On July 3rd, Minsheng Financial Leasing announced that Huang Hongri had applied to resign from his positions as non-executive director and chairman of the company due to work arrangements. On June 22nd, Minsheng Financial Leasing held its 2025 shareholders' meeting, electing Du Yunfei as an executive director and chairman of the company's fourth board of directors. Huang Hongri will continue to perform the duties of chairman until Du Yunfei's appointment is approved.
Previously, Du Yunfei served as the General Manager of the Corporate Business Department / Technology Finance Department at China Minsheng Banking Corp.,Ltd. (MINSHENG BANK) headquarters.
Further personnel changes have been learned. Kong Xiangge, President of Minsheng Financial Leasing, is set to step back from the front line. The candidate for the new president is the current head of China Minsheng Banking Corp.,Ltd. (MINSHENG BANK)'s Chongqing branch. Consequently, several top-level branch presidents at the bank are being adjusted simultaneously. Additionally, the headquarters Wealth Management Department / Private Banking Department is also set to welcome a new general manager.
New Leadership Expected for Financial Leasing Unit
Kong Xiangge, President of Minsheng Financial Leasing, is stepping back from a frontline role.
Born in 1969 and holding a Master of Business Administration, Kong Xiangge previously worked for 13 years at Industrial and Commercial Bank of China and 21 years at China Minsheng Banking Corp.,Ltd. (MINSHENG BANK). His roles included Section Chief in the Corporate Business Department of the Guangzhou Branch, Assistant to the President of Xincheng Sub-branch, Deputy President of Zhuhai Sub-branch, and General Manager of the E-Finance Department. He later served as Market Director and Vice President of the Metallurgical Finance Division at headquarters, and as Deputy President (acting President) and then President of the Dalian Branch. He was appointed Executive Director and President of Minsheng Financial Leasing in April 2021 and additionally became Chairman of Minsheng Aviation and Shipping Financial Leasing Co., Ltd. in April 2025.
Shi Pengfei, President of China Minsheng Banking Corp.,Ltd. (MINSHENG BANK)'s Chongqing Branch, is the proposed candidate for President of Minsheng Financial Leasing.
Shi Pengfei has long been deeply involved in branch operations, possessing cross-regional management experience. He previously served as Deputy President of the Nanjing Branch, became President of the Nanchang Branch in April 2017, and was transferred to lead the Chongqing Branch in 2023.
Minsheng Financial Leasing Co., Ltd. was established in April 2008. It is one of the first five bank-affiliated financial leasing companies in China, initiated and majority-controlled by China Minsheng Banking Corp.,Ltd. (MINSHENG BANK), with a registered capital of 5.095 billion yuan. China Minsheng Banking Corp.,Ltd. (MINSHENG BANK) holds a 54.96% stake.
Minsheng Financial Leasing primarily engages in financing and equipment leasing for vehicles, vessels, commercial aircraft, business jets, and large equipment. As of the end of 2025, its net assets were 24.038 billion yuan, with total assets of 174.097 billion yuan, a decrease of 4.59% year-on-year.
Performance growth has been sluggish, showing a slow declining trend for several consecutive years. Data shows that from 2022 to 2024, Minsheng Financial Leasing's operating revenue was 6.921 billion yuan, 6.844 billion yuan, and 6.227 billion yuan respectively, with net profits of 1.037 billion yuan, 796 million yuan, and 730 million yuan respectively. In 2025, it achieved operating revenue of 5.902 billion yuan, while its net profit was not disclosed.
Branch President Reshuffle
Tang Libin, President of the Xiamen Branch, is proposed to become President of the Chongqing Branch. He previously served as Deputy President of the Chengdu Branch and became President of the Xiamen Branch in October 2021.
Yang Yi, Deputy President of the Xi'an Branch, is proposed to become President of the Xiamen Branch. He previously served as Assistant to the President and Deputy President of the Wuhan Branch and was transferred to the Xi'an Branch in 2025.
On July 6th, the appointment of Sun Luning as Deputy President of China Minsheng Banking Corp.,Ltd. (MINSHENG BANK)'s Zhengzhou Branch was approved. He previously served as General Manager of the Corporate Business Department at the Zhengzhou Branch.
On June 30th, the appointment of Liu Kai as Deputy President of China Minsheng Banking Corp.,Ltd. (MINSHENG BANK)'s Suzhou Branch was approved. He previously served as President of the Nanjing Chengdong Sub-branch, and President of the Xuancheng and Ma'anshan Branches in Anhui.
Information on these top-level branches (from 2025 annual report):
As of the end of 2025, China Minsheng Banking Corp.,Ltd. (MINSHENG BANK) had established 41 top-level branches, 107 secondary branches (including branches in other locations), and 2,389 sub-branch outlets in mainland China.
Female Executive to Helm Wealth and Private Banking Division
Following Huang Jin's transfer to become General Manager of the headquarters Personal Finance Department, Liu Yimei, Deputy General Manager of the headquarters Wealth Management/Private Banking Department, is set to be promoted to General Manager of the department.
Liu Yimei joined China Minsheng Banking Corp.,Ltd. (MINSHENG BANK)'s Chengdu Branch after graduating from Southwestern University of Finance and Economics in July 2007, rising from the grassroots level. Her roles included Retail Account Manager, Sub-branch Sales Director, Assistant to Sub-branch President, and Deputy Sub-branch President. She became President of the Chengdu Tiexiangsi Sub-branch in November 2014, later serving as General Manager of the Chengdu Branch Private Banking Department before being transferred to the headquarters Wealth and Private Banking Department, giving her both frontline business experience and headquarters/branch management perspective.
Against the backdrop of low interest rates, banks urgently need to find new profit growth drivers. Wealth management and private banking businesses, which can contribute stable non-interest income, are seen as promising. China Minsheng Banking Corp.,Ltd. (MINSHENG BANK) adheres to retail banking as a long-term, foundational strategic business, continuously optimizing its personal customer management system and refining its tiered and segmented management systems and strategies.
As of the end of 2025, China Minsheng Banking Corp.,Ltd. (MINSHENG BANK) had 142.9713 million retail customers, an increase of 6.46% from the end of the previous year. Total assets under management for retail clients reached 3,283.848 billion yuan, an increase of 11.46% from the end of the previous year. Among these, private banking clients numbered 74,671, an increase of 12,568 or 20.24% from the end of the previous year. Total assets of private banking clients reached 1,027.788 billion yuan, entering the trillion-yuan private banking league, an increase of 161.819 billion yuan or 18.69% from the end of the previous year.
Private banking client assets accounted for 31.30% of total retail client assets, while private banking clients represented only 0.5% of the total retail customer base.
Retail business developed steadily in Q1 2026. By the end of March, China Minsheng Banking Corp.,Ltd. (MINSHENG BANK) had 144.9467 million retail customers, up 1.38% from the end of the previous year. Total assets under management for retail clients were 3,423.528 billion yuan, an increase of 139.680 billion yuan or 4.25% from the end of the previous year.
Leveraging its digital and integrated service system, the bank has achieved significant results in managing its wealth customer segment. In 2025, retail banking operating revenue increased by 3.14%, with wealth management-related fee income growing over 30%. In Q1 2026, wealth management-related fee income reached 1.659 billion yuan, an increase of 555 million yuan or 50.27% year-on-year.
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