21st Century Business Herald Reporter Cui Wenjing Intern Zhang Changrong In just three and a half months since the beginning of 2026, CICC and China Galaxy Securities have completed the exchange of three senior executives.
In March, Sun Jing, the former head of the Asset Management Department of CICC, was appointed Vice President of Galaxy Securities; at the same time, Guo Jiming, General Manager of the FICC headquarters of Galaxy Securities, was transferred to CICC as a member of the Party Committee. Earlier in January, Liang Shipeng, a member of the Executive Committee, Compliance Director, and Chief Risk Officer of Galaxy Securities, was also appointed as a member of the Party Committee of CICC. In just three months, two Party Committee members completed cross-company appointments, and a key asset management talent from CICC transitioned to Galaxy Securities.
This is not the first time that the two brokerages have exchanged senior executives. Since 2022, there have been multiple instances of talent flow between CICC and Galaxy Securities, from the exchange of leaders Chen Liang and Wang Sheng to the cross-company appointments of business talents like Ma Qinghai. With CICC initiating the absorption and merger of Dongxing Securities and Xinda Securities, after the merger is completed, the only brokerages remaining with Central Huijin as the controlling shareholder and headquartered in Beijing will be Galaxy Securities and New CICC, which may lead to more frequent personnel interactions between the two.
Beyond talent interchange, how the two brokerages differentiate their development is also a focus of market attention. CICC anchors its advantages in investment banking and cross-border operations, while Galaxy Securities focuses on retail and wealth management; in overseas business, a differentiated pattern has formed with &#34;Galaxy deeply cultivating Southeast Asia, and CICC expanding into Europe, America, and the Belt and Road.&#34; Under the framework of the top-level design of China Investment Corporation, these two leading brokerages are carving out a differentiated development path that allows them to maintain their respective lanes while empowering each other.
In less than three months since the beginning of 2026, CICC and Galaxy Securities have already completed the exchange of three senior executives.
In March, Sun Jing, the former head of the Asset Management Department of CICC, was appointed Vice President of Galaxy Securities.
Around the same time, Guo Jiming, General Manager of the FICC headquarters of Galaxy Securities, was appointed as a member of the Party Committee of CICC.
In early January of this year, Liang Shipeng, a member of the Executive Committee, Compliance Director, and Chief Risk Officer of Galaxy Securities, was appointed as a member of the Party Committee of CICC.
In short, within three months, CICC and Galaxy Securities completed the exchange of two Party Committee members, along with one department head from CICC transitioning to Vice President of Galaxy Securities.
What are the backgrounds of the newly appointed three?
Sun Jing, newly appointed Vice President of Galaxy Securities, graduated from Peking University's Guanghua School of Management and is a seasoned manager with 22 years of deep experience at CICC, often referred to in the industry as a &#34;CICC baby.&#34; She joined CICC in 2004, starting her career in the Capital Markets Department, and subsequently accumulated rich experience across multiple core positions in the Company Management Department, Operations Support Department, and others.
In February 2014, Sun Jing was transferred to CICC Fund as Deputy General Manager, officially starting her deep engagement in the asset management field; in December of the following year, she was promoted to General Manager of CICC Fund, during which she not only promoted the steady growth of the company's management scale but also paid special attention to the construction of the investment research team, and from October 2018, she served as Acting Chairman of CICC Fund.
In January 2023, Sun Jing left her position as General Manager of CICC Fund due to a job transfer and subsequently returned to the asset management business where her career began, serving as the Executive Head of the Asset Management Department of CICC, continuing to leverage her expertise in the asset management field
Until March 2026, she stepped out of the CICC system and was transferred to the position of Vice President at Galaxy Securities, where she has officially taken office.
Guo Jiming, who was transferred simultaneously with Sun Jing, is also a seasoned female financial executive. She has a longer tenure in the securities industry than Sun Jing. As early as 1992, she entered the securities industry and became one of the first practicing securities analysts in China. Guo Jiming has made significant professional contributions in the fields of fixed income, asset pricing, and market research. During her time at Galaxy Securities, she served as the General Manager of the Bond Investment Department, General Manager of the Proprietary Investment Headquarters, and General Manager of the FICC Business Headquarters. In March 2026, Guo Jiming was transferred to CICC, serving as a member of the Party Committee, and this change has been updated on the CICC official website.
Liang Shipeng, who was newly appointed as a member of the Party Committee of CICC in January this year, has a career background quite different from that of Sun Jing and Guo Jiming. His career began in a brokerage firm, but he spent more time in regulatory roles, returning to the securities industry only in 2019.
