Following changes at Minsheng Wealth Management, another subsidiary of Minsheng Bank is set for a leadership transition. Huang Hongri, a Vice President of Minsheng Bank, will no longer serve as the concurrent Chairman of Minsheng Financial Leasing Co., Ltd. (Minsheng Leasing). The new candidate for Chairman is also a department head from the bank's headquarters. According to Qichacha records, as of March 31, 2026, the legal representative of Minsheng Leasing was changed from Huang Hongri to its President, Kong Xiangge.
Du Yunfei, General Manager of the Corporate Banking Department / Technology Finance Department at Minsheng Bank's headquarters, is slated to become the Chairman of Minsheng Leasing. Du Yunfei is a management executive who advanced from the bank's grassroots levels. His previous roles include Sales Director for Minsheng Bank's South China Region, Market Director for the Trade Finance Division, Vice President of the Trade Finance Department (acting head), Head of the Transaction Banking Department at headquarters, and CEO of the Hong Kong Branch. He returned to the headquarters in 2025.
Xiao Peng, General Manager of the Institutional Business Department at headquarters, is proposed to take over as General Manager of the Corporate Banking Department / Technology Finance Department. Xiao Peng previously served as President of Minsheng Bank's Linyi Branch, became President of the Xining Branch in August 2018, served as President of the Zhengzhou Branch in 2020, and was transferred to the headquarters at the end of 2024.
Minsheng Financial Leasing Co., Ltd. was established and is majority-controlled by China Minsheng Bank. It is one of the first five bank-affiliated financial leasing companies in China, alongside ICBC Leasing, CCB Leasing, BOCOM Leasing, and CMB Leasing. Its current registered capital is 5.095 billion yuan, with Minsheng Bank holding a 54.96% stake. The company primarily engages in financing leases for vehicles, vessels, commercial aircraft, business jets, large equipment, and operates a普惠 leasing (inclusive leasing) business for equipment.
Over its 18-year history, Minsheng Leasing's management has been relatively stable, having four Chairmen and three Presidents. The company received approval to commence operations from the former China Banking Regulatory Commission on March 26, 2008. Its first Chairman was Kong Linshan and its first President was Zhou Wei, both veterans of Minsheng Bank. In April 2016, Zhou Wei was promoted to Chairman, and Wan Xiaofang became President. In April 2021, Kong Xiangge, former President of Minsheng Bank's Dalian Branch, was appointed President of Minsheng Leasing, a position he holds currently.
In October 2022, Yuan Guijun, then Vice President of Minsheng Bank, concurrently assumed the role of Chairman of Minsheng Leasing. In December 2024, Yuan Guijun resigned upon reaching retirement age. Minsheng Leasing elected Huang Hongri as Chairman, and his appointment was approved in January 2025, lasting until this recent adjustment. Huang Hongri currently holds the positions of Party Committee Member, Vice President, and Chief Compliance Officer (pending approval) of Minsheng Bank.
Previously, the role of Party Secretary at Minsheng Leasing was held by President Kong Xiangge. It is reported that Du Yunfei has now assumed the position of Party Secretary, while Kong Xiangge's role has been adjusted to President and Deputy Party Secretary.
According to the company's website, the senior management team of Minsheng Leasing also includes four Vice Presidents: Lin Xiaojun, Ding Mingwu (concurrently Chief Risk Officer), Li Zengxin (concurrently Trade Union Chair), and Wang Xinping, as well as Assistant President Deng Yi. All are from Minsheng Bank. Four of these executives were born after 1975, with the youngest, Li Zengxin (born 1979), formally assuming his position this January.
According to Minsheng Bank's annual report, in 2025, Minsheng Leasing adhered to its strategic direction and business focus on "genuine leasing," accelerated reform and transformation, and strived to stabilize scale, optimize structure, control risks, and increase profits. Key operational and management indicators generally maintained a stable development trend. The company completed leasing business disbursements of 60.792 billion yuan for the full year, with普惠金融 (inclusive finance) business accounting for 22.31% of new disbursements.
Although Minsheng Leasing remains in the industry's first tier in terms of scale and revenue, it has shown a contraction trend in recent years, lagging behind its peers. As of the end of 2025, Minsheng Leasing's net assets were 24.038 billion yuan, and its total assets stood at 174.097 billion yuan, a decrease of 8.382 billion yuan from 2024, down 4.59% year-on-year. This marks the second consecutive year of declining asset scale. In 2025, Minsheng Leasing reported operating revenue of 5.902 billion yuan; full-year net profit was not disclosed.
Data from Minsheng Leasing's 2025 rating report shows that from 2022 to 2024, the company's operating revenue was 6.921 billion yuan, 6.844 billion yuan, and 6.227 billion yuan, respectively, while net profit was 1.037 billion yuan, 796 million yuan, and 730 million yuan, respectively, indicating a gradual overall decline in performance.
Notably, Minsheng Leasing's cost-to-income ratio has increased consecutively, reaching 16.75%, 27.9%, and 36.08% from 2022 to 2024. The report attributes this mainly to increased auxiliary project management fee expenditures, compounded by the impact of declining operating revenue.
Furthermore, the judicial auction of Minsheng Leasing's equity has faced repeated complications. In 2025 alone, four batches of equity, each valued at over 100 million yuan, were listed for auction, involving a combined total of approximately 27.91% of the company's equity.
For Minsheng Leasing, key challenges facing core management remain: how to achieve scale stabilization, ensure equity stability, enhance profitability, and optimize the cost structure.
Recently, several bank-affiliated leasing companies have seen changes in their Chairmen or Presidents. On April 1, the appointment of Liu Jing as Chairman of Bank of Lanzhou's leasing unit was approved. On March 20, ABC Leasing announced the resignation of President Liu Peng. On March 18, CDB Leasing's President Jin Tao resigned due to work adjustments. On March 12, Si Bin was appointed President of Industrial Leasing. On March 3, the appointment of Lei Caihua as Chairman of CMB Leasing was approved. It has also been learned that the Chairman of a leasing company affiliated with a major state-owned bank is also set for adjustment.
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