Another round of executive swaps has occurred between CICC and China Galaxy Securities. On March 30th, the two brokerages, both under the "Huijin" umbrella, simultaneously announced senior management changes. CICC welcomed two new members to its management committee, both with backgrounds at China Galaxy Securities. Meanwhile, Galaxy Securities filled two vice president positions with female executives hailing from CICC and its shareholder, China Investment Corporation (CIC).
This marks a new chapter in the ongoing executive exchange. Specifically, CICC appointed Liang Shipeng and Guo Jimin as members of its management committee. Notably, Liang Shipeng also assumed the role of Chief Compliance Officer, succeeding Zhou Jiaxing. Both new executives previously held positions at China Galaxy Securities, which is also part of the "Huijin" system. Liang Shipeng was formerly a member of the Executive Committee, Chief Compliance Officer, and Chief Risk Officer at Galaxy Securities, with prior experience as Deputy Director of the Tibet Securities Regulatory Bureau and Director of the Qinghai Securities Regulatory Bureau. Guo Jimin previously served as General Manager of the FICC Business Department at Galaxy Securities, bringing years of deep expertise in bond markets, investment research, and business management. Liang Shipeng and Guo Jimin had already been appointed as members of the CICC Party Committee starting December 2025 and February 2026, respectively.
Concurrently, China Galaxy Securities announced Liang Shipeng's resignation from his positions as Executive Committee member, Chief Compliance Officer, and Chief Risk Officer. The firm also announced the appointment of two new female vice presidents. Guo Chen joined from CIC, while Sun Jing came from CICC. Guo Chen was appointed Vice President, Executive Committee member, and Chief Risk Officer at China Galaxy Securities. Her career includes early roles at Central Huijin and key risk management positions at CIC since 2007, before joining Galaxy Securities in December 2025. Sun Jing was appointed Vice President and Executive Committee member. She joined CICC in August 2004, accumulating over 21 years of experience there, including a tenure as General Manager of CICC Fund Management, with extensive experience across various business lines, primarily in asset management.
This pattern of "two-way flow" of talent has historical precedent. Looking back, in July 2022, Wang Sheng, then head of the investment banking department at CICC, moved to China Galaxy Securities as President, initiating a cross-company appointment. In October 2023, Chen Liang, then Chairman of China Galaxy Securities, was transferred to become Party Secretary and Chairman of CICC. Wang Sheng, having served at Galaxy for over a year, subsequently assumed the Chairman role. This completed a swap of the top leaders at the two leading brokerages. Around the same period, Du Pengfei, former Business Director and Board Secretary of China Galaxy Securities, was transferred to CICC as a Party Committee member and Management Committee member. In November 2025, following business registration changes, Du Pengfei officially became Chairman of CICC Capital Operation Co., Ltd.
In early 2024, Ma Qinghai, a veteran with 16 years of investment banking experience at CICC, joined China Galaxy Securities as Executive Director of the Investment Banking Committee, overseeing equity businesses. He had led or participated in several major projects, including the A+H share IPO of China South Locomotive, the merger of CNR and CSR, the backdoor listing of YTO Express via Dayang Creat, and the A-share IPO of Shaanxi Coal Industry.
From chairmen and presidents to compliance chiefs and business department heads, the talent exchange between the two firms spans decision-making levels, risk control, investment banking, asset management, and fixed income. The root of these personnel adjustments lies in their shared ownership structure; both CICC and China Galaxy Securities are core brokerages under Central Huijin, which is wholly owned by CIC. Despite frequent personnel interactions, their strategic positioning is becoming increasingly distinct. Within the "Huijin" brokerage landscape, CICC is known for its strength in investment banking and cross-border business, further solidifying its leading position through mergers and integration. China Galaxy Securities, grounded in retail brokerage and channel coverage, is accelerating its transformation towards wealth management and institutional business, pursuing a differentiated international strategy.
The market widely anticipates that as CICC's mergers with Dongxing Securities and Cinda Securities progress, the "new CICC" and China Galaxy Securities will become the two core brokerage platforms under CIC in Beijing, potentially making talent flow between them even more routine.
Beyond personnel changes, the operating performance of these two leading "Huijin" brokerages is also under scrutiny as annual reports are released. On the evening of March 30th, both CICC and China Galaxy Securities reported their 2025 financial results, showing impressive performance. CICC achieved operating revenue of 284.81 billion yuan, a year-on-year increase of 33.50%. Its net profit attributable to parent company shareholders reached 97.91 billion yuan, surging 71.93% year-on-year, with total assets exceeding 7.8 trillion yuan.
China Galaxy Securities reported operating revenue of 283.02 billion yuan for 2025, up 24.34% year-on-year. Its net profit attributable to parent company shareholders was 125.2 billion yuan, an increase of 24.81%, marking the highest level since the company's establishment. Its total assets rose to over 8.55 trillion yuan.
In terms of specific business segments, CICC consolidated its investment banking advantages, ranking first in several areas including global IPO fundraising scale for Chinese enterprises, Hong Kong IPO underwriting scale, underwriting scale of Chinese offshore bonds, and transaction value in China's M&A market. It also maintained leading positions in asset management, private equity, and wealth management. Notably, CICC's overseas revenue grew 58% year-on-year in 2025, accounting for nearly 30% of total revenue. Last year, CICC officially established a branch in the Dubai International Financial Centre, becoming the first Chinese brokerage to set up a licensed branch in the Gulf region.
For China Galaxy Securities, wealth management remained its primary revenue source, generating operating revenue of 134.72 billion yuan, a 28.36% increase year-on-year. As of the end of 2025, the number of brokerage clients exceeded 19.3 million, up 11.56% year-on-year. The scale of financial products under custody reached 2519.48 billion yuan, growing 19.3% from the end of the previous year. Notably, the institutional business division established in 2023 showed explosive growth in 2025, contributing revenue of 17.4 billion yuan, a staggering increase of 508.20% year-on-year.
Comments