Caijing Society news on December 4th (Reporter Guo Zishuo), another wealth management company experienced changes in its management team.

A reporter from Caijing Society learned today that the board of directors of Ping An Wealth Management Co., Ltd. received Hu Yuefei's written resignation report on November 18. Due to his age, Hu Yuefei applied to resign from the positions of Chairman of the Board, Non-Executive Director, Chairman of the Board's Strategic Development and Consumer Rights Protection Committee, and Chairman of the Nomination and Remuneration Committee at Ping An Wealth Management. With over 40 years of banking experience and being overage, this "veteran" of Ping An Bank officially bid farewell to the Ping An Bank system, drawing a successful conclusion to his career.

According to incomplete statistics from Caijing Society reporters, there have been personnel changes in the positions of Chairman and President in at least 13 wealth management companies within the year, including Industrial Bank Wealth Management, Credit Bank Wealth Management, Agricultural Bank Wealth Management, Bohai Bank Wealth Management, Shanghai Bank Wealth Management, Huibor Bank Wealth Management, Huihua Bank Wealth Management, Minsheng Bank Wealth Management, Qingyin Bank Wealth Management, Zhongyin Bank Wealth Management, and China Construction Bank Wealth Management.

Having served in the Ping An Bank system for over 30 years.

Hu Yuefei is a banking veteran who has been working in the industry for over 40 years since joining the People's Bank of China in 1980. More familiar to the market as the former president of Ping An Bank, he has worked in the Ping An Bank system for over 30 years, including his work experience at the predecessor of Ping An Bank, Shenzhen Development Bank.

In 1990, Hu Yuefei joined the predecessor of Ping An, Shenzhen Development Bank, where he served as Branch President, Branch Manager, Assistant General Manager, and Deputy General Manager. Since December 2016, Hu Yuefei has been serving as Deputy Secretary of the Party Committee, Executive Director, and President of Ping An Bank. He took on the role of Chairman of Ping An Wealth Management in August 2020.

On June 7, 2023, Hu Yuefei resigned from his positions as Executive Director, Member of the Board's Strategic Development and Consumer Rights Protection Committee, and President of Ping An Bank due to his age. Hu Yuefei continued to perform his duties as President until the qualification approval of Ping An Bank's President, Ji Guangheng, on November 10, 2023.

Ping An Bank had highly praised Hu Yuefei's departure in a previous announcement, recognizing him as a pioneer and authoritative expert in domestic supply chain finance theory research and practice. He was an active practitioner and promoter of Ping An Bank's reform and transformation, having been through major events such as two bank integrations, restructuring reforms, and retail strategic transformation in the history of the bank, actively promoting banking reform, innovation, and stable development.

According to informed sources who spoke to the Caixin reporter, "Hu Yuefei is a very pragmatic and practical veteran banker, with a steady and stable working style."

At least 13 wealth management companies have experienced significant personnel changes.

According to Caixin reporters' incomplete statistics, at least 13 wealth management companies have experienced significant personnel changes within the year. Among them, Industrial Bank Wealth Management, Bank of China Wealth Management, Jianxin Wealth Management, Shangyin Wealth Management, Suyin Wealth Management, Qingyin Wealth Management, Huibin Wealth Management, Huihua Wealth Management, and Ping An Wealth Management have seen changes in the position of Chairman.

In July, the Qingdao Financial Regulatory Bureau approved Zhao Xuan's qualifications as Chairman of Qingyin Wealth Management, while the Anhui Financial Regulatory Bureau approved Sun Hailai's qualifications as Chairman of Huibin Wealth Management.

In August, China Bank Wealth Management's first Chairman, Liu Donghai, resigned due to age reasons. In the same month, Jiaoyin Wealth Management announced that Chairman Zhang Hongliang resigned from the positions of Chairman, Director, Chairman of the Board Strategic Development Committee, and Chairman of the Board Risk Management Committee due to work changes.

Jianxin Wealth Management's official website updated in September stated that Qi Jiangong was appointed Secretary of the Jianxin Wealth Management Party Committee and is set to be appointed Chairman, while Yang Qingxiang was appointed as a member of the Jianxin Wealth Management Party Committee and is set to be appointed Vice President.

In October, there was news of a change in leadership at Xinyin Wealth Management. Former Chairman Gu Lingyun of Xinyin Wealth Management was transferred to China Citic Bank's headquarters, with the bank's Wealth Management Department General Manager Wang Hongdong taking over as Chairman of Xinyin Wealth Management, and has since assumed the position.

In November, Minsheng Wealth announced the appointment of Ju Weiyu, former head of the Tianjin Branch of Minsheng Bank, as the Deputy Secretary of the Party Committee and the intended President of the company, with another appointment for the former President Zhang Changlin.