(Yicai Global) Sept. 23 -- He Qing, former president and executive director of China Pacific Insurance Group, has taken up the reins of Guotai Junan Securities, the country's second-largest brokerage by assets, people familiar with the matter told Yicai Global.
The chairman's position at the Shanghai-based brokerage had been left vacant since May, when Yang Dehong's tenure ended.
He Qing was named CPIC's president in July 2017 after having joined the insurer in November 2015 as a deputy general manager. He previously worked at lenders such as Industrial and Commercial Bank of China and J.P. Morgan Chase Bank.
Guotai Junan's shares [SHA:601211] fell 1.5 percent today to close at CNY18.08 (USD2.54) amid a wider market selloff. The stock has gained about 18 percent so far this year.
During the first half of this year, net profit at Guotai Junan jumped 25 percent to CNY5 billion (USD701 million) on a 23 percent gain in revenue to CNY14.1 billion from a year earlier. CPIC's net income nearly doubled to CNY16.2 billion on 7.9 percent increase in core business revenue to CNY207.8 billion.
Yang Dehong was appointed Guotai Junan's chairman in August 2015. Before that he worked for Shanghai International Trust and Shanghai International Group.
Editor: Emmi Laine