Dongguan Securities Board Adjustments! State-Owned Capital Dominance Further Strengthened

Invest in stocks with Golden Kylin Analyst Reports—authoritative, professional, timely, comprehensive—helping you discover potential thematic opportunities!

After changes in the shareholding structure, Dongguan Securities’ board of directors has undergone significant adjustments.

Recently, Dongguan Securities announced that it held its third extraordinary general meeting of shareholders in 2026 and the first meeting of the fourth board of directors, completing the election of new directors.

Compared to the previous board, the most notable change is that, as the original private shareholder Jinlong Shares reduced its stake, its appointed director seats decreased accordingly; meanwhile, Yang Yang, the CEO recruited through marketization in 2025, officially joined the board, further strengthening the coordination between management and the board.

State-owned capital control strengthened, private shareholders’ director seats decreased

Data shows that Dongguan Securities was established in 1997, with the Dongguan State-owned Assets Supervision and Administration Commission as its actual controller.

In June 2025, the shareholder structure of Dongguan Securities underwent a major change. A state-owned consortium composed of Dongguan Development Holding Co., Ltd. (Dongguan Holdings) and Dongguan Financial Holding Group Co., Ltd. (Dongguan Financial) acquired a 20% stake in Dongguan Securities held by Jinlong Shares for 2.272 billion yuan. After the transaction, the shareholding ratio of the Dongguan state-owned consortium increased sharply from 55.4% to 75.4%, giving Dongguan State-owned Assets Supervision and Administration Commission full control over Dongguan Securities. The private shareholder Jinlong Shares’ stake was reduced to 20%, jointly holding 24.6% of the shares with New Century Science & Education Development Co., Ltd., acting as a concerted party.

The change in shareholder structure directly affected the composition of the board of directors.

Compared to the previous board, which had two directors from private shareholders—Zhang Dandan from Jinlong Shares and Su Shenghong from New Century Science & Education—these two private shareholder representatives did not remain on the new board. Only one director from Jinlong Shares, CFO Pan Liqing, remained.

The new board consists of nine directors: Pan Haibiao (Chairman), Huang Zhicheng, Wang Chong’en, Pan Liqing, Yang Yang, Sun Zhichao (employee representative director), and independent directors Liu Jinshan, Liu Aping, and Luo Danglun.

Among these, aside from three independent directors, five are related to Dongguan’s state-owned enterprises, including Pan Haibiao, who previously served as CEO of Dongguan Securities and returned to the position in November last year; Huang Zhicheng, vice general manager of Dongguan Investment Holding Group; Wang Chong’en, director of Dongguan Road and Bridge Investment and Construction Co., Ltd.; and Sun Zhichao, formerly a level-four investigator at the Dongguan Municipal Party Committee Organization Department, now head of legal affairs at Dongguan Securities.

CEO Yang Yang joins the board

Another highlight of this board reshuffle is that Yang Yang, the CEO, is making his first appearance on the board.

Data shows that Yang Yang was born in May 1974, holds a master’s degree, and has extensive experience on Wall Street in the United States—having worked as an analyst in the electronic trading department at Bear Stearns, senior analyst in the options trading department at Castle Investment Group, and senior analyst in the credit risk trading department at Goldman Sachs. After returning to China, he served as a fund manager at Harvest Fund, general manager of derivatives and trading at Anxin Securities, deputy general manager at Huaxin Securities, and general manager of China Merchants Securities Asset Management Co., Ltd.

In February 2025, Dongguan Securities officially announced the appointment of Yang Yang as President. His entry into the board signifies that, after serving as President for a year, he has further integrated into the core of corporate governance.

Yang Yang’s appointment coincided with the new Chairman Pan Haibiao. Pan Haibiao, born in 1967, is a veteran of Dongguan Securities. He previously worked at the Dongguan branch of the People’s Bank of China and held positions such as registration department manager and vice president at Dongguan Securities before becoming President in October 2020. In May 2024, he stepped down as President due to work transfer, with Chairman Chen Zhaoxing acting as interim. In November 2025, Chen resigned for personal reasons, and Pan Haibiao returned to serve as Chairman. His career trajectory from President to interim to Chairman is a “curved return.”

Performance rebounds, IPO process under focus

With management settled and governance structure improved, Dongguan Securities’ performance has also shown signs of recovery.

In 2024, the company achieved operating revenue of 2.753 billion yuan, up 27.73% year-on-year; net profit attributable to shareholders was 923 million yuan, up 45.4%.

According to the latest prospectus, from January to September 2025, the company expects to achieve total operating income of 2.344 billion to 2.591 billion yuan, an increase of 44.93% to 60.18% year-on-year; net profit of 862 million to 953 million yuan, an increase of 77.77% to 96.48%.

Dongguan Securities’ official website shows that the Dongguan State-owned Assets Supervision and Administration Commission, through Dongguan Investment Holding Group, Dongguan Investment Capital, and Dongguan Development Holding Co., Ltd., indirectly controls 75.4% of the company, making it the actual controller.

Market analysts believe that with the further consolidation of state-owned control and the settling of the board and management team, the company’s corporate governance structure is clearer, potentially removing some obstacles to its IPO listing.

Dongguan Securities stated in its announcement that this board reshuffle is a normal personnel change and will not adversely affect the company’s governance, daily management, operations, or debt repayment ability.