Core Viewpoint - ICBC Wealth Management has appointed Wu Qian as the new chairman, effective April 3, 2025, following approval from the National Financial Regulatory Administration. Wu has extensive experience in the financial sector, particularly within ICBC, and her leadership is expected to address the company's profitability challenges [2][4]. Group 1: Leadership Changes - Wu Qian will be the third chairman of ICBC Wealth Management, succeeding a position that has been vacant for nearly a year [4]. - The company has seen significant turnover in its leadership, with three chairmen and two presidents in its six-year history, indicating instability in its executive team [2][9]. - Wu's background includes 20 years in ICBC's financial accounting system and leadership roles in ICBC Ansheng Life Insurance, showcasing her deep ties to the "ICBC system" [2][3][8]. Group 2: Financial Performance - As of the end of 2024, ICBC Wealth Management's product management scale reached 1.96 trillion yuan, a 22% increase year-on-year, ranking second among the six major state-owned bank wealth management subsidiaries [9]. - The net profit for 2024 was 1.42 billion yuan, reflecting a 7.3% year-on-year growth, but this growth rate was the lowest among its peers, causing a drop in its ranking from third to fourth [9][10]. - The company has struggled to leverage its parent bank's strengths, leading to a decline in profitability despite an increase in management scale [9][10]. Group 3: Market Trends and Challenges - The wealth management industry is experiencing a shift towards equity and multi-asset investments, with ICBC Wealth Management's allocation to equity assets increasing significantly, although it still remains low at 3.1% of total assets [10][11]. - The company has faced challenges in adapting to a competitive environment characterized by price wars and a focus on customer-centric strategies, which Wu Qian aims to address [9][12]. - Wu's previous experiences in the insurance sector highlight her understanding of the need to balance growth and profitability, a challenge that ICBC Wealth Management currently faces [12].