Per reporter: Chen Chen Per editor: He Jianling
Image source: Photo.com
On July 30, Haitong Asset Management issued an announcement on the change of senior management, saying that the new compliance director was Zhou Tao. It is reported that Zhou Tao once worked in the Shanghai Securities Regulatory Bureau and is currently the general manager of compliance legal affairs of Haitong Securities.
At the end of last year, Haitong Asset Management was deeply involved in the "Yong Coal Bond" incident. At the end of March this year, the Shanghai Securities Regulatory Bureau imposed regulatory penalties on Haitong Securities and Haitong Asset Management. On May 21, Haitong Asset Management issued an announcement that Zhang Shijun, deputy general manager and investment director, and Li Xue, chief risk officer and compliance director, left their posts due to work adjustments.
A few days ago, the China Foundation Association disclosed the list of private equity asset management scale of the top 20 securities companies in the second quarter, and Haitong Asset Management ranked 11th with a scale of 165.841 billion yuan, down nearly 25% compared with the first quarter, and the decline rate ranked first in the top 20.
<h2>Haitong Asset Management announces the new compliance director</h2>
On July 30, Haitong Asset Management issued an announcement that the new Zhou Tao was the compliance director. It is understood that Zhou Tao has successively served as the director and deputy director of the Shanghai Supervision Bureau of the China Securities Regulatory Commission, the compliance officer of Haitong Hengxin International Leasing Co., Ltd., the general manager of the compliance legal department of Haitong Securities Co., Ltd., the chairman of the compliance supervisory board of Haitong Hengxin International Leasing Co., Ltd., and the compliance director of Shanghai Haitong Securities Asset Management Co., Ltd.
It is reported that the departure of the last compliance director of Haitong Asset Management may be related to the company's deep involvement in the "Yong Coal Bond" incident. On November 18, 2020, the China Interbank Market Dealers Association launched a self-discipline investigation into Haitong Securities and its related subsidiaries, saying that it found that Haitong Securities and its related subsidiaries were suspected of providing assistance for Yongcheng Coal and Power Holding Group Co., Ltd.'s illegal issuance of bonds, as well as suspected market manipulation and other violations. The popular understanding is that Haitong Securities and its subsidiaries acted as a financing "channel" to help Yongmei Group carry out the "self-financing" behavior that was explicitly prohibited by supervision.
On December 19, 2020, Haitong Securities announced on its official website that xia kun, general manager of The Beijing Bond Financing Department, Li Dong, general manager of the fixed income department, Zhang Shijun, deputy general manager of Haitong Asset Management, Yao Hong, deputy general manager of Haitong Futures, and other relevant responsible persons who violated the industry self-discipline rules and relevant regulations of the company were given warnings, notification of criticism and other sanctions, and economic penalties were given.
After that, on January 8, 2021, the Dealers Association imposed self-discipline sanctions on Haitong Securities, Haitong Asset Management and Haitong Futures. At the end of March 2021, the Shanghai Securities Regulatory Bureau also imposed regulatory penalties on Haitong Securities and Haitong Asset Management, requiring Haitong Securities to conduct internal compliance inspections every three months for one year and suspend the provision of bond investment advisory business for institutional investors for 12 months. Haitong Asset Management is also required to suspend the provision of investment advisory business for private asset management products of securities and futures operators within 12 months, and suspend the filing of new private asset management products within 6 months.
<h2>Haitong Asset Management's private equity asset management scale declined significantly in the second quarter</h2>
Just after the above penalties landed, on May 21 this year, Haitong Asset Management issued two announcements of executive departures. The two executives who left office were Zhang Shijun, deputy general manager of Haitong Asset Management, one of the relevant responsible persons mentioned by Haitong Securities in the accountability announcement, and Li Xue, chief risk officer and compliance director of Haitong Asset Management. Regarding the reasons for leaving office, the announcement said that both are work adjustments.
It is worth mentioning that the aftermath of the above penalties is affecting the rating of Haitong Securities and the business development of Haitong Asset Management. On July 23, the China Securities Regulatory Commission (CSRC) released the results of the classification of securities companies in 2021, and Haitong Securities (haitong asset management and haitong securities merger evaluation) was downgraded by two consecutive levels, from AA level to BBB level. It should be emphasized that the CSRC will implement regulatory policies for different rating securities companies in terms of regulatory resource allocation, on-site and off-site inspection frequency and other aspects according to the rating results, which will also have a direct impact on innovative business pilots and capital provisions.
In addition, on the evening of July 28, the China Foundation Association released a list of the top 20 securities companies in the second quarter of the private asset management scale, Haitong Asset Management ranked 11th with a total scale of private asset management of 165.841 billion yuan, a decline of nearly 25% over the first quarter, and the ranking fell by 1 place. It is worth noting that among the top 20 securities companies with comparable data, Haitong Asset Management has the largest decline in this scale.
The same is true for proactive management scale. In the second quarter, among the total private equity asset management scale of Haitong Asset Management, 130.686 billion yuan was active management scale, ranking 9th. The scale of active management fell 14% from the first quarter, and the ranking fell by 1 place.
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