Specifically, he was born in November 1969 and worked from September 1994 to December 1998 as a staff member in the Investment Banking Department of Hainan Securities Company and as a clerk in the Qinghai Securities Regulatory Office (the predecessor of the Qinghai Securities Regulatory Commission). Since December 1998, he has worked at the Qinghai Securities Regulatory Commission, rising from Deputy Director to Director. In December 2007, he was transferred to the Tibet Securities Regulatory Commission, serving as a member of the Party Committee and Deputy Director, beginning his cross-regional regulatory experience. Four years later, he returned to Qinghai, serving as a member of the Party Committee, Secretary of the Discipline Inspection Commission, and Deputy Director of the Qinghai Securities Regulatory Commission, and was promoted to Secretary of the Party Committee and Director of the Commission in December 2014, until 2019.
In July 2019, Liang Shipeng bid farewell to the regulatory agency and joined Galaxy Securities as a member of the Executive Committee and Compliance Director. With his strong regulatory background and rich risk control experience, his responsibilities were further expanded in October 2021 when he also took on the role of Chief Risk Officer at Galaxy Securities, overseeing the risk control and compliance system in the following years.
In January 2026, as another key personnel adjustment within the China Investment Corporation system, Liang Shipeng stepped out of Galaxy Securities and was transferred to CICC as a member of the Party Committee.
In fact, the exchange of executives between CICC and Galaxy Securities is not unprecedented. As early as 2022, the two had already swapped leaders.
In July 2022, former Galaxy Securities President Chen Liang was promoted to Chairman of the company due to the retirement of former Chairman Chen Gongyan, while Wang Sheng, who has over twenty years of investment banking experience at CICC, was parachuted into Galaxy Securities as President, beginning to take charge of the operations of this established brokerage.
Just over a year later, in October 2023, another key personnel adjustment was initiated within the China Investment Corporation system, with Chen Liang, who had been at the helm of Galaxy Securities, being transferred to CICC to take over as Secretary of the Party Committee and Chairman, thereby bringing his deep experience in wealth management and brokerage business to CICC, which is known for its strengths in investment banking. At the same time, Wang Sheng, who had been trained at Galaxy Securities for over a year, smoothly took over and was officially promoted to Chairman of Galaxy Securities in the same month, completing a full leap from investment banking head to president and then to leader. Subsequently, Chen Liang's role at CICC deepened further, and in November 2025, he also took on the role of Chairman of CICC Wealth, allowing for the continuation of strategic planning in wealth management
At the beginning of 2024, Wang Sheng's capable aide at CICC, Ma Qinghai, who has 16 years of investment banking experience, joined Galaxy Securities as the Executive Director of the Investment Banking Committee, overseeing equity business.
It is worth noting that when CICC and Galaxy Securities swapped leaders in 2022, the market speculated that the two brokerages might merge. However, in November 2025, CICC initiated a stock swap absorption merger with Dongxing Securities and Xinda Securities, putting an end to the speculation about a merger between Galaxy Securities and CICC.
Currently, the executive swaps between CICC and Galaxy Securities mainly stem from the fact that both belong to Central Huijin and China Investment Corporation, representing normal personnel changes within the group.
China Investment Corporation holds 100% of Central Huijin's equity, which is the controlling shareholder of seven brokerages, four of which are headquartered in Beijing: Galaxy Securities, CICC, Dongxing Securities, and Xinda Securities. At present, CICC is absorbing Dongxing Securities and Xinda Securities, and once the merger is completed, the brokerages under Central Huijin and China Investment Corporation located in Beijing will only include Galaxy Securities, New CICC, and CITIC Securities, making personnel exchanges between the first two more common.
Brokerage professionals interviewed believe that Galaxy Securities and CICC may continue to promote executive swaps to enhance mutual empowerment of their businesses. Regarding the possibility of a merger between the two companies in the future, it is unlikely in the short term, while long-term predictions are difficult. What is certain is that as communication at the management level deepens, if future policies or market conditions mature, the integration process will be smoother when the need for consolidation arises.
Galaxy Securities and CICC are the two brokerages with the strongest comprehensive strength under Central Huijin. Galaxy Securities has consistently ranked among the top five in the industry in terms of operating income; after CICC absorbs Dongxing Securities and Xinda Securities, its operating income (simulated based on the 2025 third-quarter report data) is expected to surpass Huatai Securities, becoming the third-largest in the brokerage industry, second only to CITIC Securities and the newly merged Guotai Haitong.
