(Yicai) Nov. 29 -- He Qing, chairman of Guotai Junan Securities, one of the largest brokerages in China, will take up the reins to lead the Shanghai supervisor of state-owned assets, filing a post that has been vacant for two and a half months.

He will be the party secretary and director of the Shanghai State-owned Assets Supervision and Administration Commission, the commission announced yesterday.

On the same day, Guotai Junan said that He has resigned from all positions in the Shanghai-based company, and his duties will be performed by Vice Chairman Wang Song until a successor is found.

The 51-year-old chairman has management experience in banking, insurance, and brokerage. He joined Guotai Junan in September 2019. Before that, He worked as an executive at China Pacific Insurance Group and Bank of Shanghai.

During He’s tenure, Guotai Junan's revenue and net profit achieved double-digit growth for three consecutive years. After a decline last year during the stock market downturn, the brokerage's performance recovered this year. In the first three quarters, net profit rose 2 percent to CNY8.6 billion (USD1.2 billion) from a year ago while revenue climbed 1 percent to CNY27 billion (USD3.8 billion).

Guotai Junan was formed in 1999 by a merger of two brokerages, Guotai and Junan. The Shanghai State-owned Assets Management is its largest shareholder with a 21.4 percent stake.

Editors: Dou Shicong, Emmi Laine