Recently, ZYBANK, the largest city commercial bank in Henan Province, has been active in making significant changes.
On October 20, ZYBANK announced that it will hold its second extraordinary general meeting of shareholders for 2025 on November 10. The meeting will review several important proposals, including the abolition of the supervisory board, the acquisition of three local rural banks, and the appointment of Zhou Feng as the executive director.
A few days earlier, on October 17, former president Liu Kai resigned due to work adjustments, and Zhou Feng was appointed as the new president. Zhou Feng's previous experience includes many years at the former Henan Banking and Insurance Regulatory Commission, serving as the Deputy Mayor of Puyang City since April 2022, and later becoming the Deputy Secretary-General of the Henan Provincial Government in May 2024.
On October 16, Zhang Ke's qualification as an assistant to the president of ZYBANK was approved. At 48 years old, Zhang has held various positions including secretary of the board, deputy chairman of the supervisory board, and chairman of the supervisory board since December 2014. He resigned from his supervisory position on April 17 this year and was appointed as the assistant to the president.
Additionally, on April 17, ZYBANK appointed three new vice presidents: Yao Huiyuan, Liu Qingfen, and Wang Tianqi, though their qualifications have not yet received regulatory approval.
Under the leadership of Chairman Guo Hao, ZYBANK's executive team currently comprises 14 members: President Zhou Feng, four vice presidents Zhou Litang, Yao Huiyuan, Liu Qingfen, and Wang Tianqi, and six assistant presidents Shao Qiang, Wang Le, Liu Juan, Yao Hongbo, Suo Jia, and Zhang Ke, along with Chief Information Officer He Hao, Business Director Nie Guoqing, and Secretary of the Board Pan Wenyiao.
Beyond the executives, there has also been a recent personnel change within ZYBANK’s head office corporate finance department.
Former head of the corporate finance department Huo Xinhui has been reassigned as Deputy General Manager of ZY Securities. Born in 1984, with a Master's degree in management, he has worked in various roles at Citic Bank Zhengzhou Branch and the headquarters' investment banking department. Since September 2015, he has held positions including Deputy General Manager of the investment banking department, acting head of the asset management department, General Manager of the Luohe Branch, and General Manager of both the investment banking and corporate finance departments. On October 21, ZY Securities officially announced his appointment as Deputy General Manager and member of the executive committee.
Ren Haifeng, President of the Zhengzhou Airport Economic Comprehensive Experimental Zone Branch, is now the General Manager of the corporate finance department at the headquarters. He previously served as the Deputy President of the Pingdingshan Branch and has held various roles, including General Manager of the health service center and General Manager of the innovative finance department.
Wang Xiaobing, the Deputy President of the Zhengzhou Airport Branch, is now in charge of branch operations.
Founded in December 2014, ZYBANK operates across Henan Province with a broad network of branches and was listed on the Hong Kong Stock Exchange main board in July 2017. In May 2022, ZYBANK officially merged with Luoyang Bank, Pingdingshan Bank, and Jiaozuo Zhonglv Bank, approved by the former China Banking and Insurance Regulatory Commission.
As of the end of June 2025, ZYBANK had total assets of 1.407927 trillion yuan, an increase of 42.73 billion yuan, or 3.1%, compared to the end of the previous year. For the first half of the year, ZYBANK achieved operating income of 13.562 billion yuan, down 3.07% year-on-year, while the net profit attributable to shareholders was 2.034 billion yuan, reflecting a year-on-year drop of 0.78%.
According to its semi-annual report, as of the end of June, ZYBANK had 18 branches and one directly affiliated branch, totaling 667 outlets, a net increase of 11 since the beginning of the year. Among these, there are 408 urban branches, 168 county branches, 87 town branches, 3 community branches, and 1 micro-branch.
The notice for ZYBANK's 2025 second extraordinary general meeting indicates that the bank intends to acquire and merge with three rural banks - Puyang Zhongyuan Rural Bank, Mengjin Minfeng Rural Bank, and Luanchuan Minfeng Rural Bank - converting them into branches of ZYBANK.
As of the end of June, ZYBANK employed a total of 18,197 personnel, comprising 1,776 staff at head office (a reduction of 197 from the previous year) and 16,421 staff at branches (inclusive of direct branches), which is an increase of 98. The educational background shows that 16,029 employees hold a bachelor's degree or higher, making up about 88%, with an average age of 38.
In terms of expenses, ZYBANK's operating costs for the first half of 2025 totaled 4.069 billion yuan, a decrease of 327 million yuan, or 7.4%, compared to the same period last year. According to ZYBANK, this reduction is primarily due to ongoing efforts to lower costs and increase efficiency, as well as a decrease in salaries, bonuses, allowances, and depreciation/amortization expenses.
Specifically, in the first half of this year, the total amount for employee salaries, bonuses, and allowances at ZYBANK was 1.5217 billion yuan, a year-on-year decline of 13.2%. This equates to an average salary of approximately 83,600 yuan per employee, representing a decrease of over 10%.
In light of the declining performance and the ongoing cost-saving initiatives, executive compensation has also seen a significant drop. In the first half of this year, the total compensation for key management personnel at ZYBANK amounted to 7.558 million yuan, down 2.364 million yuan from the same period in 2024, a decrease of 23.83%.