(Yicai) Jan. 14 -- The chairman of Chinese brokerage titan Haitong Securities, which is in the process of merging with Guotai Junan Securities, has resigned to pursue other work opportunities.

Executive Director and General Manager Li Jun will temporarily assume the responsibilities of Zhou Jie as chairman after the latter decided to change his job, Haitong announced late yesterday.

Zhou joined Haitong in July 2016 and became chairman in October of that year, the company noted. He led the firm in actively promoting a merger with Guotai Junan as China is building itself into a financial powerhouse and Shanghai, where Haitong is based, is transforming into an international financial center.

The merger of Guotai Junan and Haitong became the first to be approved by the Shanghai Stock Exchange's Merger, Acquisition, and Reorganisation Review Committee this year, the pair said on Jan. 9. Following the green light, the two companies will submit registration applications to the China Securities Regulatory Commission in accordance with administrative approval procedures.

Shanghai's state-owned assets manager signed off on Guotai Junan's absorption of Haitong on Nov. 19, the firms announced on Nov. 21, after China's market regulator decided on Nov. 18 that no further review would be conducted on antitrust filings in relation to the merger.

The pair proposed the union, which will create China's biggest securities company, in early September and disclosed the terms in early October. Guotai Junan, the larger of the two, will issue A-shares and H-shares, those traded in the Chinese mainland and Hong Kong, to Haitong's shareholders at a ratio of 0.62 to 1. Haitong will be delisted.

Guotai Junan and Haitong are large, comprehensive financial institutions that are leading in capital scale, profitability, and overall strength within the industry. The merger is a significant step to building a top-tier international investment bank.

Editor: Martin Kadiev