Shenzhen exchange gets new chairman

    CHINA’S State Council, or Cabinet, appointed Wu Lijun to head the Shenzhen Stock Exchange yesterday, according to a statement by Xiao Gang, president of the China Securities Regulatory Commission (CSRC), during a conference in Shenzhen.

    The statement did not say when Wu would formally take up his new duties. Wu, who previously served as assistant to Xiao and as member of the CSRC Communist Party committee, said he would assist in the development of listed companies, power the growth of various boards and promote the reform of the NASDAQ-like ChiNext small cap growth board. He replaces Chen Dongzheng, who is leaving due to age-related reasons, according to the announcement.

    Sany Heavy profit declines 48.34%

    SANY Heavy Industry Co., China’s top maker of construction gear, yesterday posted a net profit drop of 48.34 percent from the same period last year in the first half of 2014.

    With a net profit of 1.37 billion yuan (US$222.9 million), the Shanghai-listed company recorded a business revenue of 19.72 billion yuan in the first six months of the year. The revenue was a 10.7 percent decline from the same period last year, said Sany. It attributed the profit and revenue drops to “market adjustment,” without giving detailed reasons.

    Construction Bank to cut executive pay

    CHINA Construction Bank, the nation’s second-biggest lender, will cut top executive salaries by 50 percent in order to comply with recently passed reform measures for State-owned firms, Hong Kong-based South China Morning Post reported yesterday.

    The newspaper quoted a Beijing News report as saying that the bank would enact a so-called “5321” plan, denoting a 50 percent cut to executive pay, a 30 percent cut for department heads and 20 percent for section heads. General staff salaries would be reduced by 10 percent.

    Galaxy Securities seeks nod for listing

    CHINA Galaxy Securities Co., one of the country’s largest brokerages, is seeking to raise about 7.6 billion yuan (US$1.24 billion) in a Shanghai listing.

    Galaxy plans to list in Shanghai and aims to sell 1.69 billion A shares, it said in its draft prospectus late Friday. The Hong Kong-listed brokerage is aiming to raise 7.6 billion yuan on the Shanghai Stock Exchange. Galaxy’s application to list is subject to CSRC approval.