FINANCE

China Merchants Securities Promotes Ex-Banker to President

Published: Sep. 30, 2026 11:36 p.m. GMT+8

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China Merchants Securities. Photo: VCG

China Merchants Securities Co. Ltd. (600999.SH) has appointed Vice President Liu Bo as its new president, ending a transition period during which the brokerage’s chairman temporarily held both roles.

The leadership change comes as the state-backed brokerage expands internationally and rides a surge in first-half profits driven by lucrative investment banking deals and equity investments.

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Liu Bo appointed president of China Merchants Securities, following 24 years at China Merchants Bank; Chairman Zhu resumes oversight.
First-half net profit more than doubled to 10.6B yuan, with investment/trading revenue up 325.6% and investment banking up 50.9%.
Hong Kong subsidiary profit surged 292.6% to 502M yuan; stake in Changxin Technology valued at roughly 30.7B yuan.

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Who’s Who

China Merchants Securities Co. Ltd.: China Merchants Securities appointed Liu Bo as president, succeeding acting president Zhu Jiangtao. Liu, a former China Merchants Bank executive, oversees investment banking and international operations. The firm's H1 net profit doubled to 10.6 billion yuan, driven by a 50.9% investment banking revenue rise and a 325.6% surge in investment trading, aided by its stake in Changxin Technology.

China Merchants Bank Co. Ltd.: China Merchants Bank Co. Ltd. (600036.SH) is the lender where Liu Bo spent 24 years, rising from branch roles to head its asset custody department and Wuhan branch before moving to China Merchants Securities in October 2024.

Changxin Technology Co. Ltd.: Changxin Technology Co. Ltd. is a domestic memory-chip maker listed on the Shanghai exchange (688825.SH). China Merchants Securities served as one of six joint lead underwriters for its IPO and holds a roughly 0.8% stake. With a market cap near 3.65 trillion yuan, these holdings are valued at about 30.7 billion yuan.

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What Happened When

October 2024：: Liu Bo moved to China Merchants Securities as a vice president.

2025：: Revenue fell 34.2% to 858 million yuan due to a contraction in domestic equity financing.

First-half 2026：: China Merchants Securities reported net profit more than doubled to 10.6 billion yuan, total revenue more than doubled to 21.9 billion yuan; investment banking revenue increased 50.9% to 608 million yuan; Hong Kong subsidiary revenue increased 84.9% to 882 million yuan and net profit surged 292.6% to 502 million yuan; investment and trading business revenue soared 325.6% to 10.9 billion yuan.