Debon Securities Appoints Yin Tao as Chairman Amid Steady State-Owned Capital Integration

September 23 — Debang Securities has officially announced a reshuffle of its core management team. Liang Lei will no longer serve concurrently as Party Secretary and Chairman of the Board. Yin Tao, a member of the company's Party Committee and a director, has been appointed as the new Party Secretary and Chairman.

Debang Securities stated to Cailianshe that this adjustment is a normal personnel change. The Shandong Finance Group's Party Committee remains unchanged in its established development strategy, direction, and shareholder support for the company, and the overall operational landscape remains stable.

Background: Two Years Since State-Owned Capital Takeover

This management adjustment comes just as the two-year anniversary of Shandong state-owned capital taking control of Debang Securities approaches. It is a routine measure by Shandong Finance Group to optimize its financial sector布局 and improve the governance structure of its state-owned securities firm.

After two years of deep integration, Debang Securities has successfully completed the承接 of state-owned resources and deepened its local presence. Leveraging comprehensive support from its parent company, the firm continues to focus on regional development and serve the real economy, maintaining a steady growth trajectory.

Performance Highlights Under State-Owned Ownership

State-owned capital has injected core momentum into Debang Securities' transformation and development:

• September 30, 2024: The China Securities Regulatory Commission (CSRC) officially approved Shandong Finance Group as the actual controller of Debang Securities.
• December 2024: Shandong Finance Group held a dedicated meeting on Debang Securities' management and operations, setting clear goals for deepening integration, enhancing multi-dimensional construction, and building a model for innovation and development of state-owned securities firms.
• November 2025: The company officially moved its registered address to the Jinan Central Business District, solidifying its foundation as a local state-owned securities firm.

Under the Group's "1145" development strategy and aligned with the core requirements of financial services for the real economy, Debang Securities has established a differentiated development positioning of "rooted in the Yangtze River Delta,深耕 in Shandong, and key national布局." The company has implemented a "12456" development strategy and a "136+2" business layout system, carving out a path for中小 brokerages in a competitive market.

Key Financial Data:

• 2025: Consolidated operating revenue increased by 27.5% year-on-year.
• First half of 2026: Net profit attributable to the parent company grew by 62.18% year-on-year.
• Bond business (2025): Corporate bond underwriting scale increased by 65.6% year-on-year, with industry ranking rising from 43rd to 32nd.
• Shandong provincial bond business (2025): Corporate bond underwriting scale grew by 25.2% year-on-year.
• As of September 15, 2026: Fixed income business has underwritten 95 corporate bonds, maintaining a steady expansion pace.

Regional Deepening and Local Impact

Debang Securities' regional深耕 strategy continues to deliver results:

• 2025: Ranked 7th in Shandong province for corporate bond underwriting.
• First half of 2026: Rose to 6th place, improving by 5 positions year-on-year.
• Business has been established in 11 cities across Shandong, including Jinan, Qingdao, and Yantai.
• 2026: The company opened its first branch in Jinan, solidifying its "Jinan + Shanghai" dual-headquarters operational model.
• Strategic partnerships have been formed with multiple municipal governments (Weifang, Zaozhuang, Jining, Weihai, etc.) and nearly 20 financial institutions, building a multi-dimensional financial ecosystem.

Industry-Focused Finance: Benchmark Projects and Differentiation

During his tenure as Chairman, Liang Lei actively promoted differentiated, specialized, and professional development. He emphasized that Debang Securities would leverage its full牌照 advantages to provide full lifecycle, one-stop financial services for regional enterprises, including listing, bond issuance, and asset revitalization.

The company has focused on national strategic areas such as technology finance, establishing differentiated industrial finance advantages rooted in Shandong and radiating nationwide. Notable projects include:

• External markets: Underwriting a 700 million yuan technology innovation bond for Huzhou Industrial Investment and a 500 million yuan technology innovation bond for Shanxi Road & Bridge.
• Local market: In June 2026, the company served as lead underwriter for Jining High-tech Industrial Investment's high-growth technology innovation bonds, with interest rates as low as 2.40% and 2.47% — record lows for similar bonds in Shandong that year.

Beyond bond underwriting, the company has expanded into investment banking, fixed income, wealth management, and futures services, providing comprehensive industrial risk management services across four cities.

Asset Management (ABS):

• 2025: Debang Asset Management issued 16 asset-backed special plans, totaling 13.217 billion yuan, ranking among the top 20 securities firms in ABS issuance scale.
• Retail business (2025): Net income from securities brokerage increased by 48% year-on-year, with margin financing and securities lending also showing growth.

Smooth Management Transition

Yin Tao, the newly appointed Party Secretary and Chairman, brings a composite background in financial regulation, industrial investment, and platform operations. He has long been深耕 in Shandong's financial system, aligning closely with the company's established "industry + finance" development path.

Yin Tao's Profile:

• Born November 1976
• Member of the Communist Party of China
• Master's degree in Management
• Former Deputy Director of the Insurance and Guarantee Division, Shandong Provincial Financial Work Office
• Former roles at Shandong Caijin Financing Guarantee Fund Management Co., Ltd., Shandong Caijin Industrial Investment Co., Ltd., and Shandong Caijin New Energy

Market analysts believe Yin Tao combines financial regulatory compliance thinking with industrial capital operational capabilities. He is familiar with local financial regulatory rules and state-owned enterprise governance systems, with full-chain business experience covering "equity investment — industrial cultivation — capital operations."

Industry insiders note that this management adjustment is a normalized and standardized personnel arrangement under the governance framework of a state-owned controlled securities firm, fully consistent with the company's established strategic layout and stable operational rhythm.

Outlook

Going forward, Debang Securities plans to:

• Deepen its industrial finance characteristics
• Amplify the advantages of state-owned capital empowerment
• Strengthen core businesses in technology finance and green finance

Leveraging Shandong Finance Group's AAA credit rating (domestic), Fitch A rating, and Moody's多元 financial rating, combined with 23 years of development experience, two years of deep state-owned capital empowerment, full牌照 business advantages, and Shandong's industrial upgrade dividends, Debang Securities aims to steadily advance governance improvement, business innovation, and regional深耕, continuing to build its brand as a distinctive local securities firm and writing a new chapter in high-quality development for provincial state-owned securities companies.

(Source: Cailianshe)