Three Generals in a Hundred Days: CICC and Galaxy's "Divide and Coordinate Strategy"

How does executive exchange between AI and senior management promote business empowerment between China International Capital Corporation (CICC) and Galaxy Securities?

21st Century Business Herald Reporter Cui Wenjing Intern Zhang Changrong In just three and a half months into 2026, CICC and China Galaxy Securities have completed the exchange of three senior executives.

In March, Sun Jing, former head of CICC’s Asset Management Department, was appointed Vice President of Galaxy Securities; simultaneously, Guo Jimin, General Manager of Galaxy Securities’ FICC headquarters, was transferred to become a member of CICC’s Party Committee. Earlier, in early January, Liang Shipeng, a member of Galaxy Securities’ Executive Committee, Compliance Director, and Chief Risk Officer, also took on the role of Party Committee member at CICC. In just three months, two Party Committee members have switched companies, and one CICC asset management leader has moved to Galaxy Securities.

This is not the first time these two brokerages have exchanged top executives. Since 2022, talent movement has included leadership swaps between Chen Liang and Wang Sheng, as well as cross-company appointments of key business leaders like Ma Qinghai. As CICC begins the absorption and merger of Dongxing Securities and Cinda Securities, the combined entity—controlled by Central Huijin and headquartered in Beijing—will be left with only Galaxy Securities and the new CICC, likely leading to more frequent personnel interactions.

Beyond talent exchange, market attention also focuses on how these brokerages differentiate their development strategies. CICC leverages its strengths in investment banking and cross-border operations, while Galaxy Securities focuses on retail and wealth management. In overseas markets, Galaxy deepens its presence in Southeast Asia, whereas CICC expands into Europe, America, and the Belt and Road countries. Under the overarching framework of the China Investment Corporation (CIC), these leading brokerages are charting a path of differentiated development—each maintaining its core focus while mutually empowering each other.

In less than three months into 2026, CICC and Galaxy Securities have completed three senior executive exchanges.

In March, Sun Jing, former head of CICC’s Asset Management Department, was appointed Vice President of Galaxy Securities.

Around the same time, Guo Jimin, General Manager of Galaxy Securities’ FICC headquarters, was appointed to CICC as a Party Committee member.

In early January, Liang Shipeng, a member of Galaxy Securities’ Executive Committee, Compliance Director, and Chief Risk Officer, was appointed to CICC as a Party Committee member.

In summary, within three months, CICC and Galaxy Securities exchanged two Party Committee members, and a department head from CICC moved to become Vice President of Galaxy Securities.

What are the backgrounds of these newly appointed executives?

Sun Jing, now Vice President of Galaxy Securities, graduated from Peking University Guanghua School of Management. She is a seasoned manager with 22 years at CICC, often called the “CICC Baby” in the industry. She joined CICC in 2004, starting in the Capital Markets Department, and later gained extensive experience across core roles in management and operations.

In February 2014, Sun Jing was transferred to CICC Fund as Deputy General Manager, marking her entry into asset management. In December 2015, she was promoted to General Manager of CICC Fund, where she oversaw steady growth in assets and emphasized team building in research and investment. From October 2018, she served as Acting Chairman of CICC Fund.

In January 2023, Sun Jing left her role as General Manager of CICC Fund due to work transfer, returning to her roots in asset management as Executive Head of CICC’s Asset Management Department. She continued to leverage her expertise in this field until March 2026, when she moved outside the CICC system to become Vice President of Galaxy Securities, where she is now officially on duty.

Guo Jimin, who was transferred to CICC at the same time, is also a veteran female finance professional. Her securities career predates Sun Jing’s, beginning in 1992, making her one of China’s first licensed securities analysts. She has made notable contributions in fixed income, asset pricing, and market research. During her time at Galaxy Securities, she served as General Manager of the Bond Investment Department, General Manager of Proprietary Investment, and General Manager of the FICC Business Unit. In March 2026, she was appointed to CICC as a Party Committee member, a change reflected on CICC’s official website.

Liang Shipeng, appointed to CICC’s Party Committee in January 2026, has a different background. Born in November 1969, he started his career in 1994 at Hainan Securities’ Investment Banking Department and later worked at Qinghai Securities Regulatory Office (predecessor of Qinghai CSRC). From December 1998, he served at Qinghai CSRC, rising from Deputy Section Chief to Director. In December 2007, he was transferred to Tibet CSRC as Party Committee member and Deputy Director, gaining cross-regional regulatory experience. He returned to Qinghai in 2011 as Party Committee member, Discipline Inspection Secretary, and Deputy Director, and in December 2014, was promoted to Party Secretary and Director of Qinghai CSRC, serving until 2019.

In July 2019, Liang Shipeng left regulatory agencies to join Galaxy Securities as a member of the Executive Committee and Compliance Director. With his strong regulatory background and risk management experience, his responsibilities expanded in October 2021, when he also became Chief Risk Officer, overseeing Galaxy Securities’ risk control and compliance systems.

In January 2026, as part of a key personnel reshuffle within CIC, Liang Shipeng moved from Galaxy Securities to CICC as a Party Committee member.

In fact, such executive exchanges between CICC and Galaxy Securities are not unprecedented. In July 2022, the two swapped leaders: Chen Liang, former President of Galaxy Securities, was promoted to Chairman following the retirement of Chairman Chen Gongyan. Meanwhile, Wang Sheng, with over 20 years of investment banking experience at CICC, was appointed President of Galaxy Securities to oversee its operations.

