Caixin
May 14, 2020 03:53 AM
FINANCE

Former Regulator to Lead Guosen Securities

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What’s new: Another senior official at China’s top securities regulator is taking the helm of a major state-owned securities brokerage.

Deng Ge, former deputy director of the Listing Department of the China Securities Regulatory Commission (CSRC), is taking the position of general manager of Guosen Securities.

The current head of the brokerage, Yue Kesheng, will retire in April 2021, people close to Guosen Securities told Caixin.

The background: Deng, 52, acted as spokesman at the CSRC between 2013 and 2017. He is expected to face challenges at the brokerage, whose investment banking and securities brokerage businesses have been declining.

At least four leading brokerage companies are led by former officials from their regulator. Even though rules require that CSRC officials can’t take positions at companies they formerly directly regulated within three years after leaving the CSRC, they can bypass the restrictions through transfers or recommendation processes.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com)

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