatai Securities' total assets surged from approximately RMB 389 billion at the end of 2018 to RMB 1.03 trillion by Q3 2025, breaking the trillion-yuan threshold for the first time and securing its position among China's top three brokerages. For the first three quarters of 2025, the company reported steady performance with operating revenue of RMB 27.123 billion and net profit of RMB 12.733 billion. As a national leader rooted in Jiangsu, Huatai Securities has also played a significant role in supporting the province's real economy through financial services.
**Wang Huiqing: A Financial Veteran's New Challenge** For Wang, this appointment represents another major step in his financial management career. Market observers are keen to see how this multi-disciplinary expert will guide Huatai Securities through current challenges.
Industry analysts suggest Wang may enhance strategic synergies between Huatai Securities and Jiangsu's state-owned platforms like JSIC, creating collaborative advantages in industrial investment and corporate listings to better serve Jiangsu's strategic emerging industries. Amid regulatory calls for "aircraft carrier-sized brokerages," Huatai Securities is expected to deepen its transformation, building first-mover advantages in wealth management and fintech through increased technological investments to drive business digitization.
Additionally, the firm may explore M&A opportunities to expand scale amid the brokerage consolidation wave.
Concurrently, Huatai Securities is adjusting its executive structure, having amended its bylaws to introduce "Co-CEO" and "COO" positions. Current Board Secretary and Executive Committee member Zhang Hui is reportedly a leading candidate for Co-CEO, reflecting the company's focus on strengthening operational execution and nurturing internal talent.
Leadership transitions and organizational restructuring often signal new chapters. Analysts note that Wang's appointment not only impacts Huatai Securities' strategic direction but also offers insights into Jiangsu's state-owned financial integration and broader shifts in China's securities industry. As capital market reforms deepen and competition intensifies, the market watches with anticipation to see how this new captain will steer Huatai Securities forward.
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