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With the official transfer of the three national financial asset management companies (AMC), China Cinda Asset Management Company Limited (hereinafter referred to as: China Cinda),China Great Wall Asset Management Company Limited (hereinafter referred to as: Great Wall Assets), and China Orient Asset Management Company Limited (hereinafter referred to as: Orient Assets) to Central Huijin Investment Company Limited.(hereinafter referred to as: Central Huijin) in February this year and joining the CIC, senior personnel changes of the three companies have gradually been implemented.
Interface news learned from the industry that on September 11, Song Weigang, former deputy secretary of the party committee, executive director and general managerof China GalaxyFinancial Holdings Co., Ltd., joined China Cinda and will officially serve as the president of the company after completing necessary procedures. The appointment also fills the vacancy left by former president Liang Qiang of China Cinda in June this year.
Judging from his professional resume, Song Weigang holds a doctorate in economics and was rated as a senior economist. From 1998 to 2014, he successively served as a clerk and deputy chief clerk of the General Office of the Ministry of Finance and a deputy section-level, section-level, deputy-level and deputy-level secretary in the Minister's Office; from 2014 to 2016, he was transferred to vice chairman and member of the Party Committee of China Securities Investor Protection Fund Co., Ltd.; After 2016, he joined Galaxy Financial Holdings and concurrently served as a director of China Galaxy Securities Co., Ltd.
As of now, the official website of China Cinda shows that the company's chairman is Zhang Weidong, and the senior management includes Deputy Secretary of the Party Committee Ling Gan, Vice Presidents Zhao Limin and Li Hongjiang, Assistant President Jiu Zhengchao and Wang Zhengmin, Chief Risk Officer Luo Zhenhong, Secretary of the Board of Directors Ai Jiuchao and Chief Financial Officer Yang Yingxun.
Liang Qiang, who left office from China Cinda, completed his new position in July this year. According to the announcement of China Orient, Liang Qiang was officially appointed as executive director and chairman of China Orient after election by the shareholders 'meeting and the board of directors.
According to public information, Liang Qiang has entered the asset management industry since 1999 and has more than 25 years of experience in disposing and managing non-performing assets. He has also served as an executive in four national AMCs: China Huarong (now renamed China CITIC Financial Assets), China Cinda, China Oriental, and China Great Wall, and has become a rare "Four AMC Connect" talent in the industry.
Starting from 2020, Liang Qiang was transferred from vice president of China Cinda to vice president of China Oriental, and then transferred to deputy secretary and president of the Party Committee of Great Wall of China; in May 2021, he became president of China Huarong; after completing relevant tasks in 2022, he returned to China Cinda. As president, he continued to promote the company to focus on the core business of non-performing assets. Taking charge of China Oriental this time, this time, he became a key step in the deployment of AMC executives within the CIC system.
At the same time, the chairman position of China Great Wall Assets is still in suspense. On December 16, 2024, Li Junfeng, former chairman of China Great Wall, resigned due to retirement at the age of age. As of now, the company has not disclosed the candidate for the new chairman through official channels, and subsequent personnel arrangements still need to wait for formal announcement.
The intensive adjustment of the top management of the three major AMC stems from the major changes in equity ownership launched in February this year. On February 14, China Cinda, China Great Wall, and China Oriental issued announcements simultaneously, announcing that the Ministry of Finance would transfer all shares held by them in the three companies to CIC free of charge. So far, the three national AMCs, together with China Galaxy Asset Management Company, have been officially incorporated into the CIC system, and all processes of equity transfer have been completed.
Specific transfer details show that the Ministry of Finance will transfer 22.137 billion domestic shares of China Cinda (accounting for 58% of the company's total issued shares), 37.67 billion shares of China Great Wall (accounting for 73.53% of the total issued shares), and 48.83 billion shares of China Orient (accounting for 71.55% of the total issued shares) to Central Huijin free of charge.
After the transfer is completed, the Ministry of Finance no longer holds any shares in the three major AMCs, and Central Huijin officially succeeded the Ministry of Finance as the controlling shareholder of the three companies; at the same time, the state-controlled financial institution attributes of the three major AMCs remain unchanged, and their business scope and core functions have not been adjusted. As one of the three major subsidiaries under CIC, Central Huijin conducts equity investment in key state-owned financial enterprises in accordance with the authorization of the State Council, and exercises investor rights and fulfills investor rights over key state-owned financial enterprises on behalf of the state in accordance with the law within the limit of the amount of capital contribution. Obligations of investors.
Looking back at history, my country's four major national AMCs were established in 1999. The original purpose of their establishment was to strip off the non-performing assets of the four major state-owned banks and resolve the risk pressures faced by the domestic financial system after the Asian financial crisis. Since then, the four major AMCs have gradually promoted joint-stock reform. China Cinda and China Huarong were listed on the Hong Kong Stock Exchange in 2013 and 2015 respectively, transforming into market-oriented financial institutions. The inclusion of the three AMCs in the CIC system is regarded as an important turning point for the AMC industry to deepen reform and focus on its main business.
