The old man should be stronger, would he rather change his heart to turn old age? Everyone has a day to retire, but not many people can let go and plan their retirement career. Cai Yong, chairman of Guoyuan Securities, is one of the few.
"After I officially retire in the middle of next year, I want to go back to my alma mater to teach and stay with the students." Cai Yong, 59, now envisions his long-lost spirit on his face when he is looking forward to his retirement life.
"Mr. Cai Yong, the company's chairman, is approaching retirement age, and after his application, he will no longer serve as a director of the company after the change of term." Guoyuan Securities announced on the evening of 30. This participant and practitioner from the securities market from scratch and from small to large is about to bid farewell to his nearly 27-year securities career.
"I have been in the industry for more than 20 years, and I have done everything I should do." Cai Yong, who has been rooted in Guoyuan Securities for nearly 27 years, is one of the earliest pioneers in the domestic securities market. During this period, he participated in the establishment of Guoyuan Securities and built it into the top 20 comprehensive brokerage firms in the industry. At the same time, he, who was an academic student, has led a scientific research team for a long time, has published more than 50 academic articles, and has provided a large number of talents for the capital market.
moved from local brokers to national
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" That year, we mainly came through the interbank lending of large banks such as Industrial and Commercial Bank of China"
Guoyuan Securities, a local broker that started with 2 billion capital, has now gradually developed into a diversified business listing financial platform covering securities, futures, public funds, private funds, equity investment, alternative investment, over-the-counter business and international business. Every step that Guoyuan Securities has taken is integrated into the pulse of industry development and reflects Cai Yong's 27-year securities career.
brushes away the smoke of time. In 2001, in the wave of the "credit and certificate separation", Anhui Guotou and Anhui Trust each independent securities business and merged to create Guoyuan Securities. Cai Yong, who was the general manager of Anhui Guotu Shenzhen Securities Department at that time, was transferred back to Anhui to serve as president.
At that time, Guoyuan Securities had only 2.049 billion net assets on its account, and most of them were real estate and stocks. What’s more unfortunate is that in the next four or five years, the capital market fell into a long bear market, and stock prices fell again and again. The lack of funds was almost fatal for the first-time securities companies, and Guoyuan Securities faced such challenges as soon as it was born. What should I do with
? With its superb capital operation ability, Cai Yong, who was a major in finance, led the team to survive through various interbank lending. "Around 2003, we mainly came through the interbank lending of large banks such as Industrial and Commercial Bank of China. "Looking back on those most difficult days, Cai Yong was full of sighs.
In that era, the securities industry was "the remaining ones are king". Since then, Guoyuan Securities has basically seized every major development opportunity in the securities industry: it was listed through the backdoor "Beijing Hua Er" in 2007, and raised nearly 10 billion yuan in private placement in 2009; it custodially custodian Tianqian Securities, acquired Wugang Haiqian Futures; it won the first Hong Kong subsidiary license in the country; it won the industry Class A review 11 times Level…
In fact, among the central provinces, Anhui's total economic output is not large, but its A-share listed companies rank among the top in the entire central region, and more than half of these listed companies are sponsored and underwritten by Guoyuan Securities. The Anhui Stock Exchange Center, which was established and operated by Guoyuan Securities, has absorbed more than 4,500 listed companies, with a total financing of 36 billion yuan, solving the financing problems of many small and medium-sized enterprises and also for the future The business development has reserved a large number of corporate customers.
Today, Guoyuan Securities has successfully developed from a regional broker to a national comprehensive listed securities company. 155 branches and 7 subsidiaries are located in major provinces and cities across the country. As of the end of the third quarter of 2019, Guoyuan Securities' total assets were 79.466 billion yuan, a 14-fold increase from the beginning of its establishment, and its net assets increased by 12 times to 24.652 billion yuan.
