GLMS SEC's major personnel "handover," Ge Xiaobo "relinquishes" the chairman position, Wuxi State-owned Assets "takes" key position

Following Cathay Pacific Securities, Guolian Minsheng Securities has also "officially announced" the most significant personnel arrangements after the merger.

On the evening of August 8, Guolian Minsheng Securities announced that Ge Xiaobo has resigned from his positions as chairman of the company and others due to work adjustments, but will continue to serve as the company's executive director and president.

The new chairman of the company is Gu Wei, who has a background in state-owned capital in Wuxi. As a major shareholder of Guolian Minsheng Securities and having made significant contributions during this round of absorption and merger, it is reasonable that Wuxi Guolian Group ultimately secured this position.

However, this does not mean that the professional management team represented by Ge Xiaobo is "stepping back." On the contrary, as a key force for Guolian Minsheng Securities to continue its "transformation," Ge Xiaobo will remain as president, and the executive team he leads is expected to continue to oversee and bear the responsibility for promoting the rapid development of the company's various businesses.

At the same time, Guolian Minsheng also announced the appointment of Xiong Leiming as the company's executive vice president, and the appointment of Zheng Liang and Hu Youwen as vice presidents of the company, both of whom are former executives of Minsheng Securities. Whether from the perspective of smoothly promoting the deep integration after the merger or "utilizing" the "living forces" of the former Minsheng, these personnel changes are to be expected.

Thus, the two brokerages that completed their mergers this year have roughly completed their personnel arrangements, and it is highly likely that the company's governance will present a new appearance, which will certainly be markedly different.

The Board "Sincerely Thanks" Ge Xiaobo

On the evening of August 8, Guolian Minsheng Securities announced that the board of directors received Ge Xiaobo's resignation report on August 8, 2025. Ge Xiaobo has submitted his resignation from the positions of chairman of the company, chairman of the board's risk control committee, and chairman of the board's strategic and ESG committee due to work adjustments, but will continue to serve as the company's executive director, president, member of the board's risk control committee, and member of the board's strategic and ESG committee.

After Ge Xiaobo's adjustment of duties, Guolian Minsheng Securities ended the leadership model of having both chairman and president held by one person, entering a model where the chairman and president are separate. What new changes this will bring to Guolian Minsheng remains to be observed.

The announcement also highly praised Ge Xiaobo's tenure as chairman, stating that since he took office, he has been diligent and responsible, actively promoting the implementation of the company's "14th Five-Year" development strategic goals, leading the company to optimize its business layout and improve management efficiency, achieving leapfrog growth in the company's capital and business scale, and opening a new chapter of high-quality development. The board of directors expresses its heartfelt gratitude for Ge Xiaobo's outstanding contributions to the company's development during his tenure as chairman!

Gu Wei Takes Over as Chairman

On the same day, Guolian Minsheng held the 27th meeting of the fifth board of directors, which reviewed and approved the "Proposal on the Election of the Company's Chairman." The board of directors agreed to elect Gu Wei, the party secretary and director of the company, as the chairman, with a term starting from the date of approval by this board meeting until the end of the fifth board's term Public information shows that Gu Wei was born in 1975, holds a Master's degree in Public Administration, and possesses strong local experience, professionalism, and age advantages, being in the prime of his career.

Before joining Guolian Minsheng Securities, Gu Wei's career experience was concentrated in Wuxi. He has served as a staff member at the Wuxi Financial and Trade Information Center, deputy director of the Secretariat of the Wuxi Financial and Trade Office, deputy director of the Comprehensive Division of the Wuxi Municipal Government Office, director of the Administrative Division, deputy mayor of the Wuxi Nanchang District Government and Liangxi District Government, director and party secretary of the Wuxi Administrative Approval Bureau, and director and party secretary of the Wuxi Local Financial Supervision and Administration Bureau.

Gu Wei is currently the deputy secretary of the Party Committee, director, and president of Wuxi Guolian Development (Group) Co., Ltd., secretary of the Party Committee and director of Guolian Minsheng, chairman of Minsheng Securities, director of Wuxi Guolian Financial Investment Group Co., Ltd., director of Wuxi Guofa Capital Operation Co., Ltd., and director of Wuxi Guolian Industrial Investment Group Co., Ltd.

