Li Geping, the general manager of Double Kai CITIC Investment, was famous for his 34 y

On May 18, 2023, Li Geping, then general manager of CITIC Construction Investment, appeared at the IPO of the Shanghai Stock Exchange on the Aerospace South Lake. More than ten days later, he was taken away from the office.Source: Visual China

Author | Wen Shijun

Edit | Chen Fu Ye

Produced | Prism · Tencent Xiaoman Studio

After half a year from the office, the investigation results of the investigation by Li Geping, the general manager of Xinjian Investment, the head broker, were announced.On December 22, 2023, the website of the Central Commission for Discipline Inspection updated a message: Li Geping constituted a serious duty illegal and suspected of bribery crimes.

This punishment has a harsh wording, saying that Li Geping "eats finance by finance", "the 18th National Congress of the Communist Party of China still does not converge, does not stop, is serious, and the nature is severe, and it should be dealt with seriously."

The "relying on finance to eat finance" has also appeared in the punishment notice of Zhu Congzheng, the former deputy governor of Zhejiang Province announced more than a month ago.Prior to his appointment of Zhejiang, Zhu Congzheng worked at the People's Bank of China, the CSRC, and the Shanghai Stock Exchange for 20 years. He was the secretary of Liu Hongru, the first chairman of the CSRC. At the age of 2000, he was appointed as the general manager of the Shanghai Stock Exchange.One of the characters.

The media quoted people familiar with the matter, saying that Li Geping and the former chairman of Galaxy Securities Chen Communist Party, former president of Zhejiang Securities Wang Qingshan (former Secretary Zhu Congzhang).Essence

"curve return" front -line brokerage

Li Geping is two years younger than Zhu Congzhang, and he is also "proud of youth".

In 2000, Hubei Securities has increased its capital and expand its capital and renames the Yangtze River Securities.But this year, Chen Haowu, founder and the first chairman of Hubei Securities and the first chairman (later became a "big V" scholar on the Internet), was "dual regulations" by the Hubei Provincial Commission for Discipline Inspection for "personal economic issues";He also worked for "misappropriation of public funds" and was sentenced to 4 years in the following year.

Li Geping was "ordered" from his deputy position. At the age of 34, he took over as the president of the Yangtze River Securities and was one of the youngest presidents in the history of China's securities industry.In December 2007, the Yangtze Securities "backdoor" Shijiazhuang Refining and Chemical Co., Ltd. was listed on the Shenzhen Stock Exchange and became the sixth listed broker in China. Li Geping also became the first president of the listed company Changjiang Securities.

Perhaps because of the "young young", Li Geping and the board of directors of the Changjiang Securities have begun to surface.In December 2010, the Yangtze Securities Securities Shareholders' General Assembly held a board election. There was no Li Geping on the list. Soon the market reported that he left the news.

Six months after "Fun Leisure", Li Geiping entered Beijing.Recommended by Zhuang Xinyi, then vice chairman of the Securities Regulatory Commission, in June 2011, after the fifth member meeting of the Securities Industry Association, Li Geping took over as the Secretary -General of the Securities Association and entered the regulatory system.At this time, Li Geping also had more intersections with Zhu Congzhang, which was the assistant to the chairman of the CSRC at this time and the director of the issuance supervision department for more than three years.

In February 2014, the CSRC conducted institutional adjustments, merged the institutional department, fund department and other departments, and established the securities fund institution supervision department responsible for securities, funds and futures supervision.In December 2016, Li Geiping was transferred to the Central Huijin Company and served as the director of the department: the director of the management department of the Securities Institution Management Department \ Insurance Institution Management Department.

Just seven months before Li Geiping was transferred to Huijin. In May 2016, Chen Gongyan (related to the aforementioned Zhu Congxuan was also investigated) just from the chairman of the China Securities Investor Protection Fund Co., Ltd.Chairman of Galaxy Galaxy.In August 2016, Chen Communist Party was the deputy general manager of the Central Huijin Company.In October 2016, Chen Communist Party officially took over as chairman of Galaxy Securities.

CITIC Construction Investment is also an important shareholder participation in Central Huijin.In February 2018, Qi Liang stepped down as president of CITIC Construction Investment in the "normal change". As early as 1993, Qi Liang had joined during the period of Huaxia Securities (formerly CITIC Construction Investment).Li Geping, the second largest shareholder, was appointed as the general manager of CITIC Construction Investment. After many years, the "curve return" brokerage business was the front line.

At that time, there were comments that CITIC Construction Investment Securities returned to the key period of A shares, and the "former Securities Regulatory Commission official" took over the general manager.It is also questioned that Li Gaping's transfer of this time violated the "three -year evasion period" of the performance of supervisory officials and enterprises, but failed to cause public opinion waves and did not affect his adjustment.

