On the afternoon of July 10, 2020, China Merchants Group announced Miao Jianmin was appointed as chairman of China Merchants Group and was removed from his position as chairman of PICC.
Li Jianhong was removed from his position as chairman of China Merchants Group.
The appointment and removal of relevant positions shall be handled in accordance with the relevant laws and regulations.
According to public information, China Merchants Group is an important state-owned enterprise directly managed by the central government.Its headquarters is located in Hong Kong, and it is also listed as one of the four major Chinese-funded enterprises in Hong Kong. In 2019, China Merchants Group achieved operating income of 714.4 billion yuan, an increase of 9.9% year-on-year; Total profit was 163.1 billion yuan and net profit was 126.6 billion yuan, an increase of 12.4% and 18.3% year-on-year; By the end of 2019, the group's total assets were 9.1 trillion yuan , a year-on-year increase of 14.6%.
Source:Sarah Yu,XINDE MARINE NEWS
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