Strong Support from Major Shareholders

With Gu Wei taking office as chairman of Guolian Minsheng Securities, Wuxi Guolian Development (Group) Co., Ltd. (referred to as "Guolian Group") has once again entered the public eye.

Wuxi Guolian Group was established on May 8, 1999, originally as the Wuxi State-owned Assets Investment and Development Corporation, and is a state-owned capital investment operation and authorized management pilot enterprise funded by the Wuxi Municipal Government (integrated operation with Guofa Capital), with a registered capital of 8.689 billion yuan.

According to the official website, Wuxi Guolian Group achieved an operating income of 26.55 billion yuan and a total profit of 4.25 billion yuan in 2024. By the end of 2024, the group's total assets were 222.1 billion yuan, and net assets were 59.7 billion yuan, making it a giant platform enterprise in Wuxi.

Additionally, Wuxi Guolian Group has close ties with the capital market. The old Guolian Securities was established in 1992, and the old Guolian Fund (which was sold to CNOOC after acquiring control) was established in 2004, both of which were established early in the industry, sufficiently demonstrating Guolian's accumulation in the capital market.

"Inviting" Senior Executives from Minsheng

On the same day, at the 27th meeting of the board of directors of Guolian Minsheng, the proposal regarding the appointment of senior management personnel and related matters was reviewed and approved, agreeing to appoint Xiong Leiming as the executive vice president of the company, and appointing Zheng Liang and Hu Youwen as vice presidents of the company. In addition, Ma Qunxing will no longer serve as vice president of the company due to work adjustments, while the positions of other senior management personnel remain unchanged.

Public information shows that the newly appointed executive vice president Xiong Leiming, and the newly appointed vice presidents Zheng Liang and Hu Youwen, all have experience at Minsheng Securities.

Xiong Leiming was born in 1970 and currently serves as a director of Minsheng Futures Company and a director of Minsheng Securities. He has previously served as a teacher at Hubei Pharmaceutical Inspection College, general manager of the finance headquarters of Changjiang Securities, special assistant to the president, financial director, vice president of Minsheng Securities, acting president, acting chairman of the executive committee, financial director, chief risk officer, president, and member of the executive committee.

Zheng Liang was born in 1977. He has previously served as senior vice president, compliance director, chief risk officer, and board secretary at Huabao Securities, and as a member of the executive committee and vice president at Minsheng Securities. **

Hu Youwen was born in 1985 and holds a Master's degree in Science. He has served as a sales trader at Anxin Securities, an analyst in the computer industry, and the general manager of the research center, as well as a member of the executive committee and vice president of Minsheng Securities.

These individuals are all well-known and professionally capable executives in the industry, and their appointment as executives of Guolian Securities is expected to yield results in the future.

Who will "steer" Guolian Minsheng?

With the "entry" of Gu Wei and Xiong Leiming, the team composition of Guolian Minsheng has further enriched, and governance has become more balanced, but the integration of the executive team may also become a new challenge.

Among them, the original CITIC team represented by Ge Xiaobo will be a decisive factor in determining how much authority and space they have to realize their ambitions.

From a qualifications perspective, the old CITIC team possesses sufficient experience, capability, and qualifications, and with a complete team structure, it seems that they are "more than capable" of leading the future of Guolian Minsheng.

From a governance perspective, when the major shareholder directly appoints the chairman and takes on a series of chair positions in the board's professional committees, the functions of Guolian Minsheng's board will undoubtedly be strengthened.

At the same time, the addition of executives from the Minsheng system will further diversify the sources of executives at Guolian Minsheng, which poses a certain challenge to Ge Xiaobo's "control" as he continues as president.

From another angle, Guolian Minsheng faces a common challenge faced by all merged brokerages, which is how to select and filter the "existing assets" (including teams) of the original companies.

This is a challenging process filled with thorns on the path to flowers, and recent market adjustments have made the previously redundant space increasingly tight. How to achieve subsequent deep integration is the key "leap of faith" after personnel decisions are finalized.

Overall, as the legal procedures for the absorption and merger of Minsheng Securities are completed, Guolian Minsheng's subsequent focus will shift to internal deep integration and breakthrough developments in key businesses. "With great advantages come great difficulties" may be an appropriate description of Guolian Minsheng after its growth.

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