Breaking News! Top Trust Chairman Transfers, "Post-80s" Female Executive Takes Over Responsibilities

The chairman of China Foreign Economic and Trade Trust Co., Ltd. (hereinafter referred to as “Foreign Trade Trust”) has changed.

On April 3, Foreign Trade Trust’s official website released an announcement about the chairman change. It said that, due to a change in job responsibilities, Li Qiang is no longer chairman of Foreign Trade Trust. After being deliberated and approved at the 35th meeting of the Eighth Board of Directors, Wei Mengmeng will act on behalf of the chairman to perform the duties, for a period not exceeding 6 months.

As a reporter learned, Li Qiang, who stepped down as chairman of Foreign Trade Trust, has gone to take up a position at the headquarters of Sinochem, a shareholder of the company. Foreign Trade Trust said in the announcement that the company’s board sincerely thanks Li Qiang for his outstanding contributions to the company’s development during his tenure.

Wei Mengmeng previously served as the Party secretary and general manager of Foreign Trade Trust. She is proposed to be appointed as chairman of Foreign Trade Trust; her appointment qualifications will take effect after approval by the relevant regulatory authorities. In addition, according to information on the official website of Sinochem Capital Co., Ltd. (abbreviated as “Sinochem Capital”), the controlling shareholder of Foreign Trade Trust, Wei Mengmeng has, as of now, been promoted to general manager and deputy Party secretary of Sinochem Capital.

What has attracted widespread attention is that Wei Mengmeng is the trust industry’s first “post-80s” female general manager. She is considered to have both theoretical competence and hands-on management capabilities.

Wei Mengmeng joined Foreign Trade Trust in 2006 and grew within the company. Her resume shows that she previously served successively in the Product Management Department, the Securities Product Department, the Securities Trust Business Division, and the Wealth Management Center of Foreign Trade Trust; she was later promoted to the company’s management team, serving as assistant general manager, vice general manager, and deputy Party secretary. Since June 2022, she has served as the company’s general manager; since August 2023, she has served as the company’s Party secretary and general manager, fully overseeing business operation management and Party-building work.

It is understood that since Wei Mengmeng took office as general manager, she has led Foreign Trade Trust to further develop business areas such as service trusts, investment trusts, industrial finance, and wealth management, promoting steady improvement in the company’s operational quality and efficiency. Currently, the scale of Foreign Trade Trust’s family trust business has exceeded 140 billion yuan, firmly placing it among the leading first-tier group in the industry; the ongoing scale of its pension trust business exceeds 2 billion yuan; and the performance of self-managed investment products has earned market recognition. The company has also rolled out “the first deal” nationwide in multiple emerging business areas, such as real estate trusts and data trusts.

Foreign Trade Trust is a member enterprise of Sinochem, a central state-owned enterprise. It is controlled by Sinochem Capital, a subsidiary of Sinochem. It is currently the chair unit of the China Trustee Association.

At the end of 2024, Foreign Trade Trust’s trust asset management scale was 2.15 trillion yuan, making it one of the three trust companies with management scale exceeding 2 trillion yuan at that time. In 2024, the company achieved operating revenue of 1.804 billion yuan, total profit of 821 million yuan, and net profit of 643 million yuan.

At the Foreign Trade Trust 2026 work meeting held in January this year, when Wei Mengmeng, then Party secretary and general manager of Foreign Trade Trust, delivered her work report, she said that during the “14th Five-Year Plan” period, the company has formed a new situation for stable and sound development. Looking ahead to the “15th Five-Year Plan” period, the company will take as its development vision a leading trust company in the industry that features steady operations, prominent value in serving the real economy and integration of industry and finance, and is respected by people. From the three levels of philosophy, connotation, and methods, the company will promote in-depth changes in its business operations, and plan the core competitive advantages for the “15th Five-Year Plan” and even longer periods.

Proofread by: Tao Yan