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Core Viewpoint - The appointment of Chen Liang as the chairman of CICC Wealth is seen as a strategic move to further integrate CICC Wealth into the CICC system and enhance the synergy of the group's wealth management business [1][4]. Group 1: Management Changes - Chen Liang has been appointed as the chairman of CICC Wealth, while also serving as the chairman of CICC, indicating a unified leadership structure between the parent company and its subsidiary [1][4]. - The change in leadership follows the retirement of former chairman Gao Tao, who had been instrumental in the company's transition into the CICC system since 2015 [5][6]. Group 2: Financial Performance - CICC Wealth has experienced rapid growth, with a revenue increase of 46.74% year-on-year and a net profit surge of 88.66% in the first half of 2025, contributing nearly 30% of CICC's revenue and over 20% of its net profit [3][7]. - As of June 30, 2025, CICC Wealth reported total assets of 193.37 billion and net assets of 20.2 billion [6]. Group 3: Historical Context - The integration of CICC Wealth into the CICC system began with a share transfer agreement in November 2016, leading to the establishment of CICC Wealth as a wholly-owned subsidiary [6]. - The rebranding of the company from Zhongtou Securities to CICC Wealth in September 2019 marked a significant step in its integration into the CICC brand [6].