New Leadership Emerges: 5 Futures Companies' Designated Chairmen Pass Professional Competency Test

How does the change in controlling shareholders drive executive adjustments?

The management team of futures companies is undergoing a new round of personnel changes.

On March 17, the China Futures Industry Association announced the list of qualified personnel for the new batch of futures company executive competency assessments, with 24 candidates passing the test, representing 19 futures companies.

Among the qualified executives, 8 are board members, including Li Geng, proposed chairman of Yangtze River Futures; Zhang Ying, proposed chairman of Zhongyan Futures; Li Suo, proposed chairman of Guolian Futures; Cao Hui, proposed chairman of Yuncheng Futures; and Rao Xiong, proposed chairman of Hongta Futures.

Pengpai News noted that changes in the chairmen of several futures companies are related to shifts in controlling shareholders.

According to a notice published by Changjiang Securities on December 9, 2025, the company has completed the election of the board and management team, with Li Geng newly appointed as vice president, and he may be the same person as the proposed chairman of Yangtze River Futures. In 2025, Hubei State-owned Assets officially became the largest shareholder of Changjiang Securities, leading to a series of adjustments in the company’s senior management and executives. Yangtze River Futures is a controlling subsidiary of Changjiang Securities.

On March 12, Chongqing Bonded Port Area Development and Management Group announced that through its subsidiary, Chongqing Bonded Port Area Green Venture Investment Company, it acquired a 51% stake in Zhongyan Futures. The acquisition was approved by the China Securities Regulatory Commission on February 5. On February 27, Zhongyan Futures completed business registration changes, with the shareholding structure being: Chongqing Bonded Port Area Green Venture Investment Company holding 51%, and Shenzhen Xince Investment Development Co., Ltd. holding 49%.

Li Suo, proposed chairman of Guolian Futures, previously served as non-executive director of Guolian Minsheng Securities and resigned in February 2025 due to work transfer. In August 2024, Guolian Securities announced its acquisition of Minsheng Securities, and on January 13, 2025, it officially renamed itself “Guolian Minsheng Securities Co., Ltd.” Both major shareholders are Wuxi Guolian Development (Group) Co., Ltd.

Additionally, Hongta Securities’ February announcement indicated that Rao Xiong no longer serves as Compliance Director or Chief Risk Officer.

Cao Hui, proposed chairman of Yuncheng Futures, currently serves as the company’s general manager. With Cao Hui’s promotion, the new general manager candidate also appeared on the qualified test list.

Besides the board members, 13 senior executives from various companies passed the test, including three futures companies planning to adjust their general managers. These include Wang Baohui for Western Futures, Mao Rui for Yuncheng Futures, and Xun Hongjun for Zhongsheng Futures.

Furthermore, Hainan Futures and Hengli Futures plan to appoint two vice presidents each; Zhengxin Futures, Hengtai Futures, Shanxi Sanli Futures, Huawen Futures, Tianhong Futures, and Xinhu Futures each plan to appoint one vice president.

Guofu Futures has three candidates for Chief Risk Officer who passed the test.

According to the “Notice on the Professional Competency Level Evaluation Test for Futures Company Senior Executives,” the test is divided into three categories based on the target candidates—Board Level, Management Level, and Chief Risk Officer. The Board Level test is for proposed chairmen, supervisors, and independent directors; the Management Level test is for proposed general managers and deputy general managers; the Chief Risk Officer test is for prospective chief risk officers. The validity period for this round of qualified results is from March 17, 2026, to March 16, 2028.