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The public profile of Guotai Haitong Securities Co., Ltd. Chairman Zhu Jian has been notably higher recently than that of Citic Securities Company Limited Chairman Zhang Youjun.
Last month, Zhu addressed the 2026 Mid-Year Strategy Meeting of Guotai Haitong Securities Co., Ltd., emphasizing the industry's role in serving national economic development and facilitating capital circulation.
In contrast, Zhang Youjun's public engagements have been largely confined to chairing board and shareholder meetings, with limited other appearances.
As leaders of China's top securities firms, both executives are under constant market scrutiny.
Both are graduates of prestigious universities: Zhang holds a bachelor's in economics from Renmin University and a master's from the Central University of Finance and Economics, while Zhu earned a master's in law from Fudan University.
Their professional backgrounds and career paths have diverged significantly.
Zhang Youjun, 61, joined Citic Securities Company Limited at its founding in 1995, serving in roles including Head of Trading and Deputy General Manager, making him a founding veteran. He has been Chairman since January 2016, completing a decade at the helm.
Zhu Jian, 55, previously worked for a regulatory body before joining Guotai Haitong Securities Co., Ltd. as Vice President in 2016. He later served as President of Bank of Shanghai from October 2020 before returning to Guotai Haitong Securities Co., Ltd. as Chairman in December 2023.
The merger of Guotai Junan and Haitong Securities was finalized in March 2025, forming Guotai Haitong Securities Co., Ltd., with Zhu Jian appointed as its Chairman.
Despite different journeys, both Zhang and Zhu now lead major brokerage firms.
In 2025, Zhang Youjun received an annual salary of 2.3034 million yuan from Citic Securities Company Limited, while Zhu Jian's total pre-tax compensation from Guotai Haitong Securities Co., Ltd. was 909,500 yuan—a difference exceeding one million yuan.
Both leaders face distinct strategic challenges.
Citic Securities Company Limited must defend its position as the industry leader, while Guotai Haitong Securities Co., Ltd. aims to fully realize the benefits of its recent merger.
The two firms are locked in a competitive race.
Recent performance forecasts indicate that for the first half of 2026, Citic Securities Company Limited expects net profit attributable to shareholders of 23.343 billion yuan, a year-on-year increase of 70.15%, with adjusted net profit of 23.610 billion yuan, up 73.97%.
For the same period, Guotai Haitong Securities Co., Ltd. forecasts net profit attributable to shareholders between 20.003 billion and 20.511 billion yuan, an increase of 27% to 30%, and adjusted net profit between 19.249 billion and 19.757 billion yuan, surging 164% to 171%.
As Guotai Haitong Securities Co., Ltd.'s H1 2025 net profit included a significant one-time gain from negative goodwill related to the merger, its underlying operational performance is better reflected by the adjusted net profit figure.
In H1 2026, Citic Securities Company Limited's adjusted net profit exceeded that of Guotai Haitong Securities Co., Ltd. by 3.853 to 4.361 billion yuan.
For comparison, in Q1 2026, the adjusted net profits were 10.203 billion yuan for Citic Securities Company Limited and 5.711 billion yuan for Guotai Haitong Securities Co., Ltd., a gap of 4.492 billion yuan.
This suggests Guotai Haitong Securities Co., Ltd. is gradually closing the profitability gap with its rival.
Furthermore, the growth rate of Guotai Haitong Securities Co., Ltd.'s adjusted net profit is higher, indicating stronger momentum.
Citic Securities Company Limited may need to be vigilant.
Indeed, in the first half of 2025, following its merger, Guotai Haitong Securities Co., Ltd. briefly surpassed Citic Securities Company Limited in net profit, claiming the top spot.
This marked the first time in eight consecutive years that Citic Securities Company Limited was dethroned from the number one position.
Citic Securities Company Limited subsequently rallied to regain its leading status in net profit.
However, it has not reclaimed the top position in terms of total assets.
Guotai Haitong Securities Co., Ltd. still holds the industry's largest asset base.
Comparing 2025 figures, Citic Securities Company Limited reported total assets of 20.8 trillion yuan, while Guotai Haitong Securities Co., Ltd. reported approximately 21.1 trillion yuan—a difference of 32.4 billion yuan.
Citic Securities Company Limited is actively working to narrow this gap.
As of the end of Q1 2026, Citic Securities Company Limited's total assets reached about 22.4 trillion yuan, up 7.82% from the previous year-end, while Guotai Haitong Securities Co., Ltd.'s assets totaled 22.6 trillion yuan, a 6.88% increase. The gap has narrowed to roughly 15 billion yuan.
As a full-service leader, Citic Securities Company Limited excels across investment banking, asset management, proprietary trading, and institutional wealth, contributing to its faster balance sheet expansion.
Conversely, Guotai Haitong Securities Co., Ltd. benefits from robust retail and margin lending growth alongside steady client asset increases, giving it competitive advantages in business expansion.
The race between these two brokerage giants continues, with the total asset gap for the first half of 2026 yet to be fully disclosed.
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