The domestic securities industry has witnessed a rare wave of executive changes since 2025. Driven by factors such as mergers and acquisitions, equity structure adjustments, and executive retirements, shifts in the core leadership of securities firms have persisted throughout the year and continued into 2026. According to incomplete statistics, over the past year, more than 30 securities companies have seen changes in their chairmen or general managers, with over 60 senior executives undergoing position adjustments. The market widely believes this round of adjustments has affected approximately one-third of the core management teams in the industry.
Amid this reshuffle, China Merchants Securities Co.,Ltd., a key securities platform under China Merchants Group, has recently signaled imminent high-level changes. Multiple sources indicate that current Chairman Huo Da may be transferred to China Merchants Financial Holdings Co., Ltd. to assume the role of president, while current President Zhu Jiangtao is seen as the leading candidate to succeed him as chairman of China Merchants Securities Co.,Ltd.
Reports suggest that following Wang Xiaoqing's formal appointment as president of China Merchants Bank (pending regulatory approval), Huo Da has been identified internally within the China Merchants Group system as the successor for the president role at China Merchants Financial Holdings. Insiders reveal that Huo Da has been at the helm of China Merchants Securities Co.,Ltd. since 2017, completing nine years of service. His potential reassignment still requires board resolution and disclosure procedures, and no official announcement has been made by the company yet.
If Huo Da steps down, attention turns to his successor. Several individuals close to the matter indicate that Zhu Jiangtao, who was appointed president of China Merchants Securities Co.,Ltd. in June 2025 after serving as a vice president at China Merchants Bank, is highly likely to assume the chairman role. Although Zhu has been president for less than a year, industry observers note that his previous position as a vice president at the bank makes this transition a logical progression.
Huo Da, born in May 1968, graduated with an engineering degree from Huazhong University of Science and Technology in 1989 and later earned a master's degree in economics from the same institution. He joined the China Securities Regulatory Commission in 1997 during the early stages of securities regulation development. Over nearly two decades at the regulator, he held various positions including section chief and department director, participating in significant institutional reforms such as the split-share structure reform. He subsequently served as party committee member and assistant director of the Shenzhen Securities Regulatory Bureau, and held director-level positions in multiple departments including market supervision and bond administration, reaching the bureau-level cadre rank.
In May 2017, Huo Da transitioned to the China Merchants Group system and has led China Merchants Securities Co.,Ltd. as chairman for nine years. Colleagues describe him as low-profile but decisive in execution. In recent years, he additionally served twice as chief information officer before handing over these responsibilities to veteran executive Zheng Jixiang in April 2026, ensuring a smooth transition in information technology management.
Zhu Jiangtao, born in 1972 in Jiangxi province, holds a master's degree in economics from Jiangxi University of Finance and Economics. After working for seven years at the Industrial and Commercial Bank of China's Jiangxi branch, he joined China Merchants Bank's Nanchang branch in 2003 at age 31. Starting as head of the Qingshanhu sub-branch, he built a career spanning over two decades within the bank's system.
During his tenure at China Merchants Bank, Zhu gained substantial experience through positions in Guangzhou and Chongqing branches, progressing from risk control and credit approval roles to vice president of Guangzhou branch and president of Chongqing branch. He moved to headquarters in 2015 as general manager of credit risk management, was promoted to chief risk officer in 2020, and became a vice president in September 2021, entering the core management team. He resigned from his concurrent role as chief risk officer in May 2024 due to responsibility adjustments.
In April 2025, when former China Merchants Securities Co.,Ltd. president Wu Zongmin retired, Zhu was appointed president after the originally planned internal successor became unavailable due to external circumstances. This marks the second consecutive cross-industry appointment from China Merchants Bank to lead the securities firm. Colleagues describe Zhu as having solid grassroots experience, rapid career advancement, and widely recognized professional competence.
Beyond China Merchants Securities Co.,Ltd., several other major securities firms have undergone or are undergoing core management changes over the past year:
Huatai Securities completed board reelection in January 2026, with Party Secretary Wang Huiqing elected as chairman of the seventh board, while former chairman Zhang Wei stepped down after his term expired. Chief Executive Officer Zhou Yi retained his position.
At CITIC Securities, non-executive director Wang Shuhui resigned due to work changes in January 2026. Wu Yonggao was elected as new non-executive director in March. The company also appointed Sun Yi as executive member of the management committee in late 2025 to optimize management structure.
China Securities Co., Ltd. saw key personnel changes in early January 2026, with 39-year-old executive committee member Wu Chaoze appointed director of the institutional business committee, becoming one of the company's youngest senior executives. Chief economist Huang Wentao began acting as administrative head of the research development department.
Shenwan Hongyuan Securities completed executive promotions in April 2026, appointing veteran analyst Zhou Haichen, who has 20 years of industry experience and 13 first-place rankings in New Fortune Best Analysts awards, as vice president. Executive committee member, chief risk officer, and compliance director Li Xuefeng was also promoted to vice president.
As major securities firms including Huatai, CITIC, China Securities, Shenwan Hongyuan, and China Merchants Securities Co.,Ltd. complete their leadership transitions, the industry is undergoing significant renewal that may reshape future competitive dynamics.
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