(Yicai Global) Oct. 19 -- Dongxing Securities, a unit of China Orient Asset Management, has become the ninth brokerage listed in China to change its chairperson this year.

Li Juan was nominated by China Orient to replace Wei Qinghua, who retired last month, Beijing-based Dongxing Securities said on Oct. 18.

The brokerage joins the likes of Changjiang Securities, Caitong Securities, Shenwan Hongyuan Group, Minsheng Securities, and Everbright Securities, which have each welcomed new chairs in 2022, according to company statements and data from Wind Information. Some were replaced by shareholders, while others were let go after being investigated by regulators on suspicion of breaking the law and breaching discipline.

Li previously worked at the head office of Bank of China, was general manager of the legal affairs department at China Orient, and chaired Bangxin Asset Management, a China Orient subsidiary, before joining Dongxing Securities last month.

Chinese brokerages reported poor earnings results for the first half of this year. Among them, Dongxing Securities saw net profit plunge 63 percent from a year earlier to CNY273 million (USD38 million) on a 31 percent drop in revenue to CNY1.8 billion (USD250 million). Income from its own operations, wealth management, and asset management fell, while revenue at its investment banking business climbed.

Shares of Dongxing Securities [SHA: 601198] ended little changed today, gaining 0.3 percent to CNY7.71 (USD1.07) apiece. The broader Shanghai market fell 0.3 percent.

Editor: Martin Kadiev