The qualification of the president of China Great Wall Asset Management Co., Ltd. (hereinafter referred to as Great Wall Assets) has only been approved for more than half a month, and Liang Qiang’s position has changed again.
According to China Huarong’s official website on June 8, on the morning of June 4, China Huarong Asset Management Co., Ltd. (China Huarong, 02799.HK) Convene a meeting of cadres. Cao Yu, member of the Party Committee and Vice Chairman of the China Banking and Insurance Regulatory Commission, attended the meeting and delivered an important speech. The relevant personnel of the Management Committee of the China Banking and Insurance Regulatory Commission announced the appointment document of the Party Committee of the China Banking and Insurance Regulatory Commission that Liang Qiang was appointed as the deputy secretary of the company’s party committee as an executive director and president.
Before January 28, Liang Qiang served as deputy secretary of the Great Wall Asset Management Party Committee, and proposed to be president and executive director. His qualifications for president were not supervised until May 19 Approved.
Before joining Great Wall Assets, Liang Qiang served as Vice President of Orient Assets for only one year. In January 2020, the vice presidents of three state-owned asset management companies including China Orient Asset Management Co., Ltd., China Huarong, and China Cinda Asset Management Co., Ltd. (hereinafter referred to as China Cinda) were rotated. Liang Qiang was appointed by China at that time. The vice president of Cinda was transferred to the vice president of Orient Asset.
Liang Qiang, 50 years old, was born in 1971. He graduated from Shanxi Provincial School of Finance and Taxation in 1993 with a major in investment economic management; in 1999, graduated from Shanghai University of Finance and Economics with a major in accounting , Received a bachelor’s degree in economics; received a master’s degree in business administration from Tsinghua University in 2005, with the title of senior economist. From the perspective of his employment experience, Liang Qiang worked in the Shanxi Branch of China Construction Bank in his early years, and successively served as an office cadre, chief of comprehensive section, assistant director, and deputy general manager of the retail business department. In 1999, Liang Qiang joined Cinda Assets and served successively as Assistant General Manager and Deputy General Manager of the Capital Finance Department, Deputy General Manager and Deputy General Manager (General Manager Level) of the Planning and Finance Department, General Manager of the Comprehensive Planning Department, Secretary of the Party Committee of Shanghai Branch, General manager and many other positions, served as assistant to the president from February 2016 to April 2019.
This transfer also means that Liang Qiang will gather his experience in the four state-owned AMCs (asset management companies).
Before Liang Qiang took office, the post of President of China Huarong had been vacant for nearly half a year. On April 18, 2018, shortly after the case of Lai Xiaomin, the former chairman of China Huarong, Li Xin, former deputy secretary of the Party Committee of Oriental Asset Management and Chairman of the Board of Supervisors, was transferred to the post of President of China Huarong. On November 26, 2020, Li Xin resigned as president of China Huarong due to reaching retirement age. Wang Wenjie, vice president of the company, assumed the role of president.
Currently, the leadership team of China Huarong is Party Secretary and Chairman Wang Zhanfeng, Deputy Secretary of the Party Committee, Executive Director (to be appointed), President (to be appointed) Liang Qiang, and Deputy Secretary of the Party Committee and Chairman of Supervisory Hu Jianzhong , Party Committee Member and Secretary of the Disciplinary Committee Pang Xuefeng, Party Committee Member, Executive Director, Vice President Wang Wenjie, Party Committee Member, Vice President, and Board Secretary Xu Yongli, Party Committee Member and Vice President Chen Yanqing.
It is worth mentioning that China Huarong has not yet released its 2020 annual report. Since trading of its shares has been suspended, its bonds have been sold in domestic and overseas markets and fluctuated sharply. Due to the uncertainty caused by the “difficult delivery” of the annual report, China Huarong and its subsidiaries continue to be listed on the negative credit watch list by Standard & Poor’s. Previously, the company was listed by Fitch, Moody’s and other international credit rating companies due to the delayed release of the annual report. Into the watch list.
On April 1, China Huarong announced that it will postpone the publication of 2020 annual results, because the company’s related transactions have yet to be determined, and the auditors need more information and time In order to complete the review procedures related to the 2020 annual performance. The expected announcement date of the 2020 annual results needs to be further confirmed with the auditors and will be announced separately.
China Huarong is one of the four major AMCs approved by the State Council at the end of the last century. It is still directly controlled by the Ministry of Finance of China. After more than 20 years of development, Huarong has gone from being primarily responsible for acquiring and disposing of non-performing loans from large state-owned banks to integrating various financial licenses. Huarong’s 2020 interim report shows that the company’s total assets have exceeded 1.7 trillion yuan, ranking first among the four major AMCs; total liabilities exceed 1.5 trillion yuan, of which the loan balance exceeds 700 billion yuan; however, in the first half of 2020, Huarong Net profit attributable to the parent company fell 92% year-on-year to only 200 million yuan.