On December 31, 2024, Central Huijin issued a personnel appointment and removal announcement stating that with the approval of the State Council, Zhang Qingsong served as chairman of the company and Peng Chun no longer served as chairman of the company.
Zhang Qingsong has a career of nearly 30 years and has held important positions in many large financial institutions, includingBank of China, Export-Import Bank of China,Agricultural Bank ofChina, People's Bank of China, etc.In November 2024, he was appointed chairman of China Investment Corporation, and took over as chairman of Central Huijin in December 2024.
At the AMC brokerage level, adjustments are also underway among senior officials. On February 1, 2024, Zhang Tao, general managerof Dongxing Securities,resigned due to personal reasons, and Wang Hongliang subsequently became general manager of Dongxing Securities.
On August 1, 2025, Zhu Ruimin, general managerof Cinda Securities,resigned due to job adjustment. He has served at Cinda Securities for 6 years and has been in the securities industry for 21 years. He has served in Dongxing Securities, Galaxy Securities, etc. After Zhu Ruimin resigned, Zhang Yi, deputy general manager, chief financial officer, and secretary of the board of directors, acted as general manager.
As of now, AMC brokers include Changcheng Guorui Securities, Dongxing Securities (601198.SH), and Cinda Securities (601059.SH), all of which belong to Central Huijin's securities companies. In addition, Central Huijin also includes China Galaxy (601881.SH),China International Capital Corporation(601995.SH),Shenwan Hongyuan(000166.SZ),CITIC Construction Investment(601066.SH), andEverbright Securities (601788.SH), with a total of 8 brokerage licenses.
Chart: Charting of shareholding status of securities firms under Central Huijin: Compilation of interface news
The market is highly concerned about the changes in the "leaders" of CICC and China Galaxy Securities in recent years. Regarding CICC, in October 2023, Shen Rujun resigned as chairman, and Chen Liang, former chairman of China Galaxy, took over the position; after President Huang Zhaohui retired, Chief Financial Officer Wu Bo temporarily replaced the president. On August 29, 2025, the board of directors agreed to appoint Wang Shuguang as the company's president. At this time, nearly 16 months had passed since former president Wu Bo left office. In terms of China Galaxy, in October 2023, Wang Sheng, who was the head of the investment bank of China International Capital Corporation, became chairman; the following month, Xue Jun, who has more than ten years of experience in the securities regulatory system, became president, completing the layout of core management positions.
At present, the senior management teams of China Cinda and China Orient have been finalized one after another. After the candidate for chairman of China Great Wall Assets is officially announced, the personnel adjustment stage after the equity transfer of the three major AMCs will basically come to an end. The industry has also fully entered a new stage of development with "focusing on the main business, improving quality and efficiency" as the core and strong expectations for mergers and acquisitions and reorganizations.
From the perspective of policy orientation, the China Securities Regulatory Commission's 2025 "Cultivate First-Class Investment Banks" policy clearly requires enhancing international competitiveness through mergers and acquisitions. As a state-owned capital operation platform, Central Huijin shoulders the responsibility of implementing the policy orientation of "separation of management and management" and "intensive development". important task.
Sun Yin, chief analystof Western Securities andNon-Bank, previously told Interface News that "there is the possibility of further integration of the equity of securities firms under Central Huijin, and integration may be easier to advance with (securities firms) with similar shareholder backgrounds or registered places."
Some industry sources told Interface News,"Central Huijin may have two options around the integration of its brokerage resources: on the one hand, it will promote the merger of CICC and China Galaxy Securities to form a larger number of leading securities firms; On the other hand, it may use CICC and Galaxy as integration platforms to absorb the resources of AMC brokerage companies such as Dongxing Securities and Cinda Securities respectively to optimize resource allocation. In terms of business collaboration and resource complementarity, there are many integration potential among AMC securities firms. For example, recently Cinda Securities served as the underwriter of Dongxing Securities's 2025 corporate debt, which is regarded as the foundation for business synergy before integration."
"In recent years, there has been basically no increase in personnel at brokerage headquarters, and those with increases are usually branches. According to the current trend, it is expected that Beijing, Shanghai, and Guangzhou and Shenzhen will first promote integration, while other places will slowly consolidate. For CICC and Galaxy, which are relatively difficult to promote the head, it is also possible to let the head merge with smaller brokerages first." He told Interface News.
At the same time, the above-mentioned market participants said,"Integration also faces risks such as interest coordination, approval cycles, and market fluctuations, such as balancing the interests of shareholders of Central Huijin and the Ministry of Finance, responding to antitrust reviews and regulatory approvals, and solving non-core assets such as Cinda Australia Asia Fund. Divestiture, senior management team integration problems, etc."
Xu Yizhou, chief analystof Industrial Securities'snon-bank bank, told Interface News that under the policy guidance of the regulatory authorities to "support leading institutions to enhance their core competitiveness through mergers and acquisitions, organizational innovation, etc.", the expansion of the lineup of "Huijin" brokerages may trigger Market expectations for brokerage integration are heating up.
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