Wang Xiaoqing

Wang Xiaoqing, born in October 1971, holds a doctorate in political economy from Fudan University and also studied for an MBA at the University of Oxford in the United Kingdom. Over a career of more than thirty years, he has held positions in banking, securities, regulation, insurance, funds and financial holding companies, and the industry therefore calls him a financial “all-rounder”. Many industry insiders interviewed by Caixin described him as highly professional, humble and low-key, and easy to get along with, and some praised him as having “good character”; the official introduction of PICC Asset Management stated that he combines a rich theoretical foundation with practical ability in investment management and risk management.

From 1992, he worked successively at the Hai’an, Jiangsu sub-branch of the Agricultural Bank of China and in the fund management department of Haitong Securities Co., Ltd.; in 1998 he joined the Shanghai Commissioner’s Office of the China Securities Regulatory Commission, and from 2004 he worked at Zhejiang Tianyi Securities. From 2005, he moved into the insurance sector, successively serving at PICC Asset Management Co., Ltd. as deputy general manager of the risk management department and as deputy general manager and then general manager of the portfolio management department. From August 2007 to March 2020, he successively held posts at PICC Asset Management including assistant to the president, vice president, member of the Party committee, deputy secretary of the Party committee and chairman of the investment committee. A person at PICC Group told Caixin that Wang Xiaoqing had taken part in the H-share and A-share listings of PICC Group and often participated in the group’s results announcements and roadshows.

In March 2020, Wang Xiaoqing was “parachuted” into the China Merchants system, becoming general manager of China Merchants Fund Management Co., Ltd. According to several sources within the China Merchants Group system, he was “poached” by China Merchants: China Merchants had been watching him for a long time, and had PICC not tried so hard to keep him, he might have left earlier. On June 5, 2021, China Merchants Fund issued an announcement on a change of senior executives, with Wang Xiaoqing becoming chairman and former chairman Liu Hui leaving owing to work arrangements. From September of the same year, he concurrently served as chairman of CIGNA & CMB Life Insurance Co., Ltd.; from October of the same year he served as assistant president of China Merchants Bank, concurrently chairing three companies: China Merchants Fund, CIGNA & CMB Life Insurance and CIGNA & CMB Asset Management Co., Ltd.

Before Wang Xiaoqing took over, China Merchants Fund’s performance and size had long hovered outside the top 10 in the industry. In 2021, China Merchants Fund’s net profit was 1.603 billion yuan, a year-on-year surge of more than 77%, with profit exceeding 1 billion yuan for the first time; the following year it achieved its best-ever profit of 1.813 billion yuan, its non-money-market fund assets grew to 560.9 billion yuan, ranking fifth in the industry, and the size of its public bond funds climbed into the industry’s top three, earning it the nickname “fixed-income giant”. A person close to China Merchants Fund said that after Wang Xiaoqing arrived the company’s efficiency improved markedly, it stepped up investment research, many researchers’ pay caught up with or overtook that of fund managers, and it aggressively poached investment talent, with both performance and size reaching new highs; “people at all levels think highly of him”. However, over the past two years a fee-rate reform has swept the public fund industry and the major fund houses have joined a battle for position in ETFs, and China Merchants Fund’s size ranking has slipped somewhat.

In April 2022, then China Merchants Bank president Tian Huiyu was placed under investigation, vice president Wang Liang was promoted to president, and China Merchants Bank subsequently made some personnel adjustments. From January 2023, Wang Xiaoqing was appointed vice president of China Merchants Bank, and from February he succeeded Wang Ying as concurrent president of the Shenzhen branch. In 2024, Wang Xiaoqing, in his capacity as vice president of China Merchants Bank and president of its Shenzhen branch, wrote an article discussing the bank’s financial business in the Greater Bay Area, explaining that the bank had four tier-one branches in Shenzhen, Guangzhou, Dongguan and Foshan serving the cities of the Bay Area, that in 2023 it had carried out deep integration of the business of its Hong Kong branch and CMB Wing Lung Bank, and that its wholly owned Hong Kong investment banking subsidiary CMB International provided integrated services with investment-commercial banking linkage as its fulcrum.

In June 2025, after former China Merchants Bank vice president Zhu Jiangtao was transferred to become chairman of CMS, Wang Xiaoqing was promoted to the bank’s top-ranked vice president, and on June 25 he was elected an executive director of China Merchants Bank by the shareholders’ meeting. At the bank he was in charge of the asset management business; at the end of May 2025, at an asset management forum in Shenzhen, he set out his understanding of asset management and wealth management, likening the two to two sides of a coin, arguing that the key bridge connecting them is solutions based on a deep understanding of client needs, and stressing that asset management institutions should match their words with deeds and believe in the power of the long term. Just over a month after being elected executive director, China Merchants Bank announced on August 4, 2025 that Wang Xiaoqing had applied to resign as vice president for work reasons, with the resignation effective that day; at the same time he also stepped down as chairman of China Merchants Fund.

After leaving China Merchants Bank, Wang Xiaoqing was transferred to become Party secretary and general manager of China Merchants Financial Holdings Co., Ltd. China Merchants Financial Holdings is a wholly owned subsidiary of China Merchants Group; its predecessor was China Merchants Group’s internal finance division, and it was formally established in Qianhai, Shenzhen in September 2022, the third domestic financial holding company approved by the People’s Bank of China, after CITIC Financial Holdings and Beijing Financial Holdings. Under regulatory definitions, China Merchants Financial Holdings currently has about 670 significant institutions that are risk-consolidated or in which it holds stakes, with businesses covering banking, securities, funds, insurance, diversified finance and fintech; its main member companies include China Merchants Bank, CMS, Bosera Funds, China Merchants Life Insurance, China Merchants Leasing, China Merchants Ping An Asset Management and China Merchants Capital. On a consolidated basis, China Merchants Financial Holdings’ full-year operating revenue in 2024 was 507.5 billion yuan, with total profit of 190.65 billion yuan and net profit of 160.28 billion yuan; by the end of 2024 its total assets reached 13 trillion yuan and its assets under management exceeded 23 trillion yuan. The chairmanship of China Merchants Financial Holdings is held concurrently by China Merchants Group chairman Miao Jianmin.

In April 2026, Caixin learned exclusively through multiple channels that China Merchants Group’s financial segment might see senior personnel changes involving important talent exchange and appointment arrangements, which were still in process, with the relevant public notice period about to expire. According to several industry insiders consulted by Caixin, Wang Xiaoqing, currently Party secretary and general manager of China Merchants Financial Holdings, may be given a more important role and is expected to advance further within the China Merchants Group system, though the specific post has yet to be determined. A source within the China Merchants system said that Wang Xiaoqing’s earlier transfer to China Merchants Financial Holdings came against the background of the group’s top leadership saying that several of its financial subsidiaries needed a shake-up, and that he and Jiang Xiangyang, then chairman of Bosera Funds, were transferred at the same time.