Liu Cheng, Chairman of CSC, has recently officially changed to the company's legal representative.
On March 14, CSC announced that the company has recently completed the registration procedures for the change of legal representative and obtained the &#34;Business License&#34; reissued by the Market Supervision Administration of Chaoyang District, Beijing. The current legal representative of the company is Liu Cheng.
The day before (March 13), the 2025 second extraordinary general meeting of shareholders of CSC approved the proposal to elect Mr. Liu Cheng as the company's executive director, electing Liu Cheng as the executive director of the company's third board of directors.
According to relevant regulations and meeting resolutions, Liu Cheng has served as the chairman and legal representative of the company since the proposal to elect him as the company's executive director was approved by the general meeting of shareholders.
Thus, Liu Cheng has completed all procedures to take charge of CSC.
<h2>About Liu Cheng</h2>
Public information shows that Liu Cheng was &#34;parachuted&#34; from the position of President of China CITIC Bank to CSC, taking on leadership roles in the company.
He was born in December 1967. He obtained a bachelor's and master's degree in economics from the Central University of Finance and Economics (now Central University of Finance and Economics) and a doctorate in economics from Renmin University of China, holding the title of researcher.
Liu Cheng has previously worked at the Central University of Finance and Economics (now Central University of Finance and Economics) and relevant national departments. From April 2018 to January 2025, he served as a member of the Party Committee, Deputy Secretary of the Party Committee, Chairman of the Supervisory Board, Executive Vice President, President, and Executive Director of China CITIC Bank, concurrently serving as a director of CITIC International Financial Holdings Limited, China CITIC Bank (International) Co., Ltd., and Xinyin (Hong Kong) Investment Co., Ltd.
He joined CSC in January 2025 and currently serves as the Party Secretary, Chairman, Executive Director, and Director of the Executive Committee of the company.
<h2>Long Tenure in the CITIC System</h2>
Interestingly, Liu Cheng has many years of experience as a senior executive in financial institutions within the CITIC system before joining CSC. However, the shareholding ratio of CITIC system institutions in the shareholder list of CSC is not high.
The company's third-quarter report shows that the top three shareholders of CSC are Beijing Financial Holdings Group, holding 35.81%; Central Huijin holding 30.76%; and Hong Kong Central Clearing Limited holding 10.52%. None of these belong to the CITIC Group system.
Meanwhile, CITIC Securities within the CITIC system holds approximately 4.94% of CSC, ranking as the fourth largest shareholder.
The fact that the chairman of CSC is held by a senior executive from China CITIC Bank, which has a low shareholding ratio, raises curiosity about potential changes in the company's future equity and governance structure.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1e067da8-d2ae-4338-b7c4-9fa1350b23fb.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1e067da8-d2ae-4338-b7c4-9fa1350b23fb.png"/>
In addition to Liu Cheng being parachuted from the position of senior executive at China CITIC Bank to CSC, in November last year, senior executive Zou Yingguang of CITIC Securities was appointed as the general manager of CSC. Around the same time, the newly appointed general manager of CSC was Jin Jianhua, a former senior executive of CITIC Securities
Such a level of executive &#34;exchange&#34; service institutions is indeed a relatively rare personnel arrangement in the industry.
<h2>Former Chairman Also Comes from the CITIC System</h2>
Interestingly, the former chairman of CSC, Wang Changqing, also comes from the CITIC system of CITIC Securities.
It is reported that Wang Changqing was born in June 1963, holds Chinese nationality, and has no foreign residency rights. From October 1993 to September 1999, Wang Changqing worked at the Beijing representative office of Daiwa Securities Group, where he served as the head of the equity underwriting department; from October 1999 to November 2005, he worked at CITIC Securities Co., Ltd., where he held positions as the general manager of the Shanghai Investment Banking Department, deputy general manager of the Investment Banking Headquarters, head of investment banking operations, and managing director, while also serving as the deputy director of the corporate financing committee;
From November 2005 to September 2011, Wang Changqing served as the deputy general manager, general manager, and member of the executive committee of CSC, and from February 2007, he served as the company's executive director. From September 2011, he served as the company's chairman, executive committee director, and party secretary; since July 2012, he has also served as a director of CSC (International) Financial Holdings Co., Ltd.
However, when Wang Changqing joined CSC, CITIC Securities was still an important shareholder of CSC, so the current context is quite different.
The history of CSC can be traced back to the restructuring of Huaxia Securities in 2005, initially funded by CITIC Securities and Jianyin Investment, holding 60% and 40% of the shares, respectively, hence the name &#34;CITIC JianTou.&#34;
In 2008, due to regulatory requirements for &#34;one participation and one control,&#34; CITIC Securities reduced its stake in CSC in 2010. Beijing State-owned Assets Management Center and Century Golden Resources acquired shares from CITIC Securities, becoming the main shareholders.
In 2020, the Beijing State-owned Assets Management Center transferred its 35.11% stake to Beijing Financial Holdings Group without compensation. After this change, Beijing Financial Holdings became the largest shareholder, but the actual controller remains the Beijing State-owned Assets Supervision and Administration Commission.
Central Huijin obtained a 40% stake in CSC through China Jianyin Investment in 2009 without compensation, and after several rounds of equity adjustments, it ultimately became the company's second-largest shareholder.
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Liu Cheng, the chairman of CSC, has officially become the legal representative of the company, completing the relevant change registration procedures. Liu Cheng was elected as the executive director of the company on March 13 and assumed the roles of chairman and legal representative the following day. He previously served as the president of China CITIC Bank and has extensive experience in financial management. The main shareholders of CSC do not include CITIC Group, with the top three shareholders being Beijing Financial Holdings Group, Central Huijin, and Hong Kong Securities Clearing Company

- Liu Cheng has officially become the legal representative of CITIC Construction Investment Securities following a recent shareholder meeting that elected him as the executive director.  
- The company has completed the registration process for this change and received a new business license from the Beijing Chaoyang District Market Supervision Administration.  
- Liu Cheng, who previously served as president of CITIC Bank, brings extensive experience from the CITIC system, raising questions about potential changes in the company's ownership and governance structure.