At the same time, taking advantage of the opportunity of loosening the refinancing policy, Guoyuan Securities announced a share allotment plan of 5.5 billion yuan in October this year, and plans to achieve the goal of 7 billion yuan of net assets in 2020 to support future business development, enhance the company's market competitiveness and risk resistance, and promote the company's main operating indicators to enter the top 20 ranks.The industry believes that Guoyuan Securities' performance maintained a high growth rate in 2019. The share allotment has been promised to be subscribed by major shareholder Guoyuan Financial Holdings Group, which will help the company consolidate the stable development of its capital.
Business philosophy of Hui school scholars
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" People still have to have some realm and some feelings"
Among the 300,000 securities practitioners across the country, Cai Yong, the head of Guoyuan Securities, is probably one of the longest-time employees. He came from a financial family. His grandfather used to run a money shop in Yangzhou, and his father worked in the financial system for many years. As the third generation of financial practitioners in the family, Cai Yong has been struggling in the financial field for 37 years.
In 1982, Cai Yong graduated from Anhui University of Finance and Economics and stayed in the Department of Finance and Finance for 8 years. He then went to the United States and worked in an investment company. Working for 3 years. In 1993, Cai Yong returned to China and joined Anhui International Trust and Investment Company (hereinafter referred to as "Anhui Guotou"), one of the predecessors of Guoyuan Securities, and engaged in securities business. He joined the newly established Guoyuan Securities in September 2001. He served as president and chairman. He is an old Guoyuan person of 27 years. As a securities firm born and grown in Anhui, Guoyuan Securities has made indelible contributions to the development of the local real economy since the time of Anhui Guotou. Data shows that in the early 1990s, Anhui Guotou signed more than dozens of imported technology and equipment contracts through introduction and leasing, with a total transaction volume exceeding half of the province at that time. "One of our company has almost contracted the province's long-term and short-term foreign debt quotas. "Cai Yong said that almost all major projects in the province are participated by Guoyuan Securities (the predecessor of Anhui Guotou).
In Cai Yong's view, Huishang culture deeply influences everyone and every company on the land of Anhui, including Guoyuan Securities and himself. Cai Yong summarizes this culture as "doing something but not doing something" - doing something means adhering to the enterprising spirit of great and proactiveness, and not doing something means operating stably and honestly, and not pursuing short-term interests too much. Since its establishment, Guoyuan Securities has firmly controlled risks and operated in compliance There have never been any risk out-of-control and violations that have a significant impact on the company's development. This is well-known in the industry and has received unanimous praise from regulators and securities companies.
did not understand the environment, and no matter how strong the wind was, it would not start. Cai Yong said that Guoyuan Securities pays special attention to stable operations and will regard risk control as the bottom line that must be maintained to expand new businesses. When doing finance, you must not do something you are unfamiliar with, even if it is just a detail. "When you are not clear about it and cannot fully grasp the whole process, you must not do it. This is a point I have been doing 30html for more than 7 years of finance and remember it firmly. "He emphasized his voice.
" This industry is so keen to make money quickly! "Cai Yong sighed that the current securities industry has gone through 30html for 7 years. Although it has made great progress, there are also problems such as "shortness for quick success and short-term profits and lack of integrity". The natural existence of financial professional thresholds makes the legitimate rights and interests of investors vulnerable to infringement, and relying solely on laws and regulations to restrict financial institutions and practitioners is far from enough, and industry cultural construction is still necessary. For this reason, Cai Yong presided over the research topic of "refining and practicing the values of the securities industry" in 2016, and won the first prize of the research results of the China Financial Ideological and Political Work Research Association that year and the attention of the industry competent departments. In November this year, the "Securities Industry Cultural Construction Initiative" drafted by Cai Yong was officially released. The China Securities Association also invited him to serve as the cultural construction of the China Securities Industry Committee consultant.
The expectation behind the three regrets
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"I have no other hobbies, and I have contributed all my energy to my work."