Li Guping at this time is less than 51 years old.He was full of aspirations. After that, he changed his low -key for many years, faced the media many times, and sacrificed CITIC's "not tossing, seeking simplicity, creating profit".

In the first few months before being investigated, in February 2023, in an interview with the media, he was also very confident in several treasures, listed the star project of CITIC's insured underwriting: "For example, Ningde, a world -class company in power batteries,Times, global photovoltaic component dragon head crystal energy, as well as cloud technology of Qi Anxin, one of the leading companies in cyber security, artificial intelligence 'Four Little Dragons', and high -end titanium alloy and superconducting line material companies in the west. " In 2023, Wang Changyue, who has been the chairman of CITIC Construction Investment for 12 years, is 60 years old and has retired as usual.There have been rumors outside the outside world that 56 -year -old general manager Li Geping will "take off" the chairman of the "successor".

Dig back to the elderly to take over, the performance is still a test

Li Geping's vacancy caused by the investigated executives, CITIC Construction Investment was obviously not ready.

On May 29, 2023, Li Geping was taken away. Three days later, CITIC Jianjun issued an announcement: Li Geping "submitted a resignation report to the company's board of directors due to personal reasons", resignedAll the company's position.On June 21, CITIC Construction Investment once again announced that the chairman Wang Changqing was performed.

The brokerage industry nicknamed the "eating by the sky". In 2023, it entered a period of relative performance, and the pressure of CITIC Construction Investment was not small.In the two years of 2020 and 2021, CITIC Construction Investment's profits were 12.126 billion yuan and 13.021 billion yuan, respectively.

In the first three quarters of 2023, the total profit was 6.778 billion yuan, ranking sixth in the market, and it was ranked behind CITIC Securities, Guotai Junan Securities, Huatai Securities, Guangfa Securities, and China Merchants Securities.The CITIC Investment, which was once ranked in the "Three Middle Schools and One Hua", was extremely difficult to be ranked in the "10 billion net profit club" in 2023.

Not to mention, this sudden personnel change and the cases in the case behind the stacks of the mountains are involved in the vortex, and the candidates of the successor general manager have not been determined.

October 2023, finally had a result.Zou Yingguang, the executive person in charge of the fixed income department of CITIC Securities, joined CITIC Investment again and served as a member of the company's party committee, executive director, and executive committee member.After the relevant process, CITIC Construction Investment may usher in the first "post -70s" general manager.

Zou Yingguang has two backgrounds.On the one hand, he is the "old man" of CITIC Construction Investment.Zou Ying Optical Medicine was originally a surgeon at Xuanwu Hospital of Capital Medical University. Later, he abandoned medicine and from finance.Responsible person and executive committee member.In 2017, Zou Yingguang "changed jobs" to CITIC Securities until this "return".

On the other hand, Zou Yingguang previously served as CITIC Securities, not only the "one brother" in the industry, but also a shareholder unit of CITIC Construction Investment. It is also the "brother unit" of CITIC Group.

On the official website of CITIC Group, CITIC Construction Investment still ranks "Comprehensive Financial Service Board"Block". The news that Li Geping was investigated was also "from the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the Beijing Municipal Supervision Commission" from the Central Commission for Discipline Inspection.

In 2023, the top two shareholders of CITIC Construction Investment were Beijing Gold Holding 35.34%, Central Huijin held 30.76%.Under the 5%disclosure line.A announcement in November 2022 showed that the big shareholder Beijing Golden Control completed a new round of holdings, and the shareholding ratio further increased to 35.81%.

If you look at the list of directors and supervisors of Zhongxin Construction Investment, many executives of Beijing Gold Control Department, including Yu Zhongfu, deputy general manager of Beijing State -owned Capital Operation Management Co., Ltd., have served as the non -executive director of CITIC Construction InvestmentEssence

But at the level of the executive committee of specific decisions, it is basically a professionals in the background of CITIC Investment (including Huaxia Securities).Li Geping, the general manager of the "two shareholders" Central Huijin Department, was investigated, and the second shareholders were no longer suitable for newcomers.However, "major shareholders" Beijing Golden Control still did not recommend their candidates this time.

At the level of corporate governance, the reason for the "restraint" of major shareholders is many aspects: the stable group of the original management team; although CITIC Group continues to reduce its holdings, the influence is dependent ... but all the premise is steady growth in steady growth.The performance, this is also the test questions in front of the general manager.

CITIC is not a major shareholder, but CITIC Construction Investment is also called "China Securities"

CITIC Construction Investment was established in 2005, but why is one of the oldest brokers in China?

