Dongguan Securities reappears the personnel changes of senior executives this month.
On the evening of May 20, Dongguan Securities announced the appointment of Luo Yifen as Chief Financial Officer and Secretary of the Board of Directors, and Luo Zhang Yichao as Assistant to the President; in addition, due to work adjustment, Guo Xiaoyun will no longer serve as Compliance Director and Chief legal Officer; Jiang Zemin will no longer serve as Vice President and will no longer perform the duties of Chief Financial Officer and Secretary of the Board of Directors.
In early May, the president of Dongguan Securities also had a personnel adjustment. FrequentlyNorthernpikeBehind the personnel changes, Dongguan Securities is also facing IPO stagnation, declining performance, equity transfer and other problems.
Executives change frequently, revenue and net profit fall both in 2023
From the perspective of business experience, the two new executives come from within Dongguan Securities and have been responsible for Dongguan securities investment banking business and debt financing respectively.
Among them, Luo Yifen worked in the fiduciary Capital Management Department of Dongguan Securities and the Audit and Supervision Department of CIC Securities (now CICC Wealth). He has served as Deputy General Manager of Dongguan Securities Internal Audit and Compliance Department, Deputy General Manager of Audit and Audit Department, General Manager of over-the-counter Market Business Department (formerly Capital Market Innovation Business Department), Deputy General Manager of Investment Banking Department and General Manager of Nine Investment Banking Department.
Zhang Yichao was a rating analyst of Shanghai New Century Credit Evaluation Investment Services Co., Ltd., deputy general manager of fixed income headquarters of Societe Generale Securities Co., Ltd., and general manager of debt financing headquarters after joining Dongguan Securities.
Guo Xiaoyun and Jiang Zemin, who left office this time, are 55 and 60 respectively.
According to the prospectus, Guo Xiaoyun, born in June 1969, has successively served as Assistant to the President of Dongguan Securities, General Manager of Compliance and risk Management Department, General Manager of Compliance Law Department, Chief risk Control Officer, Chief legal Officer, head and General Manager of legal Affairs, and Chairman of Dongzheng Hongde. Before leaving office, he was the compliance director and chief legal officer of Dongguan Securities.
Jiang Zemin, born in August 1964, has served as assistant to the general manager, deputy general manager, general manager and assistant to the president of Guoxin Securities Investment Bank headquarters. Before leaving office, he was vice president of Dongguan Securities.
On May 8, Dongguan Securities also announced changes in senior executives. According to the Dongguan Securities notice, Pan Haibiao, president, left office due to job transfer, and Chen Zhaoxing, secretary of the party committee and chairman, will perform the post of president on his behalf, which will take effect from the examination and approval of the board of directors to the date when the board of directors hires a new president.
According to the annual report, Dongguan Securities achieved revenue of 21% in 2023.Northernpike.55 billion yuan, down 6.26% from the same period last year; the company's net profit in 2023 was 635 million yuan, down 19.70% from the same period last year. Of this total, the income from securities brokerage business was 1.186 billion yuan, down 7.38 percent from the same period last year; the income from proprietary securities business was 295 million yuan, up 3.91 percent from the same period last year; and the income from investment banking was 198 million yuan, down 24.98 percent from the same period last year.
The IPO process is full of twists and turns, and major shareholders intend to transfer their shares.
Behind the frequent changes of senior executives, the IPO process of Dongguan Securities has also experienced twists and turns.
In June 2015, Dongguan Securities formally submitted its IPO application materials to the Securities Regulatory Commission, which was accepted. In December 2016, Dongguan Securities gave a detailed response to the feedback on the initial public offering.
In January 2017, Dongguan Securities prospectus was updated, but the IPO process came to a standstill due to the incident that Yang Zhimao, former chairman of Jinlong shares, was "sued for bribery". In February 2022, Dongguan Securities had an initial public offering meeting, but did not get the listing approval for a long time. The full registration system was established in 2023, and the IPO translation of Dongguan Securities was accepted. On March 31 this year, due to the expiration of the financial information, the audit status of Dongguan Securities listing on the main board of the Shenzhen Stock Exchange showed that it was "suspended".
According to industrial and commercial data, Dongguan Securities is 40% owned by Guangdong Jinlong Development Co., Ltd., Dongguan Development Holdings Co., Ltd., Dongguan Financial Holdings Group Co., Ltd., and Dongguan Capital Investment Co., Ltd. holds 15.4%. Dongguan New Century Science and Education Development Co., Ltd. holds 4.6%.
As a major shareholder of Dongguan Securities, Jinlong shares have repeatedly announced the transfer of their shares. On November 3, 2023, Jinlong shares announced that in order to reduce the company's debt ratio, optimize the financial structure, and improve the company's cash flow and operating conditions, the company plans to transfer 300 million shares of Dongguan Securities (accounting for 20% of the total share capital). A month later, on December 2, 2023, Jinlong again announced that it planned to increase the number of shares transferred to Dongguan Securities, up to 600 million shares (accounting for 40% of the total share capital).
In March this year, Jinlong Co., Ltd. announced that the company and Dongguan Capital Investment Co., Ltd. had reached a preliminary intention to acquire 300 million shares (20% of the total share capital) held by Jinlong shares in Dongguan Securities, and signed a non-binding memorandum of transaction. After that, the two sides will continue to negotiate and negotiate on matters related to the underlying share transaction.
On April 29, Jinlong shares said in an announcement that up to now, the company still has to continue to negotiate with the intended transferee on matters related to the underlying share transaction, and the relevant due diligence, audit and evaluation work has not yet been completed.
(source: Beijing News)