CICC investment banking head to take helm at broker Galaxy – sources
By Selena Li and Julie Zhu
HONG KONG (Reuters) -Wang Sheng, funding banking head of China Worldwide Capital Corp Ltd (CICC), is ready to depart the financial institution to take over as chief government of smaller peer China Galaxy Securities, six individuals with direct data of the matter stated.
Wang, who has spent his whole profession with CICC, can be named the de-facto No. 2 government of Galaxy within the coming days, two of the sources stated.
The transfer comes as China Funding Company (CIC) — Galaxy and CICC’s largest shareholder and mother or father — seeks to bolster Galaxy’s funding banking enterprise, which has for years centered on the brokerage section and lagged home friends within the main market, stated two of the individuals.
Whereas Galaxy was ranked sixth by brokerage gross sales amongst native securities homes final 12 months, CICC was No. 9, in keeping with official information. Galaxy’s funding banking income, nevertheless, solely ranked thirtieth final 12 months whereas CICC was third on the rating.
An inner memo issued by CIC and seen by Reuters stated the mother or father deliberate to nominate Wang to a high job at a instantly run subsidiary, however didn’t title the agency. The proposed appointment was open to inner assessment between July 2 and July 8.
The proposed nomination would additionally assist the 45-year-old low-profile Wang strengthen his credentials and management capabilities, stated 4 of the individuals.
CICC, the nation’s oldest funding financial institution, is at the moment run by 58-year-old CEO Huang Zhaohui, who’s Wang’s predecessor as head of funding banking.
China’s official retirement age for many males is 60.
As Galaxy Chairman Chen Gongyan reached the retirement age final month, present CEO Chen Liang has been appointed because the dealer’s social gathering chief. It’s a widespread apply at state-owned corporations that social gathering chief wears the hat of chairman of firm board.
CICC declined to remark. Responding through an organization spokesperson, Wang additionally declined to remark. Galaxy and CIC didn’t reply to a Reuters request for remark.
In keeping with an official biography, Wang has been CICC’s head of funding banking since 2020. Throughout his twenty years at CICC, Wang has risen by the ranks and change into one of many financial institution’s high dealmakers.
He has performed a vital function in serving to many massive Chinese language enterprises together with Alibaba, China Tower and CGN Energy Co Ltd increase capital at dwelling and abroad.
(Reporting by Selena Li and Julie Zhu; Modifying by Sumeet Chatterjee, Kim Coghill, Uttaresh.V and Sherry Jacob-Phillips)
