Everbright Securities President Liu Qiuming Resigns Due to Term Expiry; Average Staff Pay Around 500,000 Yuan
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Everbright Securities announced on September 18 that President Liu Qiuming, aged 50, resigned from his positions as Executive Director, President, and Legal Representative due to term expiration after six and a half years. Liu, a veteran from Ping An Insurance and other institutions, oversaw the company's recovery from risk events. His 2025 pre-tax remuneration was 1.82 million yuan, slightly down from 2024. The company's average employee cost was approximately 498,000 yuan in 2025, placing it in the lower tier among listed securities firms. Financially, Everbright Securities reported first-half 2026 revenue of 6.056 billion yuan (up 18% year-on-year) and net profit of 2.23 billion yuan (up 32%). Wealth management contributed 57% of revenue, while investment banking revenue fell 25%. The company proposed an interim dividend of 0.17 yuan per share. The article notes that with industry consolidation accelerating, the new leadership faces challenges in sustaining performance recovery. The stock closed at 13.94 yuan on September 18, down about 20% year-to-date.
Source report
Everbright Securities (601788 / 06178) announced after market close on September 18 that Executive Director and President Liu Qiuming, aged 50, has resigned from his positions as Executive Director, member of the Board's Strategy and Sustainability Committee, President, and Legal Representative, citing "term expiration."
Following his resignation, Liu Qiuming will no longer hold any positions within the company or its controlled subsidiaries. The election of new directors and the appointment of a new president and legal representative will proceed in accordance with relevant regulations.
From Ping An to Everbright: Liu Qiuming's Six-and-a-Half-Year Tenure
Born in 1976, Liu Qiuming holds a master's degree from Shanghai University of Finance and Economics and an EMBA from China Europe International Business School (CEIBS). His career includes senior roles at several leading institutions:
- Head of institutional business at Shenyin & Wanguo Securities
- Managing Director at UBS Securities
- Executive Committee Member at Ping An Insurance (Group) Company of China
- Vice President at Ping An Securities
- Chairman and President of Zhongmin Investment Capital
Liu Qiuming was appointed Executive Director and President of Everbright Securities in March 2020. During his approximately six-and-a-half-year tenure, he oversaw the company's transition from digesting risk events to achieving performance recovery by 2025.
Compensation Overview
Liu Qiuming received pre-tax remuneration of RMB 1.82 million from the company in 2025, a slight decrease from RMB 1.83 million in 2024.
According to the annual report, total pre-tax remuneration for directors and senior management of Everbright Securities amounted to RMB 14.77 million. The top earners were:
- Chairman Zhao Ling: RMB 1.97 million
- Liu Qiuming: RMB 1.82 million
- Zhu Qin (Vice President, Chief Compliance Officer, Chief Risk Officer, and Secretary of the Board): RMB 1.48 million
As of the end of 2025, the company had 7,763 employees, with total employee costs of RMB 3.863 billion. The average per-employee cost was approximately RMB 498,000, placing the company in the lower tier among listed securities firms.
Steady Performance Improvement
Ownership Structure
Everbright Securities is the core securities platform under China Everbright Group, a central state-owned enterprise:
- Everbright Group directly holds 25.15% of shares
- Subsidiary Everbright Holdings holds an additional 20.73%
- Combined direct and indirect stake: 45.88%
- Everbright Group is controlled by Central Huijin Investment Ltd. (63.16%) and the Ministry of Finance (33.43%)
- The State Council is the ultimate controller
Financial Performance (First Half of 2026)
| Metric | Value | Year-on-Year Change | |---|---|---| | Revenue | RMB 6.056 billion | +18% | | Net profit attributable to shareholders | RMB 2.23 billion | +32% |
Business segment breakdown:
- Wealth management: ~57% of revenue
- Institutional clients: 14% of revenue
- Investment banking: Revenue declined 25% year-on-year
- Private equity investments: Recorded negative income
The company also disclosed an interim dividend plan, proposing a cash dividend of RMB 0.17 per share, totaling approximately RMB 784 million.
Outlook
Amidst accelerating mergers and acquisitions in the securities industry and increasing concentration among top players, it remains to be seen whether the combination of Chairman Zhao Ling and a newly appointed president can sustain the recent performance recovery and find a clear positioning amidst changing dynamics.
Market Data
As of market close on September 18, Everbright Securities' A-shares were quoted at RMB 13.94, up 0.8%, with a total market capitalization of approximately RMB 64.3 billion. The stock price has cumulatively fallen by about 20% since the beginning of the year.
Note: The executive compensation and average per-employee compensation mentioned in this article include wages, bonuses, social insurance, housing provident funds, and other benefits paid by the company on behalf of employees, all calculated on a pre-tax basis.
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Source
网易财经Eastern
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Everbright Securities President Liu Qiuming resigns after six-year term expiration