CMS

China Merchants Securities Co., Ltd. is a securities company whose business covers securities brokerage, investment banking, asset management and other areas. CMS is one of the member enterprises of the financial segment of China Merchants Group Limited, and is listed together with China Merchants Bank, Bosera Funds, China Merchants Renhe Life, China Merchants Leasing, China Merchants Ping An Asset Management and China Merchants Capital as a major member enterprise of China Merchants Financial Holdings Co., Ltd. China Merchants Financial Holdings is a wholly owned subsidiary of China Merchants Group; it was formally established in Qianhai, Shenzhen, in September 2022, and is the third financial holding company in China approved by the People’s Bank of China, after CITIC Financial Holdings and Beijing Financial Holdings.

In the public fund business, CMS is a shareholder of China Merchants Fund Management Co., Ltd. Founded in 2002, China Merchants Fund was China’s first Sino-foreign joint venture fund management company. In its early shareholding structure, CMS held a 40% stake, ING Group held 30%, and China Power Finance, Huaneng Finance and COSCO Finance each held 10%; following subsequent changes in shareholding, China Merchants Bank holds 55% of China Merchants Fund and CMS holds the remaining 45%. CMS’s annual reports also disclose operating data for Bosera Funds; according to its annual report, Bosera Funds had operating revenue of 3.485 billion yuan and net profit of 913 million yuan in 2019.

In June 2025, Zhu Jiangtao, former vice president of China Merchants Bank, was transferred to become chairman of CMS.

According to Caixin, an analyst from CMS who attended Vanke’s annual results briefing said they had “felt the change at Vanke”, and said that Vanke president Yu Liang spoke positively and appeared open throughout the event, seeking to “convey positive signals of transformation”.