China Merchants Bank Co., Ltd. (SHA: 600036) is presenting a new face to the market in Shenzhen. In June, Wang Xiaoqing took the helm as the new leader, and in July, the bank's new headquarters building officially began operations. The headquarters tower, located in the Shenzhen Bay Super Headquarters Base, has been renamed the "CMB Global Financial Center."
The main tower stands 388 meters tall, with a total construction area of 480,000 square meters. It is designed to house 14,000 employees and will integrate core functions including fintech R&D, cross-border investment and financing, and wealth management.
Alongside the inauguration of the new headquarters, China Merchants Bank Co., Ltd. (SHA: 600036) has implemented a series of adjustments in Shenzhen. On June 23, the Shenzhen branch announced that the General Office of the Head Office Building would temporarily suspend operations due to relocation, resuming business at the new address on July 6. This new location is the site of the new headquarters.
Business from the original address of the General Office will be taken over by the Shenzhen Xiangmihu Sub-branch. This sub-branch was established by relocating and renaming the former Tairan Sub-branch. At the end of June, regulators approved the name change of China Merchants Bank Co., Ltd. (SHA: 600036)'s Shenzhen Tairan Sub-branch to the Shenzhen Xiangmihu Sub-branch.
The adjustments are closely linked. With the relocation, the Shenzhen Head Office Building General Office was officially renamed the "Shenzhen Shenwan Center Sub-branch." This means China Merchants Bank Co., Ltd. (SHA: 600036) no longer operates a "General Office of the Head Office Building," indicating a clear trend toward a flatter branch structure. The Head Office General Office was established in 1999 as a direct subsidiary of the headquarters, holding an administrative rank equal to the Shenzhen branch. However, in 2021, it was placed under the jurisdiction of the Shenzhen branch and renamed the Shenzhen Head Office Building General Office. The current dissolution of this office is a logical progression.
For the Shenzhen branch, the focus will return to its core business operations, such as strengthening customer service capabilities, strictly controlling operational risks, and improving asset quality. The head of the Shenzhen branch, Wang Xinghai, is well aware of this. Wang holds a Bachelor's degree in Economics in International Business Management from the Capital University of Economics and Business. He joined CM BANK (HKG: 03968) in July 1999 and has held various roles, including Deputy General Manager of the Beijing branch, General Manager of the Head Office's Institutional Client Department and Pension Finance Department, and Deputy General Manager of the Shenzhen branch. In January 2025, Wang was promoted to General Manager of the Shenzhen branch, a position he has held for over a year.
It is known that China Merchants Bank Co., Ltd. (SHA: 600036) typically promotes assistant presidents from its "special-grade" internal branches. At the end of 2025, both the Beijing branch head, Cui Jiakun, and the Shenzhen branch head, Wang Xinghai, were appointed as members of the Head Office's Party Committee and Assistant Presidents. As two major branches within the bank, the Beijing and Shenzhen branches have been advancing side-by-side. In 2025, both branches had total assets exceeding 600 billion yuan.
However, the Shenzhen branch faces greater pressure compared to the Beijing branch. In 2024, the Beijing branch surpassed the Shenzhen branch in asset size by 3.1 billion yuan, becoming the largest branch in the CM BANK (HKG: 03968) system. Entering 2025, the asset gap widened to over 10 billion yuan. Specifically, as of the end of 2025, the Shenzhen branch had 117 outlets and total assets of 602.267 billion yuan, a 7.4% increase from the end of the previous year. Meanwhile, the Beijing branch had 134 outlets and total assets of 612.616 billion yuan, an 8.65% year-on-year increase.
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