The management of GF Securities (000776.SZ, 01776.HK) has undergone a big change in blood.
On July 22, GF Securities issued an announcement stating that Sun Shuming had resigned as chairman and executive director of the company due to his age. Lin Chuanhui, 57-year-old general manager of the company, has become the new chairman.
In addition, the announcement on the day showed that Luo Binhua and Yang Long, former deputy general managers of GF Securities, also resigned from the company’s deputy general managers due to job changes.
4 other people were promoted internally: Yi Yangfang, Xin Zhiyun, Li Qian and Xu Youjun were hired as deputy general managers of GF Securities, and Kong Weicheng was hired as the company’s chief Risk officer.
Lin Chuanhui has served in the Guangfa Department for more than 25 years
The announcement shows that Sun Shuming has applied for resignation as chairman, executive director and board of directors of GF Securities due to his age. Member of the Strategy Committee, Member of the Nomination Committee of the Board of Directors, Member of the Risk Management Committee of the Board of Directors; After resigning, he will continue to serve as the chairman of the company’s holding subsidiary Guangfa Fund Management Co., Ltd. (“GF Fund”). Sun Shuming’s written resignation letter took effect from the day it was delivered to the company. According to another announcement, the tenth board of directors of GF Securities At the fifteenth meeting, the resolution of Lin Chuanhui as the chairman of the company and chairman of the risk management committee was unanimously passed. Sun Shuming, 59, and 57, 57 Lin Chuanhui has served in the GF Securities System for many years.
Wind data shows that Sun Shuming, male, born in June 1962, now 59 years old, PhD. In 2011, Sun Shuming joined GF Securities and served as Secretary of the Party Committee of GF Securities from April of that year, in charge of the overall work of the party committee. Since May 15, 2012, he has served as Chairman of GF Securities. During his 9 years at the helm, GF Securities achieved A+H shares listing.
The announcement shows that Lin Chuanhui, male, was born in February 1964 and is 57 years old. From July 1985 to December 1995, he served successively as a cadre of the Scientific Research Office of the Central Party School and a deputy division-level investigator of the Organization Bureau. In 1995, Lin Chuanhui joined GF Securities and worked in the company’s investment banking department for many years. In October 2002, Lin Chuanhui moved to GF Fund and successively served as General Manager and Vice Chairman of GF Fund. In December 2020, Lin Chuanhui was appointed as the general manager of GF Securities, and since January 2021, he has been appointed as the company’s executive director.
Internally promoted 4 post-70s and post-80s deputy general managers
and Sun Shuming announced their resignation on the same day, as well as 2 deputy general managers of GF Securities ——Luo Binhua and Yang Long, both of them resigned because of “job changes.”
The announcement pointed out that Luo Binhua will continue to serve as the vice chairman of the GF Securities Expert Committee and a director of the wholly-owned subsidiary GF Holdings (Hong Kong) Co., Ltd.
Yang Long will continue to serve as the vice chairman of the GF Securities Expert Committee and chairman of the wholly-owned subsidiary GF Securities Asset Management (Guangdong) Co., Ltd. after his resignation.
Wind data shows that Luo Binhua, male, born in January 1965, 56 years old, master degree. From December 1993 to January 2004, he served as Manager, Deputy General Manager and General Manager of the Investment Banking Department of GF Securities. From January 2004 to November 2009, he served as assistant to the general manager of GF Securities and general manager of the investment bank headquarters. Since November 2009, he has served as deputy general manager of GF Securities.
Wind data shows that Yang Long, male, born in March 1964, now 57 years old, PhD. Since May 2014, he has served as deputy general manager of GF Securities.
In order to cope with the staff vacancies, GF Securities also internally promoted four post-70s and post-80s deputy general managers, namely Yi Yangfang, Xin Zhiyun, and Li Qian , Xu Youjun. Xu Youjun will also serve as the compliance director of GF Securities.
According to the announcement, among the four newly-appointed deputy general managers of GF Securities, three are born in the 70s and one is born in the 80s.
Specifically, Yi Yangfang, male, born in August 1970, now 50 years old. January 1997 to November 2002In September, he served as the clerk and deputy manager of GF Securities Investment Bank Headquarters, Investment and Wealth Management Headquarters, Investment Self-operation Department. Since 2002, Yi Yangfang has worked in GF Funds and has served successively as staff of the investment management department, fund manager, general manager of the investment management department, assistant general manager, investment director, deputy general manager, and executive deputy general manager.
Xin Zhiyun, male, born in February 1970, 51 years old. In 2018, he joined GF Securities and served as CIO of GF Securities and Director of GF Holdings (Hong Kong) Co., Ltd.
Xu Youjun, male, born in January 1972, now 49 years old. From February 2009 to June 2015, he served successively as Assistant General Manager of the Investment Banking Department of GF Securities, Assistant General Manager of the Investment Bank Integrated Management Department, and Executive Director of the Mergers and Acquisitions Department. Since June 2015, he has served as the general manager and securities affairs representative of the office of the board of directors of GF Securities. Among them, since April 2019, he has also served as secretary of the board of directors and joint company secretary of GF Securities.
Li Qian, male, born in October 1984, 36 years old, is the youngest newly appointed deputy general manager of GF Securities. Since November 2014, he has served successively as deputy general manager of the fixed income sales and trading department, general manager of the fixed income sales and trading department, general manager of the securities investment business management headquarters, and assistant general manager of GF Securities.
It’s worth mentioning that both the new chairman Lin Chuanhui and the new deputy general manager Yi Yangfang have job résumés in the China Guangfa Fund. Two senior executives of the company’s GF Fund entered the parent company’s securities firm to take up important positions, highlighting the influence of the public fund industry and the potential for further growth.
In the past two years, the performance has achieved continuous growth, and the net profit attributable to the parent in 2020 will exceed 10 billion.
According to the official website information, GF Securities was established in 1991 It is the first batch of comprehensive securities companies in China. It was listed on the Shenzhen Stock Exchange and the Main Board of the Hong Kong Stock Exchange in 2010 and 2015.
GF Securities holds equity in many financial institutions. The company controls GF Futures, GF Xinde, GF Qianhe, GF Asset Management, GF Holdings (Hong Kong), GF Financial leasing, GF Hexin and GF Fund, investment and participation in E Fund Fund (tied as the largest shareholder).
In terms of shareholders, the 2021 quarterly report of GF Securities shows that the shareholding ratio exceeds 5%.There are 4 shareholders in Shanghai. Except for Hong Kong Securities Clearing (Agent) Co., Ltd., Jilin Aodong Pharmaceutical Group Co., Ltd. is the largest shareholder of GF Securities, with a shareholding ratio of 16.43%. Liaoning Chengda Co., Ltd. followed closely with a 16.40% shareholding ratio. Zhongshan Public Utilities Group Co., Ltd. holds 9.01% of the shares. In terms of performance, after experiencing certain fluctuations, GF Securities Revenue and net profit have achieved growth for two consecutive years.
In terms of revenue, in 2019 and 2020, GF Securities’ operating income was 22.810 billion yuan and 29.153 billion yuan, respectively, which increased year-on-year (compared to the same period last year). 49.39% and 27.81%.
In terms of net profit, in 2019, the net profit of GF Securities attributable to its parent reached 7.549 billion yuan, a year-on-year increase of 75.32%.
In 2020, GF Securities’ net profit attributable to its parent will exceed 10 billion yuan, achieving 10.038 billion yuan, a year-on-year increase of 23.80%.
As of the close on July 22, GF Securities closed at 14.80 yuan per share, up 1.37%. For Hong Kong stocks, GF Securities closed at HK$10.22 per share, up 2.30%.