CITIC Lyon's high -level changes!Vice Chairman resigned, CITIC Securities 20 -year -old veteran Li Chunbo served as chairman

21st Century Business Herald Reporter Lei Chen intern Li Yuchen Beijing reported

On September 27, CITIC Ryon responded to the high -level personnel reports reported by the media that Lin Xiaodong, the company's vice chairman, had resigned and will leave CITIC Lyon in late September 2022. Li Chunbo has been appointed as the chairman of CITIC Lyon Securities Group, and will be fully responsible for the overall management of CITIC Lyon Securities.

The chairman finally settled after three years

CITN Ryan, CLSA B.V. (Crédit Agricole Securities Asia B.V., a private company established based on Dutch law, became a wholly -owned subsidiary of CITIC Securities International on July 31, 2013) and its subsidiaries. name.

The reporter noticed that Li Chunbo, who took over the chairman of Nobelion, was not a "Skyfall" executive, but a veteran of CITIC Securities for 20 years.

According to the 2021 annual report of CITIC Securities, Li Chunbo is 46 years old. He is a member of the company's executive committee, the research department, the stock sales and trading department, and the custody part of the management leaders. Master's degree.

As early as 2001, Li Chunbo joined CITIC Securities. He was a former analyst at the Department of Research and Consulting, chief analyst at the research department, administrative person in charge of the research department, and administrative person in charge of stock sales and trading department.

According to the annual report, Li Chunbo also served as international director of CITIC Securities, Director of Huaxia Fund, Chairman of CLSA Limited (CLSA LIMITED.), Member of the International Strategic Committee of the China Securities Industry Association, and Deputy Secretary -General of the China Finance Society.

Regarding the specific reasons behind the chairman's change, CITIC Lyon and CITIC Securities have not disclosed. However, in recent years, CITIC Lyon is not the first time to experience the change of chairman.

Earlier in March 2019, Tang Zhenyi, chairman of CITIC Lyon, had applied for resignation to resign from the company's executive committee members and chairman of CITIC Lyon. It is understood that Tang Zhenyi joined CITIC Securities in December 2016. He was the deputy director -level cadre of the General Office of the Ministry of Finance and the director of the board of directors of CITIC Group.

After Tang Zhenyi left his office to Li Chunbo, the chairman of CITIC Lyon had been hanging, and Zhang Youjun, chairman of CITIC Securities, served as concubine.

Also in 2019, CEO Shi Lihong also applied for departure. One year later, CEO RICK GOULD also left the company.

Regarding the deputy chairman of the departure, Lin Xiaodong, the public resume shows that he graduated from Shanghai University of Finance and Economics and studied at the Kello Gehicist School and Harvard University of Northwestern University in the United States. , Co -chairman of the China Capital Market Committee of the Asian Securities and Financial Market Association.

Before joining CITIC Securities, Lin Xiaodong served as Pioneer Pioneer and invested in the CEO of Greater China. In December 2019, Lin Xiaodong led the vanguard to leave the office, and later joined CITIC Securities in April 2020, and served as Deputy Chairman of CITIC Lyon.

Similar to Tang Zhenyi, Lin Xiaodong's office in CITIC Lyon also lasted only two years, and the reason for his departure was unclear.

The "sequelae" of mergers and acquisitions is still digesting

The reporter learned that CITIC Securities' holdings of Lyon Securities began in 2011. In July of that year, CITIC Securities, CITIC Securities International, Oriental Huili Bank and CASA BV entered into an equity transfer agreement. CITIC Securities International agreed to acquire 19.9%of Lyon Securities directly or indirectly held by Oriental Bank.

A year later, the acquisition of CITIC Securities was further "overtime."

In July 2012, the Board of Directors of CITIC Securities adopted the "Proposal on the acquisition of 100%equity of Lyon Securities" of the wholly -owned subsidiary CITIC Securities International Co., Ltd., and plans to win all the equity of Lyon Securities with a consideration of US $ 1.252 billion. In July 2013, the acquisition was officially completed, and Lyon Securities has been renamed CITIC Lyon since then.

In 2016, CITIC Securities announced that Lyon Securities has become an international banking business platform under its global expansion strategy. Since then, Lyon Securities has transformed from a stock brokerage agency to a comprehensive investment platform for providing a comprehensive service.

In the overseas layout of CITIC Securities, CITIC Lyon has always played an important role. With its unique industry status and accumulated advantages, CITIC Lyon has established a bridge between Chinese companies to come in through investment banking, research, institutional stocks, fixed income, derivatives and other businesses.

In the 2021 annual report, Zhang Youjun, chairman of CITIC Securities, said that the current CITIC Lyon Securities is distributed in 13 countries around the world and has more than 2,000 overseas institutions customers. In 2021, CITIC Lyon Securities set the best performance since acquisition in 2013.

According to CITIC Securities, CITIC Lyon Securities is a Chinese -funded securities company with the most local institutions, sales networks, and liquidation settlements in the “Belt and Road” area. one.

But at the same time, the wholly -owned acquisition of CITIC Lyon also caused CITIC Securities to generate a goodwill of 2.182 billion yuan.

According to the financial report of CITIC Securities, the company's asset impairment loss in 2021 reached 2.605 billion yuan, an increase of 426.1%from the previous year's 495 million yuan. Among them, the loss of goodwill impairment was 2.068 billion yuan, mainly from the extensive mergers and acquisition of CITIC Lyon project and CITIC Securities South China project. The surge in goodwill has caused a lot of erosion to net profit. According to CITIC Securities, the loss of asset impairment filed by the company last year is equivalent to reducing the total profit of 2.605 billion yuan and a net profit of 2.44 billion yuan. The impact on net profit has exceeded 10%of the net profit of the company in 2021.

In 2021, in order to practice global management, CITIC Securities further carried out the structure of CITIC Lion.

According to reports, the reorganization of the structure changed the internal management and report structure of CITIC Lyon's original business in the Group, and realized the vertical integrated management of its various business lines. Business bar.

Therefore, CITIC Securities shared relevant goodwill to projects such as asset management, equity derivatives, fixed income, investment banking, institutional brokerage and other projects, and conducted impairment testing. After this adjustment, CITIC Securities's reputation for the CITIC Lyon project was 1.093 billion yuan.

As of the end of 2021, the cumulative impairment of the CITIC Lyon project was 1.431 billion yuan; its book value was 751 million yuan, a decrease of 1.123 billion yuan from 1.874 billion yuan at the end of 2020.

- END -