The predecessor of CITIC Construction Investment was established in 1992 and was born with almost the modern capital market in China.That year, Huaxia Securities, Southern Securities, and Cathay Securities were led by Industrial and Commercial Bank of China, Agricultural Bank of China, and Construction Bank, respectively, and took out 1 billion yuan in capital to be established in Beijing, Shenzhen and Shanghai.

In the era of economic region, these three securities were the first national and central -level securities companies.However, the development of the "Third Family" was unsatisfactory. In 1998, Cathay Securities merged with Junan Securities. In 2004, Southern Securities was taken over by administrative acceptance, and then closed and went bankrupt.In 2004, after a four -year bear market, Huaxia Securities, registered in Beijing, was also in crisis. Among them, the only self -operated three heavy stocks lost 860 million yuan, and various types of combined losses were nearly 6 billion yuan.

In fact, since 2002, the central bank has issued nearly 11 billion re -loan funds to Anshan Securities, Xinhua Securities, and Southern Securities. With the further danger of these securities companies, these funds are undoubtedly sinking.Huaxia Securities is larger. If you choose to go bankrupt, it actually means that 6 billion yuan of debt countries will take over, and it will consume public.

The Beijing Municipal Government wants to "Lahuaxia".In October 2004, Wang Jun, then chairman of CITIC Group, visited the mayor of Beijing. After CITIC Group, he began to participate in the reorganization of Huaxia Securities.

In October 2005, the plan was released.Looking at it now, it is a typical reorganization of non -performing asset peeling:

CITIC Securities and Jianyin Investment jointly invested 2.7 billion yuan and contributed 6: 4. The establishment of CITIC Construction Investment Securities was also the origin of CITIC Construction Investment.The newly established CITIC Investment, the securities business and assets of the former Huaxia Securities -Quality Assets.

At the same time, CITIC Securities and Jianyin Investment invested 1.9 billion yuan in a ratio of 3: 7 to form a CCTV Asset Management Company, which has been transferred to Huaxia Securities 'existing non -securities assets -mainly responsible for Huaxia Securities' non -performing assetsThe disposal, including heavy warehouse stocks, real estate and debt, and so on.Fifteen years later, in March 2020, the China Banking and Insurance Regulatory Commission formally approved and agreed to the construction of China CITIC into a financial asset management company, and changed its name to China Galaxy Asset Management Co., Ltd.The fifth largest AMC in China also started in the reorganization of Huaxia Securities.

Since then, the newly established CITIC Jiaotou lightly played.In 2006, it achieved revenue of 1.685 billion yuan and a profit of 709 million yuan.In 2007, a round of bull market started, and stocks and public funds were hot again.At the same time, China's asset securitization wave surged, and CITIC built investment.

However, CITIC Group has given up the actual control of CITIC Construction Investment as early as ten years ago.In March 2008, due to the demands such as compressing the risk of the capital family, the CSRC issued a standard for identification and related guidance on the control relationship of securities companies, and clarified the "one -ginseng and one -control" policy of the securities company, that is, the same shareholder can only control one at the same time.Brokers and other brokers.

The Securities Regulatory Commission will set off the timeline, and must meet the standards before December 31, 2010.

CIC Securities, Hongyuan Securities, CITIC Construction Investment Securities, Southwest Securities, UBS Securities, Qilu Securities, and CICC have adjusted the regulatory requirements of "one ginseng and one control".In November 2010, the CSRC approved 40%of the equity of CITIC Investment and Investment held by the CSRC, and transferred to the Central Huijin for free.

Between CITIC Securities and CITIC Construction Investment, CITIC Group will inevitably let go of Zhongxinjian Investment.60%of the equity sold 53%.The transferee of 45%of the equity is the Beijing State -owned Capital Management Center, with a transfer price of 7.290 billion yuan; 8%of the equity transfers is Century Jinyuan Investment Group Co., Ltd., with a transfer price of 1.296 billion yuan.On December 16, 2010, CITIC Investment completed the "pressure line" change of the industrial and commercial change procedures of the equity -only 7%of CITIC Securities' holdings, ranking at the end of four shareholders.

CITIC Construction Investment's major shareholders are no longer CITIC Group, and Huaxia Securities has already been sealed into the history of China's capital market.

But in the capital market, although there is no national name "Huaxia", CITIC Construction Investment still maintains the official English name of "Chinaecurities", which is smooth in the international market.In the domestic market, there is a big name of "CITIC", a red -top central enterprise, and the big red logo of CITIC. Is CITIC Jianshou more convenient in the exhibition industry?

Since the shareholders of all parties are happy and have not changed anything, the answer is even more obvious.