Recently, Li Yi, the former chairman of J.P. Morgan Securities Co., Ltd., joined the Hong Kong-listed company China Biopharmaceuticals. However, the annual salary of nearly 50 million also made this transfer quite eye-catching.

's career path from a brokerage executive to a listed company is not uncommon in the financial industry. Recently, Li Yi, the former chairman of JPMorgan Securities (China) Co., Ltd. (hereinafter referred to as "JPMorgan Securities"), joined the Hong Kong-listed company China Biopharmaceuticals , but the annual salary of nearly 50 million also made this transfer quite eye-catching.

The chairman of the securities company has transferred to the Hong Kong listed company

Recently, the Hong Kong listed company China Biopharmaceutical issued an announcement stating that the company appointed Li Yi as executive director and chief executive officer, with an initial term of three years. Public information shows that before joining China Biopharmaceuticals , Li Yi was the chairman of JP Morgan Securities, China's first new foreign-controlled joint venture securities company.

China Biopharmaceuticals stated in the announcement that Li Yi has rich management experience in listed companies and a vision of international corporate operations. His successful experience in the financial field has helped him accumulate a deep understanding of international finance and capital markets. Li Yi previously transferred from industry to the financial industry, and now returns to industry, which will bring efficient leadership, rich capital market experience and a more international perspective to the company, which will complement the company's existing people with rich experience in the pharmaceutical industry. The management team forms a strong complement to each other.

The annual salary is nearly 50 million

It is more than the combined salary of the chairman of 10 securities companies last year

It is worth noting that judging from the conditions given by China Biopharmaceuticals , it can be said to be full of sincerity. Not only does the annual cash remuneration amount to 3.5 million U.S. dollars, but the annual rewards in kind also amount to 3.5 million U.S. dollars, which adds up to an annual salary of 7 million U.S. dollars (approximately RMB 48.3812 million). Not only that, the company also paid a one-time entry bonus of US$2 million (approximately RMB 13.8232 million) in cash.

So, what is this annual salary? Let’s make a comparison based on the current annual salary of brokerage executives.

According to Wind statistics, among the chairman of listed securities companies last year, Liu Xuemin, chairman of First Venture, had the highest income, which was 5.9431 million yuan. From this point of view, Li Yi's salary level is more than 8 times that of Liu Xuemin. Zhang Youjun, the chairman of CITIC Securities, the “biggest brother” of the securities firm, received a salary of 4.9506 million yuan last year. In addition, there are more than 20 securities companies whose chairman’s salary exceeds 1 million yuan.

According to reporter statistics, the total salary of the top ten brokerage chairpersons last year was 46.5098 million yuan, which is relatively close to Li Yi’s annual salary level.

However, the annual salary of some brokerage executives even exceeds that of the chairman. For example, CITIC Securities executive Gao Yuxiang, executive committee members Yang Bing and Xue Jirui all had annual salaries of more than 10 million yuan last year, of which Yang Bing even reached 11.318 million yuan. Not only that, a total of 14 senior executives of CITIC Securities have an annual salary of more than 5 million yuan.

Since September last year, he has served as chairman of

JP Morgan Securities (China)

Judging from Li Yi’s work experience, he joined JPMorgan Chase in October 2014 as chairman and CEO of China, and also served as chairman of JP Morgan China. As Chairman of the Management Committee, he is responsible for managing the Group's comprehensive business in China.

In April 2015, he was appointed Chairman of JPMorgan Chase Bank (China) Co., Ltd. and was promoted to Vice Chairman of JPMorgan Chase Global Bank in May 2018. He is committed to improving the internationalization of China's capital market and the international capitalization of Chinese enterprises. level of market participation. In September 2019, Li Yi was appointed chairman of JPMorgan Securities, China's first newly established foreign-controlled joint venture securities company.

It seems that Li Yi has been chairman of JP Morgan Securities for less than a year.

After Li Yi resigned, the position of chairman of JP Morgan Securities has also been succeeded. Recently, the official website of J.P. Morgan Securities (China) Co., Ltd. showed that the company’s chairman has been changed to Park Xueqian, and Park Xueqian still serves as the company’s CEO.

Public information shows that JP Morgan Securities was established on August 22 last year, but it did not open in 2019 and did not "open in the cloud" in Shanghai until March 20 this year. Therefore, as of the end of last year, the company has been making preparations for various businesses. Its current business scope includes brokerage, investment consulting, self-operation and investment banking businesses.

According to the annual report released by J.P. Morgan Securities last year, in terms of profitability, the company achieved revenue of only 2.4713 million yuan last year. However, like Nomura Orient International Securities, J.P. Morgan Securities also failed to achieve profitability last year, and its net loss was relatively small. Large, reaching 85.8989 million yuan. In addition, the company's total liabilities last year were 78.78 million yuan, mainly employee salaries and payments to related parties, and the asset-liability ratio at the end of the year was 9.9%.

In addition, in terms of remuneration, in 2019, J.P. Morgan Securities Company did not list executive salaries separately, but only explained the total remuneration of executives. Last year, the company's executives accrued a total of 11.1822 million yuan in remuneration, and the actual remuneration received last year was The salary is 5.3406 million yuan. 60% of the 2019 incentive salary was paid in February this year, totaling 2.6021 million yuan. 40% of the incentive salary is deferred and will be gradually awarded within three years, totaling 1.7347 million yuan.

From the perspective of remuneration, the accrued remuneration of JPMorgan Chase Securities executives last year was only nearly 1/5 of Li Yi's current role as executive director and CEO of China Biopharmaceuticals .

was a football player

Before joining JP Morgan Securities, Li Yi also served as chairman and president of UBS (UBS) China and chairman of UBS Securities Co., Ltd. During his tenure, UBS successfully established China's first fully licensed Sino-foreign joint venture securities company, and built many Chinese platforms such as securities, banking, wealth management, asset management and futures.

However, unlike the resumes of other financial executives, Li Yi also has a "special" career experience. The 59-year-old was a football player.

In 1976, 15-year-old Li Yi left his hometown and entered a sports school alone. Then he entered the Shaanxi Provincial Football Team and became a professional player. His career as a professional football player lasted only 4 years. After retiring, he obtained bachelor's degrees from Beijing Sport University and China University of Political Science and Law respectively. He once served as Vice Chairman of the All-China Federation of Students and Deputy Secretary-General of the Beijing Student Federation. In 1992, after Li Yi received an MBA from the Wharton School of Business at the University of Pennsylvania, he joined Wall Street and engaged in investment banking for nearly eight years, starting his journey in the financial industry.

This article comes from China Fund News