Three Commanders in 100 Days: China Securities and Galaxy Securities' "Divide and Conquer Strategy"

In just the first three and a half months of 2026, China International Capital Corporation (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; at the same time, Guo Jimin, General Manager of Galaxy Securities’ FICC headquarters, was transferred to serve as a Party Committee member at CICC. 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. Within just three months, two Party Committee members switched companies, and one key asset management leader from CICC moved to Galaxy Securities.

This is not the first time these two brokerages have experienced senior management exchanges. Since 2022, there have been multiple instances of talent movement, from the leadership swaps of Chen Liang and Wang Sheng to cross-company appointments of 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. This may lead to even more frequent personnel interactions between the two firms.

Beyond talent exchanges, market attention is also focused on how these two brokerages will 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 Securities has deep roots in Southeast Asia, whereas CICC is expanding into Europe, America, and the Belt and Road countries. Under the overarching framework of China Investment Corporation (CIC), these leading brokerages are charting a path of differentiated development—each maintaining its own niche while mutually empowering each other.

Three senior executives exchanged in just three months at the start of 2026

In less than three months at the beginning of 2026, CICC and Galaxy Securities have completed exchanges involving three senior executives.

In March, Sun Jing, formerly 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, took a position as a Party Committee member at CICC.

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

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.

Backgrounds of the newly appointed executives

Sun Jing, now Vice President of Galaxy Securities, graduated from Peking University’s 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 cross-business experience in the Management Department and Operations Support Department.

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 under management, emphasized team building in research and investment, and served as Acting Chairman from October 2018.

In January 2023, Sun Jing left her role as General Manager of CICC Fund due to work reassignment and returned to her roots in asset management, serving as Executive Head of CICC’s Asset Management Department. She continued to leverage her expertise in this field until her transfer in March 2026 to Galaxy Securities as Vice President, where she has now officially taken up her post.

Guo Jimin, also a veteran female finance professional, has a longer career in securities than Sun Jing. She entered the securities industry in 1992 and was among China’s first licensed securities analysts. She has made significant contributions in fixed income, asset pricing, and market research. During her tenure at Galaxy Securities, she served as General Manager of the Bond Investment Department, General Manager of the Proprietary Investment Headquarters, and General Manager of the FICC Business Headquarters. In March 2026, she was transferred to CICC as a Party Committee member, a change already reflected on CICC’s official website.

Liang Shipeng, appointed as a Party Committee member at CICC in January 2026, has a notably 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 Director to Director. In December 2007, he was transferred to Tibet CSRC as a Party Committee member and Vice Director, gaining cross-regional regulatory experience. Four years later, he returned to Qinghai as Party Committee member, Discipline Inspection Secretary, and Vice Director, eventually becoming Party Secretary and Director in December 2014 until 2019.

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

In January 2026, as part of a key personnel move within China Investment Corporation (CIC), Liang Shipeng transferred from Galaxy Securities to CICC as a Party Committee member.

Historical context of personnel exchanges between CIC’s brokerages

This exchange is not unprecedented. As early as 2022, the two firms swapped leadership.

In July 2022, Chen Liang, then 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, overseeing its operations.

Less than a year later, in October 2023, another key personnel move within CIC took place. Chen Liang, now Chairman of Galaxy Securities, was transferred to CICC as Party Secretary and Chairman, bringing his extensive wealth management and brokerage experience into the investment banking-focused firm. Wang Sheng, having gained over a year of experience at Galaxy Securities, was promoted to Chairman of Galaxy Securities, 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 advancing its strategic layout in wealth management.

In early 2024, Wang Sheng’s trusted colleague Ma Qinghai, with 16 years of investment banking experience, joined Galaxy Securities as Executive Director of the Investment Banking Committee, responsible for equity business.

It is noteworthy that during the 2022 leadership swap, market speculation suggested a potential merger between the two brokerages. However, by November 2025, CICC initiated a share swap and absorption of Dongxing Securities and Cinda Securities, effectively ending merger rumors.

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

Ownership structure and personnel exchanges within CIC’s brokerages

CIC owns 100% of Central Huijin’s shares, which in turn controls seven brokerages, four of which are headquartered in Beijing: Galaxy Securities, CICC, Dongxing Securities, and Cinda Securities. Currently, CICC is in the process of absorbing Dongxing and Cinda Securities. After the mergers, only Galaxy Securities, the new CICC, and CITIC Construction Investment will remain under CIC’s control. Personnel exchanges between these firms are thus quite common.

Industry insiders believe that Galaxy Securities and CICC are likely to continue exchanging senior executives to promote mutual empowerment. While a merger in the short term appears unlikely, the long-term prospects remain uncertain. What is clear is that as management-level exchanges deepen, if future policies or market conditions favor integration, the process of merging the two firms will be smoother.

How will CICC and Galaxy Securities differentiate their development?

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 CICC’s acquisition of Dongxing and Cinda Securities, its projected revenue (based on 2025 Q3 estimates) could surpass Huatai Securities, making it the third-largest brokerage after CITIC Securities and the newly merged Guotai-Hoare.

Post-merger, the combined strength of the new CICC and Galaxy Securities will further widen the gap with other controlled brokerages under Central Huijin. Besides the four mentioned—Galaxy Securities, CICC, Dongxing Securities, and Cinda Securities—Central Huijin also owns Everbright Securities, Shenwan Hongyuan, and Great Wall Securities. Additionally, CIC is the second-largest shareholder of CITIC Construction Investment, which has close ties to CITIC Securities, resulting in less personnel movement between CITIC Construction Investment and other CIC-controlled brokerages.

The differentiation strategy of CICC and Galaxy Securities remains a key market focus.

2026 marks the start of the “14th Five-Year Plan” and a new five-year strategic phase for both firms. CICC Chairman Chen Liang emphasized that the capital market will play an increasingly important role in supporting technological innovation, and brokerages need to enhance their pricing, industry understanding, and resource integration to better serve the real economy. 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 full-chain financing services, and guiding capital toward key core technologies. Despite aligned strategic directions, their resource endowments and development paths are clearly differentiated.

In terms of business advantages, CICC has been strong in investment banking since its founding in 1995, building a solid moat in high-end fields like Hong Kong IPOs and cross-border M&A. Its Hong Kong IPO business, in particular, has consistently ranked first among domestic brokerages and, since 2024, has surpassed Goldman Sachs, Morgan Stanley, Merrill Lynch, and other international giants, ranking first among all investment banks in Hong Kong.

Galaxy Securities, on the other hand, started with a focus on brokerage services, boasting extensive branch networks and a solid retail client base. As of mid-2025, it had 37 branches and 465 securities offices, maintaining the largest number in the industry. In the wave of wealth management transformation, Galaxy Securities has deepened client management, developed refined customer operation models, and leveraged digital platforms and physical branches to attract new clients and deepen existing 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. Galaxy Securities has built an overseas platform through acquisitions, such as the Malaysia-based Lian Chang Group Securities, forming Galaxy Overseas, which extends its network from Hong Kong to Singapore, Malaysia, Indonesia, and over ten other countries and regions, mainly serving energy, infrastructure, and advanced manufacturing sectors’ outbound needs 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 along the Belt and Road. In 2025, it completed approximately $6 billion in financing transactions under the Belt and Road initiative, including the listing of Jiaxin International Resources (the first RMB-denominated stock in Central Asia, listed simultaneously in Hong Kong and Kazakhstan) and the issuance of RMB bonds by Kazakhstan’s Development Bank. This differentiated “Galaxy in Southeast Asia, CICC in Europe, America, and Belt and Road” approach avoids internal competition and leaves room for deeper resource integration in the future.