When the shot: Xiaoxing case triggered Huijin regain the power of the Galactic securities

Newspaper reporter Wang Zhaoji Beijing April 30, the original Galaxy Securities President Xiaoxing was arrested investigation "," for a time, the industry relatively low-key and quite mysterious Galaxy Securities Co., Ltd. "surfaced." 　　"The afternoon, the CSRC and the Central Huijin Company led to the announcement of the appointment of Galaxy Securities, Huijin Company sent Hu Changshen was appointed as the company's acting president, legal representative, the former China Securities Regulatory Commission director Li Zhengjiang as party secretary." "Huaxia Times" noted that the Galaxy securities large shareholder Huijin company reflects the speed of the temporary appointment as the Minister of Huijin Capital of the Hu Changshen as president, so that the industry attention. "Large shareholder Huijin's hand, clearly see in rationalizing the Galactic Securities corporate governance relationship on the initiative to achieve." After all, as a brokerage under the supervision of the SFC, the previous presidents and their executives were appointed and delegated by the SFC. 　　Said the Galactic Securities insider. "And the capital of the director of Zhanghaifeng quite a few points, for the shares of the securities companies, in the gradual resumption of control of the Galaxy security, not ruled out as a platform for the integration of the system in securities, and strive to build the largest state-owned securities listed companies.　　　"Long-term tracking the development of securities industry insiders said. 　　According to sources, Galaxy Securities IPO work has been steady, there is an acceleration of the meaning. Internal chaos "The secret of the public" "China Times" reporter learned from the interview, Galaxy Securities internal organization seems to have become a well-known secret. 　　This and every 2 years or so executive big Exchange is not unrelated. Just a few months before the Xiaoxing incident, there had been news that, along with the changes in personnel at the CSRC earlier this year, Li Zhengjiang, the former director of the Fund, would succeed Xiaoxing as president of the Galaxy Securities Corporation. 　　Xiaoxing will return to the SFC as deputy director of the listed department. "This is the King President of the conference we really do not feel, research is still dry, the stock is still watching." 　　"said a number of analysts at the Galactic Securities Research Center. "It's certainly not obvious that executives change their service." However, the resulting people in the ex-faction is the cause of the company's internal organizational chaos breeding. 　　"The sales director of a large fund company that has worked with the galaxy for a long time is blunt. "Before we went to the Galaxy Securities to deal with the relevant cooperation matters." Only the official seal of the document covers 18, more than the SFC. "Almost every department has decision-making power," said the person. "Interestingly enough, there is still no recent news about Xiaoxing's investigation," he said. 　　However, nearly a week of financial media major suites, and even Sina Financial channel home page, every day on the Galaxy securities related reports. Among them, only the internal contradictions of the company and the relationship with the Securities and Futures Commission is enough to make the insiders and the media talk about, scrambled and scrambled. 　　May be really bad in the capital market, not much good today, we find some topic to console themselves. Ironically, the MD system mentioned by the media interview with the Galactic Securities investment Bank in a financial daily newspaper, that is, according to the memberThe size of the work contribution and the quality of performance to determine the remuneration. 　　This reporter learned that the system since the beginning of last year, the basic line with a dummy. "You have a good relationship with leaders, bonuses are more, and vice versa." "One of the bankers who has been in the Galaxy securities for years laughs," We have work to do, and we don't have to live to rest. Not like UBS and Citic. Of course, the salary is relatively less, compared to my CITIC securities students, the salary is half, but can do some of their own things, time is more flexible. "Huijin" should be shot when the "Huaxia Times" reporter noted that the work of lazy procrastination, inefficient, the company to engage in small groups, which may be a lot of market-type enterprises have common problems. 　　However, after the galactic securities were successfully injected into Huijin in 2005, the Galaxy has become a wholly-owned shareholding enterprise owned by the Galaxy Financial holding company, and its internal governance is so confusing that it obviously runs counter to the previous reorganization. The reporter learned through the interview, this and the company's internal and management of the SFC has a "far-reaching" relationship is not unrelated. 　　Galaxy Securities Department of the Treasury-funded companies, in 2002, a certain degree of management transferred to the SFC. 　　