Author丨Sun Ruxiang
On December 22, 2023, on the winter solstice, Li Geping, former deputy secretary of the Party Committee and general manager of China Securities Construction Investment, ushered in the official announcement. On the same day, the **Commission for Discipline Inspection and the State Supervision Commission** showed that Li Geping had been expelled from the party and public office, and the suspected crime was transferred to the procuratorate for review and prosecution.
A source familiar with the matter was quoted as saying that "Li Geping's main violations of discipline and suspected violations of law and crimes did not occur during his tenure at China Securities Construction Investment."
However, according to the report of the ** Commission for Discipline Inspection and the State Supervision Commission, Li Geping seriously violated the spirit of the party's eight regulations, organizational discipline and integrity discipline, constituting a serious violation of duty and suspected of ** crimes, "and still does not restrain or stop after the 18th and even 19th National Congress of the Communist Party of China, which is serious in nature and has a bad impact."
Compared with Li Geping's resume, he worked in China Securities Construction Investment from February 2018 to May 2023, most of the time after the 19th National Congress of the Communist Party of China (held in October 2017).
Li Geping, the former general manager, "relies on finance to eat finance".
According to the Discipline Inspection and Supervision Group of the State Supervision Commission of the ** Commission for Discipline Inspection in CITIC Group and the Beijing Municipal Supervision Commission, with the approval of the ** Commission for Discipline Inspection and the State Supervision Commission, the Discipline Inspection and Supervision Group of the ** Commission for Discipline Inspection and the State Supervision Commission in CITIC Group and the Beijing Municipal Supervision Commission conducted a disciplinary review and supervision investigation on Li Geping, former deputy secretary of the Party Committee and general manager of China Securities Construction Investment, for serious violations of discipline and law.
After investigation, Li Geping lost his ideals and beliefs, deviated from his original mission, lacked a sense of discipline and rules, violated the spirit of the eight regulations, accepted gifts and consumption cards in violation of regulations, and accepted travel arrangements and banquets that may affect the fair performance of official dutiesFailure to truthfully report personal matters;Illegal holding of private equity**;relying on finance to eat finance", taking advantage of the convenience of his position to seek benefits for others, and illegally accepting huge amounts of property.
The report said that Li Geping seriously violated the spirit of the party's eight regulations, organizational discipline and integrity discipline, constituted a serious violation of duty and was suspected of committing a crime, and still did not rein in and did not stop after the 18th and even 19th National Congress of the Communist Party of China, which is serious in nature and has a bad impact, and should be seriously dealt with. In accordance with the relevant regulations, the Party Committee of CITIC Group decided to expel Li Geping from the Party, and the Discipline Inspection and Supervision Group of the Commission for Discipline Inspection and the State Supervision Commission in CITIC Group decided to expel Li Geping from government affairs and confiscate his disciplinary and illegal gainsThe Beijing Municipal Commission of Supervision has studied and decided to transfer the issue of his suspected crime to the procuratorate for review and prosecution in accordance with law, and the property involved will be transferred with the case.
According to a report, Li Geping's main violations of discipline and suspected violations of law and crimes did not occur during his tenure at China Securities Construction Investment.
However, the ** Commission for Discipline Inspection and the State Supervision Commission reported that Li Geping seriously violated the spirit of the party's eight regulations, organizational discipline and integrity discipline, constituting a serious violation of duty and suspected of committing a crime, and still did not rein in or stop after the 18th and even 19th National Congress of the Communist Party of China, which was serious in nature and had a bad impact.
Li Geping joined China Securities Construction Investment in February 2018, four months after the 19th National Congress of the Communist Party of China in October 2017. Analysts said that "Li Geping's main violations of discipline and suspected violations of law and crimes did not occur during the tenure of China Securities Construction Investment" may not be consistent with the report of the ** Commission for Discipline Inspection and the State Supervision Commission.
According to the 2022 annual report of China Securities Construction Investment, Li Geping joined the company in February 2018 and has served as executive director, general manager and member of the executive committee since April 2018, and has served as the financial director since May 2018.
The "10 billion net profit club" has advanced and retreated
On June 1, 2023, China Securities Construction Investment announced that Li Geping, executive director of China Securities Construction Investment, submitted a resignation report to the company's board of directors for personal reasons, applying for resignation from the company's executive director, member of the development strategy committee of the board of directors, member of the risk management committee of the board of directors, and general manager, member of the executive committee, and financial director of the company.
Previously, Li Geping was a teacher at Zhongnan University of Economics and Law (now Zhongnan University of Economics and Law).Deputy Secretary of the Party Committee, Director and President of Changjiang ** Co., Ltd.;Secretary-General of China ** Industry Association;Deputy Director of the Institutional Supervision Department of the China Securities Regulatory Commission;Huijin Investment Co., Ltd. Director of Insurance Institution Management Department.
Wind data shows that from 2016 to 2018, CSC's revenue and net profit declined for three consecutive years, of which the net profit attributable to the parent company fell by more than 20% year-on-year.
Subsequently, during Li Geping's tenure, the performance of China Securities Construction Investment continued to grow. From 2019 to 2021, CSC's revenue achieved 1369.3 billion yuan, 2335.1 billion yuan, 2987.2 billion yuan, a year-on-year increase. 93%；The net profit attributable to the parent company was 550.2 billion yuan, 950.9 billion yuan, 1023.9 billion yuan, a year-on-year increase. 67%。
Especially in 2021, the net profit attributable to the parent company of China Securities Construction Investment successfully exceeded 10 billion yuan, ranking among the "10 billion net profit club".
However, the 2022 annual report shows that the net profit attributable to the parent company of China Securities Construction Investment fell below 10 billion. The annual report shows that in 2022, the company achieved an operating income of 2756.5 billion yuan, a year-on-year decrease of 772%；Net profit attributable to the parent company was 750.7 billion yuan, down 2668%。
In the first three quarters of 2023, China Securities Construction Investment achieved an operating income of 1838.4 billion yuan, down 1903%；Net profit attributable to the parent company was 569.1 billion yuan, down 1157%。As for the reasons for the decline in performance, China Securities Construction Investment explained in the third quarterly report that the decline in commodity sales revenue and self-operated business income, the former led to a direct decline in operating income, and the latter had a greater impact on net profit. (CCTV Capital Eye).