Amid widespread salary compression and heightened compliance pressures across the financial sector, news of substantial pay increases for the core management of a leading securities firm has sent shockwaves through the industry.
According to the annual report and related market analysis released by Gf Securities Co.,Ltd. on April 3, 2026, the executive team at this mixed-ownership securities company achieved a significant rise in compensation for the 2025 fiscal year. Contrary to the market's general expectation of austerity measures, Gf Securities Co.,Ltd.'s core executives not only held their ground but also realized an average pay increase reaching seven figures per person. This development highlights the complex interplay between market-oriented mechanisms and strict industry regulation.
Executive compensation saw a collective surge. The most compelling evidence comes from the data. Gf Securities Co.,Ltd.'s disclosed 2025 annual report shows that the pre-tax remuneration of core executives, including Chairman Lin Chuanhui and General Manager Qin Li, rose substantially, with increases generally exceeding fifty percent.
As the leader of Gf Securities Co.,Ltd., Lin Chuanhui's total pre-tax compensation for 2025 reached 3.617 million yuan. This figure represents an increase of nearly 1.3 million yuan compared to the previous year, a jump of 55.84%. General Manager Qin Li's compensation was equally notable, with his 2025 pre-tax pay reaching 3.5688 million yuan, a sharp increase of 1.47 million yuan from the prior year, representing a rise of over 70%.
It is important to note that these pay raises were not isolated incidents but extended across Gf Securities Co.,Ltd.'s entire core management team. Executives including the Executive Vice President, the Chief Financial Officer, and several Vice Presidents all saw significant compensation growth to varying degrees, with some executives receiving increases exceeding two million yuan.
In an environment where salary reductions have become the norm in finance, why did Gf Securities Co.,Ltd. dare to buck the trend? The answer is closely tied to its unique corporate structure. Gf Securities Co.,Ltd. lacks a single controlling shareholder or ultimate controller in the traditional sense, featuring a typical mixed-ownership model. As of the end of December 2025, major shareholders such as Jilin Aodong, Liaoning Chengda, and Zhongshan Public Utility, along with their parties acting in concert, collectively hold the company's shares. This ownership structure allows for more market-driven operational decisions, freeing the company from the salary controls typically imposed on traditional state-owned enterprises.
Under this system, the link between executive pay and operational performance is tighter. Gf Securities Co.,Ltd. appears to be using this highly market-competitive compensation strategy to incentivize its core team to deliver results in a complex market environment. Even facing intense external regulatory pressure, the firm has chosen to retain and attract talent through market-based means, challenging the prevailing narrative of industry-wide pay cuts.
However, this impressive compensation list is not without its shadows. While enjoying high salaries, Gf Securities Co.,Ltd.'s management team also carries the weight of historical baggage and regulatory scrutiny. Current General Manager Qin Li and Vice President Ouyang Xi both received public censure and regulatory interviews from authorities in connection with the Kangmei Pharmaceutical financial fraud case. This historical blemish has led to ongoing external doubts about the internal governance and risk control capabilities of Gf Securities Co.,Ltd.. At a time when compliant operation is a regulatory priority, the fact that executives previously involved in a major fraud case are now receiving million-yuan pay raises undoubtedly intensifies public debate about the alignment of incentive mechanisms with risk accountability within securities firms.
This round of salary increases at Gf Securities Co.,Ltd. is more than just a numbers game; it represents a sharp clash between market-oriented reform and compliance/risk control. In the absence of an absolute controlling shareholder, whether this compensation strategy proves to be a tonic for revitalizing the enterprise or a factor exacerbating potential risks remains to be seen through future market performance and the test of time.
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