Are the rumors of public fund integration and personnel changes intertwined? Can Guotai Haitong's annual report boost market confidence?

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As Guotai Junan Securities absorbs and merges with Haitong Securities, the merger process of Huaan Fund and Haifutong Fund has always captured market attention. On March 25, according to exclusive reports from the 21st Century Business Herald, this significant merger concerning the public fund landscape has entered its final stage, with plans for the larger Huaan Fund to absorb and merge with Haifutong Fund, potentially leading to the cancellation of Haifutong Fund’s entity. The relevant plan is expected to be announced by the end of March or early April.

From a business structure perspective, the two fund companies have strong complementarities. As one of the “old ten” public funds, Huaan Fund is expected to reach a management scale of 813.569 billion yuan by the end of 2025, ranking 16th in the industry, and has advantages in the ETF field; while Haifutong Fund, with a scale of only 256.584 billion yuan (ranking 33rd in the industry), holds three major licenses for social security funds, basic pension insurance, and enterprise annuities, excelling in fixed income business. If the integration is completed, the combined platform scale will exceed one trillion yuan, likely entering the industry’s top ten.

Meanwhile, internal personnel adjustments at Huaan Fund have also attracted attention. Yan Tao, former assistant general manager of Changjiang Pension, is set to become the deputy general manager of Huaan Fund, interpreted by the market as a signal for the company’s further layout in pension business; current general manager Zhang Xiaoling will also retire at the age limit, with the management transition echoing the potential merger.

However, the aforementioned merger rumors saw a reversal on March 26. According to reports from the Financial Associated Press, relevant insiders from Huaan Fund and Haifutong Fund stated that the matters are still in the research and verification stage, and no plan has been finalized, with the related online rumors being untrue. On one side, there are clear progress reports from well-known media, while on the other side, the parties involved have clarified, making the outlook for this public fund integration more complex.

General Manager of the Strategic Client Department Xu Lan may serve as Secretary of the Board

It is noteworthy that while rumors of public fund business integration continue to ferment, significant personnel movements are quietly emerging at its controlling shareholder Guotai Haitong Securities. On March 26, according to reports on brokerage personnel, Xu Lan, general manager of the company’s Strategic Client Department and chairman of Zhengyu Investment, is set to become the company’s secretary of the board.

The above individual is Xu Lan, general manager of the Strategic Client Department of Guotai Haitong Securities.

Xu Lan holds a master’s degree in law from Zhejiang University Guanghua Law School and is a registered sponsor representative. She joined Guotai Junan Securities in 2008 and has long been engaged in the capital market business of financial institutions. During her career, she has led or been deeply involved in IPO projects for Agricultural Bank of China, Shanghai Bank, Galaxy Securities, as well as non-public issuance projects for Ping An Bank, Bank of Communications, Hongyuan Securities, and key capital operation projects like convertible bonds and preferred stock issuance for several state-owned banks and joint-stock banks.

After more than ten years of deep cultivation and training, Xu Lan has successively held positions as administrative head of the Financial Industry Department, managing director, deputy general manager of the Strategic Client Department, and co-general manager of the Investment Banking Department. After Guotai Haitong Securities completes its merger and renaming in April 2025, Xu Lan will serve as general manager of the Strategic Client Department and also hold the position of chairman of Zhengyu Investment Co., Ltd.

Within the headquarters structure of Guotai Haitong Securities, the Strategic Client Department is an independently established first-level department, on par with the Operations Management Department, Legal Compliance Department, Risk Management Department, and others, independent of the seven major business committees including wealth management, research and institutional business, investment banking, and fixed income. Its main responsibility is the expansion and maintenance of core strategic clients, providing customers with one-stop, customized comprehensive financial services.

Currently, it is the disclosure window for the company’s 2025 annual report, coupled with the advancement of significant matters such as public fund business integration. If the relevant personnel news is true, Guotai Haitong Securities intends to select Xu Lan as the secretary of the board, likely focusing on her investment banking experience and institutional resource advantages. This choice will help coordinate information disclosure, communication of significant matters, and investor relationship management, solidifying the foundation of compliance governance and aligning with the overall governance and business synergy needs after the merger.

In January this year, Guotai Haitong Securities was the first to disclose its 2025 annual performance forecast. The company expects to achieve a net profit attributable to the parent company of 27.533 billion to 28.006 billion yuan for the year, a year-on-year increase of 111% to 115%; the net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be 21.053 billion to 21.516 billion yuan, a year-on-year increase of 69% to 73%, with both asset scale and operating performance reaching historical highs.

However, since 2026, the brokerage sector has weakened overall, and Guotai Haitong’s stock price has come under pressure, with a cumulative decline of nearly 20% this year. As the official annual report approaches, the market is eagerly awaiting more detailed financial data and business breakdowns to verify the quality of its profits and the actual effectiveness of the merger and integration.

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