Citic Securities sets the stage for leadership transition
Leading brokerage Citic Securities Co. Ltd. (6030.HK; 600030.SH) has set the stage for a leadership transition that will see the retirement of veteran Chairman Zhang Youjun, financial media Caixin reported on Wednesday.
Zou Yingguang, who currently serves as Citic Securities’ president and deputy party secretary, was named as its Communist Party secretary in an internal document on Tuesday, according to Caixin, citing knowledgeable sources. The party secretary typically also acts as a company’s chairman at most major state-owned enterprises, meaning Zou is likely to soon be named as Citic Securities’ new chairman as well.
Zhang, 61, joined the brokerage at its inception in 1995, and took over as party secretary and chairman in early 2016. Zou, 55, is a former surgeon who later transitioned into finance. He joined Citic Securities in 2017, and briefly left in 2023 before returning in 2024.
Citic Securities Hong Kong-listed stock fell 3.5% on Thursday to close at HK$24.44, while its Shanghai-listed shares fell 1.9% to close at 26.29 yuan. Both stocks are down around 10% this year.
By Doug Young
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