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Cui Wenjing, reporter of the 21st Century Economic Report, reports from Beijing
The evening of May 24 ， citic securities It was announced that Yang Minghui, the general manager, retired at age and resigned as the general manager of CITIC Securities.
This is the replacement of the general manager of CITIC Securities after eight years. After Yang Minghui leaves office, Zhang Youjun, Chairman of CITIC Securities, will temporarily act as General Manager.
It is worth noting that, Zhang Youjun was born in 1965 and will retire next year.
Zhang Youjun and Yang Minghui joined CITIC Securities from the very beginning of its establishment in 1995, and have worked together as the head of CITIC Securities since 2016.
During the eight years when they jointly held the helm of CITIC Securities, CITIC Securities' "first brother" position was further consolidated, and its operating income and net profit nearly doubled.
Among them, the operating revenue increased from 38.002 billion yuan in 2016 to 60.068 billion yuan in 2023, and the net profit increased from 10.981 billion yuan to 20.539 billion yuan.
however, While the overall performance has improved, CITIC Securities is currently facing new challenges.
Investment banking has always been the advantageous business of CITIC Securities. However, with the gradual tightening of the IPO rhythm of Shanghai and Shenzhen Stock Exchanges since the "827 New Deal" last year, CITIC Securities, which has a large base of investment banking business, has been relatively more severely impacted.
In addition, with the recent increase of strict supervision on investment banks, CITIC Securities has again become the focus of supervision, and the pressure on investment banking business has increased again.
"Zhang Yang (Analyst Jin Qilin) ”The era is coming to an end
According to the announcement made by CITIC Securities on the evening of May 24, Yang Minghui, the general manager of CITIC Securities, retired at the age of, and applied to resign from the position of CITIC Securities, including the executive director of the eighth board of directors, the member/chairman of the special committee under the board of directors, the general manager, the executive committee, the authorized representative, and other positions held in the company and its holding subsidiaries.
This year is Yang Minghui's eighth year as the general manager of CITIC Securities and his 29th year as a member of CITIC Securities.
After Yang Minghui left office, Zhang Youjun, Chairman of CITIC Securities, temporarily took the post of General Manager. Both of them joined CITIC Securities when it was founded in 1995, which can be said to be a real veteran of CITIC Securities.
Yang Minghui began to hold an important position seven years after joining CITIC Securities.
From May 2002 to August 2005, Yang Minghui served as a director, executive vice president and director of CITIC Trust.
From July 2005, Yang Minghui took the post of Chairman of Prudential Fund Management Co., Ltd. (hereinafter referred to as "Prudential Fund") until January 2007.
While serving as the chairman of CITIC Prudential Fund, Yang Minghui took the post of executive director and president of CCB Investment Securities Co., Ltd. from August 2005 until October 2011.
In October 2013, Yang Minghui served as the head of the fund company again, as the chairman of Huaxia Fund, and then stepped down in September 2023.
Yang Minghui's most important position in CITIC Securities, General Manager of CITIC Securities, began on June 27, 2016.
Five months before he became the general manager, Zhang Youjun, who joined CITIC Securities in the same year, became the chairman of CITIC Securities. Since then, the two have embarked on a nearly eight year long journey at the helm of CITIC Securities.
At the beginning of their leadership, CITIC Securities was not yet firmly established as the "first brother of the securities industry". In 2016, CITIC Securities ranked second in the industry with a net profit of 10.981 billion yuan, which was the champion at that time Guotai Jun'an 372 million yuan lower; Eight years later, in 2023, its net profit has reached 20.539 billion yuan, 7.503 billion yuan higher than the second place, and its position as "the first brother of the securities industry" has not been shaken.
Now, Yang Minghui will retire at the age of 60, and Zhang Youjun will also reach the retirement age of 60 in 2025. The era of Zhang Yang's partnership is coming to an end.
Investment banks under pressure of "the first brother of securities industry"
To build a first-class investment bank is a major goal of CITIC Securities, "the first brother of the securities industry".
At CITIC Securities' 2023 performance briefing a few months ago, Yang Minghui replied to the development idea of investment banking business under the requirement of "strict supervision and control", and said that relevant regulatory measures are conducive to further promoting the return of investment banking business of securities companies to be responsible, ensuring good access to the capital market, effectively preventing and resolving major risks, and purifying the development ecology of the capital market, Effectively protect the rights and interests of investors; CITIC Securities will adhere to customer-centric and provide customers with more comprehensive professional service programs.
With the continuous promotion of strict supervision and control, especially the strict supervision of the whole IPO process, CITIC Securities has become the top priority of strict supervision and is under the double pressure of regulatory penalties and declining performance.
In terms of performance, As of May 23, the equity underwriting scale of CITIC Securities fell 81.58% year on year, from 149.28 billion yuan last year to 27.496 billion yuan.
IPO is an important drag on the decline of CITIC Securities investment bank's performance. Its IPO underwriting scale in the year was only 5.066 billion yuan, compared with 30.008 billion yuan in the same period last year, a year-on-year decrease of 83.12%.
However, according to the interviewees, The main reason for the decline in the performance of CITIC Securities investment bank is not CITIC Securities itself, but the common pain of all securities companies under the slowdown of Shanghai and Shenzhen Stock Exchanges' IPO rhythm. CITIC Securities, as an investment banking business with a high base and large business volume in Shanghai and Shenzhen Stock Exchanges, has suffered more serious impact. The performance of CITIC Securities Investment Bank will improve with the improvement of the subsequent A-share IPO rhythm.
Similar to CITIC Securities and with strong investment banking strength CICC 、 Huatai Securities 、 CSC During the year, the performance of investment banks also suffered a serious decline. As of May 23, the scale of equity underwriting fell by more than 80% year on year.
Compared with the decline in performance, what may be more distressing to CITIC Securities Investment Bank at present is the frequent regulatory penalties.
On March 22, CITIC Securities was questioned and replied to China Internet Exchange in the inquiry of Liangang Optoelectronics, and then was launched on-site supervision by Shenzhen Stock Exchange.
In April, CITIC Securities Medium nuclear titanium dioxide (Rights protection) The incident was filed for investigation.
Since May, CITIC Securities has twice become the focus of public opinion. At the beginning of May, because of the first stock of the recommended technology innovation board Guandian Defense CITIC Securities fell into a whirlpool of public opinion after being "turned upside down" by audit institutions. On May 10, as Guangdong Quanwei Technology (Rights protection) The continuous supervision institution for the initial public offering of shares of a joint stock limited company has been named by Guangdong Securities Regulatory Bureau for a series of violations in the process of continuous supervision and performance of duties.
However, in the view of a senior manager in charge of an investment bank of a head securities firm, CITIC Securities Investment Bank has been named more recently, which does not mean that its project quality has declined. As the "elder brother of the securities industry", CITIC Securities is becoming the focus of this strict supervision, with a view to making an example of others and forcing other intermediaries to return to their duties.
The executive also predicted that, Many securities firms, including CITIC Securities, will continue to collect investment bank tickets during the year. After this storm of strict supervision of investment banks, the overall practice quality of A-share investment banking business is expected to be significantly improved.
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