On July 27, the Party Committee of CITIC Group decided to appoint He Jinsong as the Party Secretary of China CITIC Financial Asset Management Co., Ltd., while also recommending him as the company's Chairman for a one-year probationary period.

The management transition comes a week after July 20, when former Chairman Liu Zhengjun resigned from his roles, including Chairman, Executive Director, and head of the Strategic Development Committee, upon reaching retirement age.

The incoming leader, He Jinsong, is a seasoned veteran within the CITIC system. Joining CITIC Bank in October 1997, his career has spanned nearly 29 years, primarily within the banking arm. Starting from a grassroots branch level, he rose to lead key operations as the head of the Chengdu, Shanghai, and Beijing branches. His ability to manage major regional hubs in Beijing, Shanghai, and Chengdu demonstrated his internal recognition for handling frontline business.

Notably, between May 2013 and January 2015, He Jinsong served as the General Manager of the Legal and Asset Preservation Department at the bank's headquarters. This role provided him with deep experience in credit risk management and non-performing asset (NPA) disposal, laying a critical foundation for his later move into the asset management company (AMC) sector.

In October 2024, He Jinsong was officially appointed as a Vice President of CITIC Bank. His transition from a commercial bank vice president to an AMC chairman follows CITIC Group's internal practice of transferring talent across its different business segments. Banking and AMC operations share underlying logic. He Jinsong's long tenure in commercial banking, overseeing credit and asset preservation, has familiarized him with asset pricing, risk identification, and NPA disposal processes, providing a practical base for adapting to his new role.

With He Jinsong's appointment, CITIC FAMC has completed a periodic management handover. In 2021, CITIC Group invested as a strategic partner in the risk-ridden China Huarong. In March 2022, the company's Party Committee was formally transferred to CITIC Group's management, with Liu Zhengjun becoming the Party Secretary of China Huarong. His chairmanship was approved by regulators the following April. Liu Zhengjun subsequently led the institution through asset restructuring and risk mitigation.

In January 2024, the company completed its renaming, officially integrating into the CITIC financial landscape. Over the past four years, CITIC FAMC has established a strategic plan: "get on track in one year, improve quality and efficiency in three years, become a benchmark in five years." It has gradually divested financial and non-financial subsidiaries, focusing resources on its core NPA business.

Financial data indicates substantial progress in this restructuring phase. By the end of 2025, CITIC FAMC's consolidated total assets surpassed 1 trillion yuan again, reaching 1,057.024 billion yuan, up 7.4% from the end of the previous year. Net profit attributable to the parent company reached 11.086 billion yuan, showing a steady upward trend from 1.766 billion yuan in 2023 and 9.618 billion yuan in 2024.

In terms of revenue structure, the company achieved total revenue of 80.476 billion yuan in 2025. Revenue from its core NPA business reached 69.411 billion yuan, accounting for over 86% of the total. No non-performing loans have been recorded from new funds deployed in the past three years.

The baton is now passed to He Jinsong. The tasks for the new management remain clear. On one hand, although CITIC FAMC's financial indicators have stabilized, there is still room to advance towards its strategic goal of becoming an industry benchmark within five years. In the current complex macroeconomic environment and the stock-focused competition within the asset management industry, continuing to strengthen asset quality and expand profit margins from the core business are key challenges.

On the other hand, commercial banks and AMCs have different business models. Banks primarily act as credit intermediaries earning interest spreads, while AMC profitability hinges on counter-cyclical risk pricing and revitalizing existing assets. He Jinsong must quickly complete the perspective shift from a bank manager to an AMC leader. With the new chairman in place, the market is closely watching CITIC FAMC's business direction and asset disposal actions in its new cycle.