Less than a year later, in October 2023, another key personnel move within CIC saw Chen Liang transferred from Galaxy Securities to CICC as Party Secretary and Chairman, bringing his wealth management and brokerage expertise into the investment banking-focused firm. Wang Sheng, having gained experience at Galaxy Securities for over a year, was promoted to Chairman of Galaxy Securities in the same month, completing a full leadership transition from investment banking head to President and then to top executive. Subsequently, Chen Liang’s role at CICC deepened, and in November 2025, he also became Chairman of CICC Wealth Management, further extending his strategic influence in wealth management.

Meanwhile, in early 2024, Ma Qinghai, a key executive at CICC with 16 years of investment banking experience, joined Galaxy Securities as Executive Director of the Investment Banking Committee, overseeing equity business.

It’s worth noting that when the two firms swapped top executives in 2022, market speculation suggested a potential merger. However, by November 2025, CICC’s initiation of the merger and acquisition of Dongxing Securities and Cinda Securities put an end to merger rumors.

Today, the executive exchanges between CICC and Galaxy Securities mainly stem from their shared ownership under Central Huijin and CIC, representing normal internal personnel adjustments within the group.

CIC owns 100% of Central Huijin’s shares, which is the controlling shareholder of seven brokerages, four of which are headquartered in Beijing: Galaxy Securities, CICC, Dongxing Securities, and Cinda Securities. Currently, CICC is in the process of merging Dongxing and Cinda Securities. After completion, only Galaxy Securities, the new CICC, and CITIC Construction Investment will remain under CIC’s Beijing-based brokerages, making personnel exchanges among them more common.

Market insiders believe that Galaxy Securities and CICC are likely to continue promoting executive exchanges to facilitate mutual business empowerment. While a merger in the near term appears unlikely, long-term prospects remain uncertain. What is clear is that as management-level communication deepens, if policies or market conditions become favorable, the integration process will be smoother when the time comes for full consolidation.

Galaxy Securities and CICC are the two most powerful brokerages under Central Huijin. Galaxy Securities consistently ranks among the top five in industry revenue; after the acquisition of Dongxing Securities and Cinda Securities, CICC’s revenue (based on the 2025 third-quarter data) is expected to surpass Huatai Securities, making it the third-largest brokerage after CITIC Securities and the newly merged Guotai-Haitong.

Following the establishment of the new CICC, its overall strength will further widen the gap with other controlled brokerages under Central Huijin. Besides Galaxy Securities, CICC, Dongxing Securities, and Cinda Securities, other subsidiaries include Everbright Securities and Shenwan Hongyuan in Shanghai, and Great Wall Guorui Securities in Fujian. Central Huijin is also the second-largest shareholder of CITIC Construction Investment, which is controlled by Beijing Financial Holdings. Given CITIC Construction Investment’s close ties with CITIC Securities, personnel interactions between CITIC Construction Investment and other Central Huijin-controlled brokerages are relatively rare.

How CICC and Galaxy Securities differentiate their development remains a key market focus.

2026 marks the beginning of the “14th Five-Year Plan” period and the start of a new five-year strategic cycle for both brokerages. CICC Chairman Chen Liang, interpreting the government work report, emphasized that the capital market will play a more significant role in supporting technological innovation. Brokerages need to enhance service quality through better pricing, industry understanding, and resource integration. Galaxy Securities Chairman Wang Sheng also highlighted the importance of focusing on strategic emerging industries such as integrated circuits, quantum technology, and artificial intelligence, improving the full-chain financing service system, and guiding capital toward key core technologies. Despite aligned strategic directions, resource endowments and development paths of the two firms are clearly differentiated.

In terms of business advantages, CICC, founded in 1995, has built a strong moat in investment banking, especially in Hong Kong IPOs and cross-border M&A. Its Hong Kong IPO business consistently ranks first among domestic brokerages and has surpassed Goldman Sachs, Morgan Stanley, Merrill Lynch, and other international giants since 2024, ranking first among all investment banks operating in Hong Kong.

Galaxy Securities, originally rooted in brokerage services, boasts a solid retail client base and extensive branch network. As of mid-2025, it had 37 branches and 465 securities offices, maintaining the largest number in the industry. During the wealth management upgrade, Galaxy Securities deepened client management, developed refined customer operation models, and leveraged digital platforms and physical branches to expand new client channels and deepen existing client relationships. Benefiting from increased market activity, its brokerage revenue in the first three quarters of 2025 reached 6.31 billion yuan, up 71% year-on-year, with client assets rising to 199.2 billion yuan, ranking fifth in the industry.

The complementary advantages of investment banking and wealth management at these two firms provide a practical foundation for CIC’s differentiated positioning.

In overseas expansion, CIC’s focus differs for each brokerage. Galaxy Securities has built an overseas platform through acquisitions, such as the Malaysia United Overseas Group Securities business, forming Galaxy Overseas, which extends its network from Hong Kong to Singapore, Malaysia, Indonesia, and over ten other countries and regions. It mainly serves energy, infrastructure, and advanced manufacturing sectors’ outbound needs, establishing a foothold in Southeast Asia.

Meanwhile, CICC leverages its 30-year experience in cross-border M&A to strengthen its presence in Europe and the Americas, and has made breakthroughs in Central Asia and the Middle East—financing transactions on the Belt and Road reached about $6 billion in 2025, including landmark projects like Jiaxin International Resources (listing simultaneously in Hong Kong and Kazakhstan, the first RMB-denominated stock in Central Asia) and RMB bond issuance by Kazakhstan’s Development Bank. These tailored cross-border financial services support high-tech and outbound enterprises.

This “Galaxy’s focus on Southeast Asia and CICC’s expansion into Europe and the Belt and Road” strategy not only avoids internal competition but also leaves room for deeper resource integration in the future.