Analysis of the Impact of Postponed Board Succession at CITIC Securities

Based on the information I have collected, this is a systematic analysis of the impact of the postponed board succession at CITIC Securities:

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CITIC Securities announced in December 2025 that the term of the 8th Board of Directors would expire on December 29, 2025. Since the nomination of relevant director candidates has not been completed, the succession election is still in preparation [1]. To ensure the continuity of the board’s work, the 8th Board of Directors will postpone its succession until the new board is elected. Meanwhile, the terms of the special committees of the 8th Board of Directors and senior management will be extended accordingly [1].

:

• Born in 1965, has reached the age of 60, the mandatory retirement age
• Has served as Chairman of CITIC Securities since 2016, for nearly a decade so far
• Joined CITIC Securities when it was founded in 1995, and has held several important positions
• Resigned as legal representative and chairman of China Asset Management in October 2025 [1]

:

• A “post-1970s” manager
• Has held key positions at China Securities and CITIC Construction Investment Securities
• Appointed General Manager of CITIC Securities in December 2024 [1]

:

• Resigned on January 12, 2026 due to job changes
• Resigned from the positions of non-executive director and related committee roles [2]

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In 2025, CITIC Securities faced a series of personnel adjustments within the CITIC system triggered by the retirement of CITIC Construction Investment Chairman Wang Changqing upon reaching the mandatory age [1]. Against this backdrop of personnel changes, CITIC Securities needs time to select and confirm suitable director candidates to ensure a smooth transition between the old and new management.

As an “aircraft carrier-level” enterprise in the securities industry, the candidate for CITIC Securities’ chairman position requires careful evaluation:

• Consider the candidate’s industry experience, management capabilities, and alignment with the group’s strategy
• Need to coordinate the opinions of multiple stakeholders
• May be waiting for a more suitable candidate or timing

In accordance with the Company Law and the company’s articles of association, postponing board succession is permitted and will not affect the company’s normal operations [2]. The company has clearly stated that it will complete the election of new directors as soon as possible.

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:

• During the postponement period, the current management will continue to perform their duties, ensuring the consistency of the company’s strategy implementation
• The “general and commander” combination of Zhang Youjun and Zou Yingguang will be maintained, providing stable leadership for the company
• Conducive to the continuity of major decisions and the stability of business development

:

• Provides sufficient preparation time for new director candidates
• Reduces potential business fluctuations caused by sudden personnel changes
• Helps the new management to better understand the company’s operations

:

• The market has high attention on the candidate for the chairman succession
• Uncertainty about the candidate may trigger market speculation and short-term fluctuations
• Investors need to pay attention to subsequent nomination progress

:

• Some major decisions may require longer internal coordination time during the postponement period
• The operation of special committees may be affected

Judging from the company’s latest performance, CITIC Securities’ net profit in the first three quarters of 2025 hit a record high [1], and the 2025 full-year performance express report shows that all indicators maintained steady growth [3]. The company’s fundamentals remain strong, providing a solid foundation for the smooth transition of management.

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As of the close on January 17, 2026, the stock price of CITIC Securities (600030.SS) was RMB 28.08, down 0.71% on the day [4]. Looking at the recent performance:

Period	Price Change
5-Day	-1.72%
Monthly	-3.07%
Quarterly	-3.47%
YTD	-4.26%

The stock performance is relatively weak, which partly reflects the market’s cautious attitude towards management changes.

From the market reaction:

• Market sentiment remained relatively stable after the postponement announcement, with no violent fluctuations
• Investors are more concerned about performance and future strategic direction
• Short-term stock price fluctuations are more affected by the overall market environment

Current valuation indicators:

• Price-to-Earnings Ratio (P/E): 14.83x
• Price-to-Book Ratio (P/B): 1.48x
• The P/E ratio is lower than the industry average, with relatively reasonable valuation [5]

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:

• The director candidate nomination process is expected to start after the Spring Festival
• The election of the new board of directors may be completed by the end of the first quarter
• The new management candidates are likely to come from within the CITIC system

:

• It is expected to continue the existing strategic direction and maintain business stability
• May further strengthen core advantages such as wealth management and investment banking business
• The growth rate of asset management business is expected to improve

:

• Continue to pay attention to subsequent director nomination announcements
• Focus on the company’s Q1 financial report to be released on April 27, 2026
• Short-term stock price fluctuations can be seen as an opportunity to accumulate positions at low prices

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1. Management Change Risk
   : The candidate for the new chairman is undetermined, leading to uncertainty
2. Market Fluctuation Risk
   : The overall market environment may affect short-term stock performance
3. Business Transformation Risk
   : Slowdown in the growth rate of asset management business requires attention

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[1] NetEase Finance - “Net Profit of RMB 30 Billion! CITIC Securities Emerges from the Winter” (https://www.163.com/dy/article/KJE78H420519MPBR.html)

[2] Sina Finance - “Announcement of CITIC Securities Co., Ltd. on the Resignation of a Director” (https://finance.sina.com.cn/roll/2026-01-13/doc-inhharqc8016458.shtml)

[3] Caiwen News - “Image of CITIC Securities’ 2025 Full-Year Performance Express Report Announcement” (https://images.caiwennews.com/images/news/20260114_c1111f5ede674ffbb91a95809147dff7.png)

[4] Jinling AI - Real-time Market Data of CITIC Securities

[5] Jinling AI - Profile Data of CITIC Securities