Information shows that in June 2005, the Central Huijin Company began to restructure the Galaxy securities, by the end of 2005 Galaxy Securities Co., Ltd. was established, Huijin became a major shareholder of Galaxy Securities, to the Galaxy Securities to send equity directors to participate in the Board's decision-making. Galaxy Securities as the China Securities Regulatory Commission is the only brokerage, its chairman, the President of the management is a cadre. 　　Current Chairman Li Ming, former president Xiaoxing are directly appointed by the SFC, the organizational relationships are in the China Securities Regulatory Commission, belong to the normal transfer. "There is a certain divergence between the two departments over the issue of corporate control." 　　"A senior market personage, Mr. Li told reporters, Huijin company as a major shareholder in accordance with the company's corporate governance structure of the desire to select management, has also been due diligence on Galaxy Securities, but later, the SFC appointed Xiaoxing as President, party secretary, Discipline Inspection Secretary, legal representative. 　　The appointment of personnel executives of Galaxy Securities is largely the responsibility of the SFC, so central Huijin, a major shareholder, is "too much to exercise" the power of the board to employ management. However, according to the Galactic securities insiders revealed that Xiaoxing personality a little bit of sharpness. 　　In its 2-year reign, it has not completed the reopening of the Galaxy Securities IPO, which has been the focus of the industry, and has lost a large Chinese oil bill in its investment banking business, and has since deteriorated in the brokerage position. However, shortly after the Xiaoxing case, Huijin company 30th quickly to reflect, Xiaoxing for personal reasons to resign China Galaxy Securities Co., Ltd., the president of the incumbent party and social functions. 　　and announced by Huijin Capital Markets Minister Hu Changshen as the Acting President, legal representative, the former SFC fund director Li Zhengjiang appointed as the company's party secretary. 　　Huijin company Concerned people told our correspondent, the first time to exclude Hu Changshen force in the stable situation. And in the Galaxy with the securitiesMr Liu, a long-time partner of private equity, appears to be in a timely manner to demonstrate its determination to exercise major shareholders. After gradually clearing up the company's organizational relationship, Galaxy Securities are expected to comeback. 　　The Galactic shelf is really good. Hu Changshen "Zhanghaifeng" Huijin Securities broker integration is expected to speed up the "Huaxia Times" noted that the industry again focused on the Galaxy securities, it seems that the SFC this year the new election began. Li Zhengjiang, the former director of the Securities and Futures Commission, which is the new president, has not been on schedule. 　　Huijin Company, when the head of the capital markets department "Zhanghaifeng", is expected to surprise. Public information shows that Hu Changshen has served as a cadre of Shenzhen Securities Regulatory Commission of the CSRC, and participated in the coordination Steering Group of the Shenzhen Securities risk Institution's administrative liquidation, with experience in capital market supervision. Transferred to Huijin at the end of 2005. 　　2006, before the restructuring of Galaxy Securities, the Securities company passed the qualification level test. 　　The reporter noted that, although the official Galaxy Securities website has changed the company's legal representative to Hu Changshen, but the company's executive Introduction column, did not appear Hu Changshen related information. "There needs to be a board to make a final appointment to the president," he said. A source told reporters that at present, Huijin sent capital and Capital Markets department head of the fire, can be seen as well-intentioned. 　　All along, the integration of Huijin securities brokerage is also the market's most concerned about the topic. 　　It is understood that Huijin Direct shareholding Holdings and its subsidiaries holding 9 securities companies, including Galaxy Securities, China International Finance Limited, Guotai Securities, Wanguo Securities, Citic Investment securities, Southwest Securities, Qilu Securities, CIC Securities, UBS Securities. 　　"Galaxy's IPO has been in a step-by-step manner," said a number of institutions with close ties to the Galaxy securities to respond to reporters. "Of course, the Galaxy Securities are Huijin wholly-owned holdings, Shell in the same securities companies have advantages." Hu Changshen as the head of the same brokerage, not excluding Galaxy Securities as an integrated platform, and strive to go public, to build the largest state-controlled listed securities companies. 　　"said a market person. "Perhaps not so big action, Hu Changshen of a person's strength is always limited, long-term enterprise internal disease has the journey, still need big shareholder and go down." If the SFC and major shareholders can reach an agreement, Li Zhengjiang does not rule out the position of President. Of course, Huijin's effort to gain control of the galaxy is a general trend. "said a brokerage analyst.