Senior "Investment Banking Veteran" temporarily bids farewell to "Top Brokerage", Ma Yao, a member of the board of directors of CITIC Securities, resigns and takes up a new position

Another senior securities industry professional has new developments.

CITIC Securities recently announced: The Board of Directors of the company received a written resignation report from the Executive Committee member, Ma Yao, on September 13th. Due to work adjustments, Ma Yao applied to resign from the Executive Committee of the company and other positions in the company.

Ma Yao officially served as an Executive Committee member of CITIC Securities (formerly known as a member of the Executive Committee, equivalent to a senior executive of the company) since November 28, 2017.

CITIC Securities also stated in the announcement that during his tenure, Ma Yao was diligent, responsible, and honest in performing his duties; the company and the Board of Directors sincerely thanked Ma Yao for his contributions to the company and look forward to his continued attention and support for the company's development.

This final statement, to some extent, corresponds to industry rumors that Ma Yao may be heading to a position at CITIC Group.

Resignation Announcement Reveals Information

CITIC Securities' executive change announcement emphasized that Ma Yao applied to resign from the Executive Committee and other positions in the company due to "work adjustments."

This indicates two points: firstly, after Ma Yao resigns, he will no longer be within the CITIC Securities system, so he has resigned from all positions within the company. Secondly, his next work arrangement is likely to remain within the CITIC Group system; otherwise, it would be difficult to use "work adjustments" as a reason for resignation.

The announcement further revealed that the resignation takes effect when the resignation report is delivered to the Board of Directors. That is, as of September 13, 2024, Mr. Ma Yao will no longer serve as an Executive Committee member of the company and in other positions within the company.

Acknowledgement to Ma Yao in the Announcement

CITIC Securities also expressed gratitude to Ma Yao in the announcement, specifically stating:

Firstly, during his tenure (as an Executive Committee member), Mr. Ma Yao was diligent, responsible, and honest in performing his duties.

Secondly, the company and the Board of Directors sincerely thank Mr. Ma Yao for his contributions to the company and look forward to his continued attention and support for the company's development.

Thirdly, Mr. Ma Yao confirmed that he has no disagreements with the company and there are no matters related to his resignation that need to be brought to the attention of the company's shareholders and creditors.

The announcement also disclosed Ma Yao's current shareholding, which is 23,000 shares of A-shares of CITIC Securities.

26 Years at CITIC Securities

It is noted that Ma Yao is a veteran employee of CITIC Securities.

CITIC Securities was established in 1995, and three years later in 1998, Ma Yao joined the company.

Moreover, he is evidently a "jack of all trades."

After joining CITIC Securities, Ma Yao has held various positions within the company, including Deputy General Manager of Risk Control Department, Deputy General Manager of Bond Sales and Trading Department, Deputy General Manager of Trading Department, Head of Capital Markets Department, Head of Financial Industry Group, and Member of the Investment Banking Management Committee.

His resume shows that Ma Yao has long been engaged in core investment banking business within CITIC Securities, demonstrating outstanding abilities and adaptability.

Engineering + Finance Background

In fact, Ma Yao has a typical finance professional educational background - engineering + finance.

Information shows that he obtained a Bachelor's degree in Automatic Control from Xi'an Jiaotong University in 1994, a Master's degree in Monetary Banking from the Graduate School of the People's Bank of China in 1998.

In 2012, Ma Yao obtained a Ph.D. in International Finance from the Graduate School of the People's Bank of China

Executive Committee in Charge of Investment Banking Business

Before submitting his resignation, Ma Yao served as an executive committee member (senior executive) and director of the Investment Banking Management Committee.

In other words, he was not only a core member of the company's senior management, but also the leader in driving CITIC Securities' core investment banking business.

Additionally, Ma Yao also served as a director of CITIC CLSA Securities and CITIC Securities (Hong Kong) Limited. Both of these subsidiaries are important platforms for CITIC Securities' overseas business, focusing mainly on investment banking.

According to the 2023 annual report, Ma Yao's annual salary was 5.46 million RMB, a decrease of approximately 500,000 RMB compared to the previous year.

Multiple Appearances Throughout the Year

It was noted that a few days before this announcement was made, Ma Yao made public statements about the developments of CITIC Securities' business on the Beijing Stock Exchange. CITIC Securities will take multiple measures to continuously increase the number of investors on the Beijing Stock Exchange, enrich the investment education column content, help investors further understand policies and rules, guide rational investment. China Securities will continue to enhance the market-making participation on the Beijing Stock Exchange, expand the market-making scale, and improve the market-making pricing strategy on the Beijing Stock Exchange.

In March 2024, Ma Yao stated at a CFO salon conference that by comparing the long-term trends and data of the domestic capital market with the U.S. capital market, with further reform and opening up, the development of the Chinese capital market will catch up with the development of the Chinese economy.

In April 2024, Ma Yao visited Hainan Rural Credit Union for inspection and stated that CITIC Securities will fully leverage its professional advantages in investment banking to further deepen cooperation with Hainan Rural Credit Union in market research, bond issuance, asset allocation, and other areas.

In May 2024, he visited Jiangsu Provincial State Gold Group for business exchanges.

In June 2024, he visited China Resources Asset for business exchanges, the latter specializing in the acquisition and disposal of non-performing assets and the restructuring of troubled companies