On March 20, Postal Savings Bank Of China Co.,Ltd. (PSBC) announced that it had received approval from the National Financial Regulatory Administration to officially open Zhongyou Financial Asset Investment Co., Ltd. (Zhongyou Investment). The new subsidiary, with a registered capital of RMB 10 billion, is based in Beijing.
The core leadership team for Zhongyou Investment, including the Chairman, General Manager, and Discipline Inspection Secretary, has been confirmed. Concurrently, PSBC has promoted several senior executives to the position of Vice President at its first-tier branches, as summarized below.
**Branch Executive Promotions**
Liu Jingyuan, previously President of the Beijing Dongcheng District Sub-branch, has been promoted to Vice President of the Beijing Branch. Succeeding him, Liu Jin, former President of the Haidian Sub-branch, has taken over as President of the Dongcheng Sub-branch. Qu Ying, from the Beijing Branch's Credit Approval Department, has been appointed President of the Haidian Sub-branch.
Liu Jingyuan's career at PSBC includes roles as Vice President (acting in charge) and later President of the Beijing Mentougou District Sub-branch. He assumed the position of President of the Beijing Dongcheng District Sub-branch in April 2021. Recently, he has been operating in the capacity of Vice President of the Beijing Branch, visiting China Postal Airlines to discuss cooperation in key areas such as credit financing and asset revitalization.
Ye Songqing, formerly President of the Taizhou Branch, has been appointed as a member of the Party Committee of the Shanghai Branch.
Ye Songqing has extensive experience within the PSBC system in Zhejiang Province. His previous roles include Assistant President of the Wenzhou Branch, Deputy General Manager of the Credit Department at the Zhejiang Provincial Branch, Vice President of the Wenzhou Branch, and President of the Huzhou Branch from February 2021. He was transferred to the position of President of the Taizhou Branch at the end of 2023.
On March 3, Jiang Guosheng received approval for his qualification to serve as Vice President of the Anhui Provincial Branch. His career path includes positions as General Manager Assistant of the Credit Department at the Anhui Provincial Branch, President of the Bozhou Branch, and General Manager of the Corporate Finance Department at the Anhui Provincial Branch. He was appointed as a member of the Party Committee of the Anhui Provincial Branch at the end of 2025.
The career histories of these three promoted executives indicate they have advanced from grassroots positions and possess substantial management experience within the bank's branch network.
In its annual report, PSBC outlined its approach to talent development, emphasizing a focus on supporting business operations and serving strategic objectives. The bank is committed to continuously optimizing its overall talent structure, stimulating employee potential and motivation, and ensuring that staffing levels and talent allocation effectively support the bank's transformational development needs. Initiatives include optimizing training paths for younger executives, implementing two-way assignments for managers between the head office and branches, and establishing dynamic mechanisms for personnel appointment, talent mobility, and the growth of young cadres, thereby providing ample opportunities for promising young executives to gain diverse experience.
**The Ninth Bank-affiliated AIC**
With the formal establishment of Zhongyou Investment, the number of bank-affiliated financial asset investment companies (AICs) has expanded to nine. All six major state-owned commercial banks now hold AIC licenses, with the remaining three held by Industrial Bank, China Merchants Bank, and China CITIC Bank.
Corporate information indicates that Zhongyou Investment has seven primary members, all of whom are from PSBC.
Du Chunye serves as the Legal Representative and Chairman, while Zhu Yuanrong is a Director and the General Manager. The four other Directors are all department heads from PSBC's head office: Peng Zuogang, General Manager of the Credit Approval Department; Ge Xiaoli, General Manager of the Human Resources Department; Zhou Qiong, General Manager of the Investment Banking Department; and Deng Ping, General Manager of the Financial Accounting Department. Lu Jichao, Head of the Equity Financing Office within the Head Office's Investment Banking Department, serves as the Financial Controller.
Additionally, Li Ying, Deputy Director of PSBC's Discipline Inspection Office, has been appointed as the Discipline Inspection Secretary of Zhongyou Investment.
Du Chunye, who is also a Vice President and the Board Secretary of PSBC, holds the concurrent position of Chairman of Zhongyou Investment. Du holds a Master's degree in Business Administration from Beijing University of Posts and Telecommunications and is a Senior Economist. His career includes roles such as Deputy Manager and Manager of the General Manager's Office at China Post Group, General Manager of the Office at PSBC, Vice President of the Beijing Branch, President of the Shenzhen Branch, and President of the Beijing Branch. He was appointed Joint Company Secretary of PSBC in March 2017, Board Secretary in April 2017, and has served as a Vice President since July 2020. Du oversees PSBC's corporate finance business and has led the development of the "1+N" corporate finance operating system. During last year's interim results briefing, he explained the overall strategic plan for the new AIC subsidiary, outlining the goal to build "four major platforms": an innovative platform for investment-loan linkage, a long-term capital platform for technological innovation, a debt-to-equity swap platform for structural reform, and an equity investment management platform.
Zhu Yuanrong, General Manager of the Strategic Development Department at PSBC's head office, concurrently serves as the General Manager of Zhongyou Investment. His previous roles include General Manager of the International Business Department/Trade Finance Department, General Manager of the Transaction Banking Department, and General Manager of the Asset Management Department at PSBC's head office.
On March 20, PSBC held the "Zhongyou Investment Service Technology Innovation Launch Conference." Attendees included Liu Aili, Chairman of China Post Group, and Zheng Guoyu, General Manager of the group. The event was presided over by Lu Wei, the newly appointed President of PSBC.
During the launch conference, Zhongyou Investment signed business cooperation framework agreements with 14 entities in sectors including integrated circuits, clean energy, advanced manufacturing, and industrial investment.
PSBC stated that Zhongyou Investment will accelerate the establishment of an integrated comprehensive financial service ecosystem encompassing "equity, loans, bonds, and investments." It will actively conduct market-oriented debt-to-equity swap business and, guided by the mission of "investing early, investing small, investing long-term, and investing in hard technology," aims to empower the tiered cultivation of technology enterprises and support the high-quality development of traditional industries, emerging industries, and future industries.
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