Cai Yong divided his career experience into three stages, and he did his best in each stage to do his best in his work: during his stay in school to teach, he was 26 years old and was the youngest director of the teaching and research department , , studying the most advanced scientific research topics at that time; during his work at Anhui Guotou, the international business he was responsible for attracted tens of millions of dollars every year, almost using up the province's foreign debt quota; during his tens of millions of dollars in charge of Guoyuan Securities, he led the company from an unknown regional brokerage firm to the national stage.
"For a long time, I have been busy with the company's management and my limited spare time has also contributed to scientific research." Looking back on my 27-year securities career, Cai Yong said that although he has done everything he can, he still has three regrets. I hope that the new leader team can lead everyone to "work one after another" to make up for the gap and solve the shortcomings.
First, the company's main business indicators have only partially achieved the goal of entering the top 20, and has not been fully achieved. Cai Yong said that the business development of securities companies is closely related to regional economy, culture, politics and even social relations.
However, compared with coastal provinces such as Jiangsu and Zhejiang, Anhui is indeed not economically developed, and there are two listed securities companies in the province. Now the industry competition is becoming more and more fierce, and the business development is like sailing against the current.
This is why, Guoyuan Securities resolutely went to the whole country, and even entered the Hong Kong market against the trend in 2006, taking the lead in establishing the first Hong Kong subsidiary of the Chinese brokerage firm in China.
Second, the high school team is not young enough. "The securities industry is the industry for young people.
" Cai Yong told Securities China reporters that after more than 7 years of market struggle in 30html, Guoyuan Securities has honed a team that can fight and dares to fight, but gradually some middle-level teams are not young enough.
For this reason, Guoyuan Securities has been accelerating the cultivation and promotion of the younger generation.
He said, "I will also try my best to use my expertise to create a good peripheral environment for the company's development, and impart my professional knowledge to the company's young employees.
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Third, the company's three-year employee stock ownership plan has not benefited. In 2016, Guoyuan Securities took the lead in implementing an employee stock ownership plan in the industry.
Nowadays, most of the one-year employee stock ownership has successfully withdrawn, but due to market cyclical issues and other issues, the three-year employee stock ownership plan has not yet benefited, which has become a regret for Cai Yong before leaving office.
"After officially retired in the middle of next year, I want to go back to my alma mater to teach and stay with the students." Speaking of this, Cai Yong smiled, as if he had returned to his energetic college era. The image of Anhui people who are diligent and passionate about studying is once again highlighted in him. Although he is in the securities industry known for his busyness, Cai Yong has never relaxed in his studies and scientific research in recent years.
From 1987 to the present, Cai Yong has participated in vocational education at Shenzhen University, University of Rotterdam in the Netherlands, University of Technology in the Netherlands, University of Technology in Beijing, Wharton in Pennsylvania in the United States, National University of Singapore and regulatory agencies. He is known in the industry as one of the most diligent and favorite securities executives in the industry. He has authored many monographs such as "The Eye of Practice - Research on Securities Companies and Capital Markets", "Special Research on China's Capital Markets", "International Accounting", and "Learning and Teaching of Accounting Principles", and has published more than 50 professional papers in national and provincial journals and securities newspapers such as the Securities Times.
At the same time, Cai Yong not only taught at Anhui University of Finance and Economics for 8 years, but also a postdoctoral supervisor at the Shanghai Stock Exchange and a visiting professor at Anhui University of Finance and Economics. His students have now long been scattered to various fields of the financial industry and regulatory system. He has presided over multiple research projects of the Shanghai Stock Exchange's "Shanghai Securities Joint Research Plan". Projects he cooperated with others have successively won the Excellent Award for Research on Key Projects by the China Securities Association, the Shenzhen Stock Exchange Research Achievement Award, the Anhui Province Government Social Science Award, etc.
"In addition, I still want to spend more time with my family." Cai Yong, who is busy with work, feels that he has owed a lot to his family for many years. The family of four is divided into four places and rarely has the opportunity to reunite. He thought about it and added, "This can probably be regarded as the fourth regret."
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