Zheshang Securities(SH:601878) Nan Fang Du Shi Bao·2025-10-17 02:54Core Viewpoint - Zhejiang Securities is undergoing a leadership transition as its current chairman, Wu Chenggen, retires, and Qian Wenhai is nominated as the new chairman, marking the end of the nearly 20-year "Wu Chenggen era" [5][6][7]. Group 1: Leadership Transition - Wu Chenggen is retiring due to age, and Qian Wenhai has been nominated to take over as chairman [2][5]. - Qian Wenhai, currently the president and party secretary of Zhejiang Securities, will assume the role of chairman, indicating a significant leadership change [4][7]. - The company will follow legal and regulatory procedures for the election of the new chairman while Wu Chenggen continues to fulfill his duties until the transition is complete [2][5]. Group 2: Company Background and Performance - Under Wu Chenggen's leadership, Zhejiang Securities transformed from a struggling firm in 2006 to a prominent player in the industry, with net assets reaching 46.14 billion yuan and total assets of 199.08 billion yuan by mid-2025 [6]. - The company has improved its industry ranking from outside the top 60 to approximately the top 20, with some business segments ranking in the top 10 nationally [6]. - The workforce expanded from around 300 employees to approximately 6,000 during Wu Chenggen's tenure [6]. Group 3: Qian Wenhai's Background - Qian Wenhai has nearly 20 years of experience in the Zhejiang transportation system and has held various positions within Zhejiang Transportation Investment Group before joining Zhejiang Securities [7][8]. - He played a key role in the acquisition of Guodu Securities, which was completed in December 2024, making Zhejiang Securities the largest shareholder [8]. - Despite the acquisition, both Zhejiang Securities and Guodu Securities reported declines in revenue and profit in their first half of 2025, indicating challenges in business integration [8][9].