Zhu Jiangtao assumed the role of acting chairman of China Merchants Securities on May 8 and was formally elected as chairman on May 26, a span of 18 days.
During this period, Zhu remained actively engaged. On May 13, he attended and delivered a speech at the Advanced Manufacturing Industry Development Forum and the establishment ceremony of the Xugong Zhiyuan Fund, co-organized by China Merchants Securities and Xugong Group.
Also present at the event was Liu Rui, Vice President of China Merchants Securities and a director of China Merchants Zhiyuan Capital. China Merchants Zhiyuan Capital is the firm's wholly-owned private equity fund management arm, with cumulative assets under management exceeding 52 billion yuan.
The successful launch of two strategic new industry funds under Xugong Zhiyuan, with a combined scale of 2 billion yuan, represents a significant achievement in deepening central-local cooperation and integrating industry with finance, involving Guosheng Group, provincial high-tech investment groups, China Merchants Securities, Xugong Group, and Xuzhou's economic development zones.
China Merchants Securities places great importance on this collaboration.
As the new leader, Zhu Jiangtao is under pressure to deliver results. Born in the 1970s, Zhu possesses notable capability and decisiveness.
A veteran of China Merchants Bank, he progressed through roles including branch manager, head of branch risk control, deputy branch manager, and branch manager, eventually rising to become the bank's Chief Risk Officer and Vice President.
During his tenure as Vice President at China Merchants Bank, Zhu's annual compensation once exceeded 5 million yuan.
Beyond his reputation as a risk management expert, Zhu is also skilled in business development. During his time at China Merchants Bank, he emphasized cooperation between government, banking, and enterprises, conducting visits and research in cities like Jingdezhen and Jiujiang, as well as with companies such as Tongwei Group.
His public communications often focused on digital finance, technology finance, and green finance.
Zhu made a cross-industry move to China Merchants Securities in June 2025, assuming the role of President. He was promoted to Chairman just one year later, a rapid ascent.
Financial reports show that in 2025, Zhu's annual salary was 1.371 million yuan.
His appointment as the top leader is seen as part of China Merchants Securities' strategy to comprehensively deepen external coordination with entities like China Merchants Group and China Merchants Bank. Ultimately, this aims to better expand business and enhance profitability.
In terms of 2025 performance, China Merchants Securities achieved operating revenue of 24.97 billion yuan, a year-on-year increase of 20%. Total profit reached 14.08 billion yuan, with net profit at 12.32 billion yuan, up 25% and 19% year-on-year respectively, both setting new historical highs.
Entering the first quarter of 2026, the company reported revenue of 6.973 billion yuan, a 47.96% increase year-on-year, and net profit attributable to shareholders of 3.271 billion yuan, up 41.73% year-on-year, indicating an acceleration in performance growth.
Maintaining this high growth trajectory presents a challenge for the new chairman. Market expectations for Zhu Jiangtao are high.
Bank of America Securities published a research report upgrading its rating on China Merchants Securities from "Underperform" by two notches to "Buy." This reflects the potential for profit upside from increased A-share trading activity and potential investment gains related to IPOs in the second through fourth quarters.
The bank raised its target price for the company's H-shares from HK$15.3 to HK$16.6. It views recent management changes and news regarding ChangXin Memory Technologies' IPO as short-term catalysts. Additionally, the slowdown in capital outflows from "national team" investors since the end of the first quarter is also expected to support share price appreciation.
The IPO prospectus and public information for tech leader ChangXin Memory Technologies show that at least seven brokerages hold direct or indirect stakes, with China Merchants Securities being one of them.
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