The general manager of the largest brokerage in mainland China has been "confirmed," and the "veteran of the brokerage industry," Zou Yingguang, has been appointed

On November 6th, CITIC Securities announced that, with the approval of the company's board of directors, it has decided to appoint Zou Yingguang as the company's general manager.

The announcement further disclosed that the company's executive director and chairman, Zhang Youjun, will no longer perform the duties of the general manager.

The announcement also pointed out that in the future, a proposal will be made to the shareholders' meeting to elect Mr. Zou Yingguang as the company's executive director, which will take effect after the shareholders' meeting election and will last until the end of the eighth board of directors' term.

The announcement indicated that as of the announcement date, Zou Yingguang does not hold any shares in CITIC Securities.

Who is Zou Yingguang?

Public information shows that Zou Yingguang was born in December 1970 and is 53 years old this year, in the prime of his career.

Zou Yingguang has a rich work history, with dual educational backgrounds and professional experience in medicine and finance.

He obtained a bachelor's degree in clinical medicine from Capital Medical University in 1994 and worked as a surgeon at Xuanwu Hospital of Capital Medical University in his early years.

In 2000, Zou Yingguang obtained a master's degree in economics with a specialization in monetary banking from Central University of Finance and Economics, and then entered the securities industry. He successively served as the business manager of the Beijing Securities Business Department of Hainan Huayin International Trust Investment Company, the manager of the institutional client department at Huaxia Securities Haidian South Road Business Department, and later as a senior business director in the bond business department.

In 2005, after CITIC Securities was approved for establishment, Zou Yingguang served as the assistant general manager of the bond business department, administrative head of the fixed income department, and a member of the executive committee at CITIC Securities.

In 2017, Zou Yingguang joined CITIC Securities, serving as the administrative head of the fixed income department, an executive committee member, and a member of the party committee.

In October 2023, Zou Yingguang rejoined CITIC Securities, subsequently serving as a member of the party committee, executive director, executive committee member, and financial head.

In November 2024, Zou Yingguang was appointed general manager of CITIC Securities.

Departure from CITIC Construction Investment the Previous Day

The day before CITIC Securities disclosed this announcement (November 5th), CITIC Construction Investment announced that executive director Zou Yingguang submitted his resignation report to the board of directors due to work changes, applying to resign from his positions as executive director, member of the board's development strategy committee, member of the board's risk management committee, as well as member of the executive committee and financial head.

This announcement stated that after his resignation, Zou Yingguang will not hold any other positions in the company or its holding subsidiaries.

Zhi Shi Tang noted that CITIC Construction Investment's announcement contained important statements regarding Zou Yingguang's departure.

Firstly, the announcement stated: "Mr. Zou Yingguang confirmed that he has no disagreements with the board of directors, nor are there any matters related to his resignation that need to be notified to the company's shareholders and creditors. Mr. Zou Yingguang's resignation will not affect the normal operation of the board of directors and the company."

Secondly, "The board of directors expresses heartfelt gratitude to Mr. Zou Yingguang for his positive contributions to the company's development during his tenure!" the announcement recorded.

Talent Exchange Sparks Speculation on Securities Industry Consolidation

Zou Yingguang's professional background and the news of his appointment as general manager of CITIC Securities have attracted widespread attention in the industry, as well as speculation about a merger between CITIC Securities and CITIC Construction Investment.

As early as 2020, there were multiple rumors in the market about "CITIC Securities and CITIC Construction Investment planning to merge," but these were denied In July 2020, after CITIC Securities and CITIC Construction Investment both hit the daily limit, the relevant exchanges sent letters to the two brokerages requesting verification of the merger rumors and timely fulfillment of information disclosure obligations. Subsequently, the two brokerages issued clarification announcements, stating that they had not received any relevant information regarding the aforementioned rumors.

In 2024, as regulatory authorities repeatedly emphasized the need to "support large state-owned financial institutions to improve and strengthen," and with Guotai Junan and Haitong Securities, two leading brokerages in Shanghai, announcing their merger, speculation about the merger of leading brokerages has become increasingly intense in the industry.

Of course, to this day, the speculation about the merger between CITIC Securities and CITIC Construction Investment remains just speculation