Hu Guanjin: Became the President of Galaxy Securities

On September 8, Beijing-based Galaxy Securities, which has been in depression since the fall of its former president Xiao Shiqing, welcomed its new leader – 54 year old Hu Guanjin.

Meanwhile, several other important positions of this company were also taken by the newcomers, including the chairman, vice chairman and so on.

Galaxy Securities used to be the largest security company in China. Furthermore, it was the only security company under direct management of the China Security Regulatory Commission (CSRC). Therefore, it was more familiar with the Chinese security regulations and could get the businesses more easily. However, compared with the resources it owned, its performance is not good enough.

In April, the current president Xiao Shiqing was detained for embezzlement. Galaxy Securities went through the largest shock in its history. On September 1, the CSRC completely quitted the management level of Galaxy Securities. China Central Huijin Investment Ltd, which was ordered to restructure Galaxy Securities and became its largest shareholder in 2005, took full hold of the management rights.

Hu Guanjin used to be a teacher. He entered the security field in 1994, taking the post of deputy head of the Shenzhen security regulatory office. In 1996 he became the president of Guosen Securities and then the chairman. In 2004 he left Guosen Securities and joined in the partially private-owned Huaxi Securities, which he left in January 2009. As the man who developed Guosen Securities into a big market-oriented security company, Hu Guanjin is the best person to take charge of Galaxy Securities.

It is said that Hu Guanjin plans to make Galaxy Securities go public in two or three years.