After the birth of New CICC, the comprehensive strength of New CICC and Galaxy Securities will further widen the gap with other controlling brokerages under Central Huijin. In addition to the aforementioned Galaxy Securities, CICC, Dongxing Securities, and Xinda Securities, the controlling brokerages under Central Huijin also include Everbright Securities and Shenwan Hongyuan located in Shanghai, as well as Great Wall Guorui Securities located in Fujian. Furthermore, Central Huijin is the second-largest shareholder of CITIC Securities. Due to CITIC Securities' controlling shareholder being Beijing Jin Kong, and the deep ties between CITIC Securities and CITIC Securities, personnel interactions between CITIC Securities and the controlling brokerages under Central Huijin are relatively rare.
How CICC and Galaxy Securities will develop differently is a focus of the market.
The year 2026 marks the beginning of the &#34;14th Five-Year Plan&#34; and is also the starting line for a new five-year strategy for the two brokerages. CICC Chairman Chen Liang stated while interpreting the government work report that the capital market will play a more important role in supporting technological innovation, and brokerages need to enhance their service quality and efficiency for the real economy with stronger pricing capabilities, industry understanding, and resource integration capabilities. Galaxy Securities Chairman Wang Sheng also emphasized that the capital market should focus on strategic emerging industries such as integrated circuits, quantum technology, and artificial intelligence, improving the full-chain financing service system and guiding capital to accelerate its concentration in key core technology fields
Despite the strategic direction being in sync, the resource endowments and development paths of the two brokerages have already shown a clear differentiation pattern.
From the perspective of business advantages, CICC has excelled in investment banking since its establishment in 1995, building a strong moat in high-end investment banking fields such as Hong Kong IPOs and cross-border mergers and acquisitions. Especially in its Hong Kong IPO business, it has consistently ranked first among domestic brokerages and, since 2024, has surpassed renowned international investment banks like Goldman Sachs, Morgan Stanley, and Merrill Lynch, ranking first in various investment banking activities in Hong Kong.
Galaxy Securities, on the other hand, started with brokerage services, boasting a solid retail customer base and extensive network coverage. As of the first half of 2025, Galaxy Securities had 37 branches and 465 securities business offices, maintaining its leading position in the industry. Amid the wave of wealth management transformation and upgrading, Galaxy Securities has continuously deepened customer management, creating a refined customer operation model, leveraging online digital platforms and offline branch advantages to expand new customer channels and deepen existing customer relationships. Benefiting from increased market trading activity, its brokerage revenue reached 6.31 billion yuan in the first three quarters of 2025, a year-on-year increase of 71%, with customer asset scale climbing to 199.2 billion yuan, ranking fifth in the industry.
The differentiated advantages of the two brokerages in investment banking and wealth management provide a practical foundation for CICC's differentiated positioning.
In terms of overseas business expansion, CICC has also positioned the two brokerages with different focuses. Galaxy Securities has chosen to build an overseas platform through external acquisitions, establishing Galaxy Overseas after acquiring the securities business of Malaysia's CIMB Group, extending its overseas business network from Hong Kong to more than 10 countries and regions including Singapore, Malaysia, and Indonesia, focusing on serving the overseas needs of enterprises in industries such as energy, infrastructure, and advanced manufacturing, thereby establishing a foothold in the Southeast Asian market.
On the other hand, CICC, leveraging its 30 years of experience in cross-border mergers and acquisitions, has continuously strengthened its layout in Europe and the Americas, while also making breakthroughs in Central Asia and the Middle East, countries involved in the &#34;Belt and Road&#34; initiative—completing financing transactions of approximately 6 billion USD in 2025 under the &#34;Belt and Road&#34; initiative, successfully landing landmark projects such as the Jiaxin International Resources project (achieving simultaneous listings in Hong Kong and Kazakhstan, becoming the first RMB-denominated stock in Central Asia) and the issuance of RMB bonds by the Development Bank of Kazakhstan, tailoring cross-border financial services for hard tech enterprises and outbound companies.
This differentiated overseas expansion path of &#34;Galaxy deepening in Southeast Asia, CICC expanding in Europe, America, and the 'Belt and Road'&#34; not only avoids homogeneous competition within the same system but also reserves space for deeper resource integration in the future

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CICC and China Galaxy Securities completed the exchange of three senior executives at the beginning of 2026, marking an acceleration of talent flow between the two brokerages. Sun Jing was appointed Vice President of Galaxy Securities, Guo Jiming was transferred to CICC as a member of the Party Committee, and Liang Shipeng also took up the position of a member of the Party Committee at CICC in January. This series of personnel changes reflects the strategic layout of the two brokerages in terms of talent interchange and differentiated development, especially in the areas of investment banking and wealth management

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