Source: China Fund Daily
China Fund Daily Taylor
Just now, Citic Securities had big news that the general manager had retired at his age and applied to resign as executive director and general manager of the board of directors.
After the trading on May 24, Citic Securities, the first brother of the securities firm, issued an announcement that Yang Minghui submitted his resignation report to the board of directors on May 24, 2024. He applied to resign as an executive director of the eighth board of directors, a member / chairman of a special committee under the board of directors, a general manager, an executive member, an authorized representative and a member of the company and its holding subsidiary.DeuceswildvideoOther positions of the. According to the Company Law and the articles of Association and other relevant provisions, Mr. Yang MinghuiDeuceswildvideoThe resignation shall take effect when the resignation report is delivered to the board of directors of the company. The above resignation will not cause the number of directors of the company to fall below the legal minimum and will not affect the normal operation of the board of directors of the company.
According to the announcement, Yang Minghui has worked for Citic Securities for a long time, serving as the executive director of the company since January 19, 2016, and as the general manager of the company since June 27 of the same year. During the performance of his duties, he scrupulously and diligently made important contributions to the high-quality development of the company. For this reason, the company and its board of directors express their heartfelt thanks to Mr. Yang Minghui.
The announcement shows that during the vacancy of the general manager of CITIC Securities, Zhang Youjun, executive director and chairman of the board, will perform the duties of the general manager of the company.
According to Citic Securities Annual report, Yang Minghui joined the company when it was founded in 1995 and was appointed as a director of the company on January 19, 2016.
Yang Minghui served as a director, assistant manager and deputy general manager of the company; served as a director, executive vice president and director of Citic Trust from May 2002 to August 2005; served as chairman of Citic Prudential Fund Management Co., Ltd., from July 2005 to January 2007; and served as executive director and president of China Jianyin Investment Securities Co., Ltd from August 2005 to October 2011. During his tenure as chairman of Huaxia Fund from October 2013 to September 2023, the size of Huaxia Fund management increased from less than 250 billion yuan to 1.2522 trillion yuan (as of June 30, 2023).
In October 1996, Yang Minghui was awarded the title of Senior Economist by China International Trust and Investment Corporation (the predecessor of CITIC Group). Yang Minghui received a bachelor's degree in mechanical manufacturing technology and equipment from the Department of Mechanical Engineering of East China Institute of Textile Technology in 1982 and a Master of Engineering degree in Textile Machinery from the Department of Mechanical Engineering of East China Institute of Textile Technology in 1985.
According to the annual report, Yang Minghui's salary was 5.29 million yuan in 2023, compared with 998 yuan in 2021.Deuceswildvideo.68 million yuan.
On September 24, 2023, at the Round Table Forum of "activating Capital Markets" at the Bund Financial Summit, Yang Minghui talked about the pain points of the A-share market. He proposed that efforts must be made to solve the imbalance between supply and demand in the stock market and capital supply and demand. effectively restrain and guide the reduction of major controlling shareholders. It is suggested that the investment side should be introduced into the living water financing side to control the rhythm of the transaction and reduce the cost. Combined with this package of reforms, the stock market is expected to form a new balance between supply and demand of funds.
In the first quarter of 2024, Citic Securities was the only brokerage whose revenue exceeded 10 billion yuan, with revenue of 137.Deuceswildvideo.55 billion yuan, down 10.38% from the same period last year, while the net profit returned to the mother was 4.959 billion yuan, down 8.47% from the same period last year. Data show that in the first quarter of this year, Citic Securities Investment Banking fee income fell to less than 1 billion yuan, only 869 million yuan, down 56.11% from the same period last year.