The Shanghai Financial Regulatory Bureau has approved Zhu Jinglei's qualification to serve as a director of CMB Financial Leasing Co., Ltd. (CMB Leasing). Zhu Jinglei was recently appointed as the General Manager of the Credit Approval Department at the head office of China Merchants Bank. Public information indicates that he previously held various positions over many years at the Jinan Branch of China Merchants Bank, including Vice President of the Corporate Finance Department, Assistant President, and Vice President.
Concurrently, Li Chong, the former General Manager of the head office Credit Approval Department, assumed the role of General Manager of the head office Risk Management Department several months ago. CMB Leasing is a wholly-owned subsidiary of China Merchants Bank, established with a total investment of 18 billion yuan by the latter. Its primary business is financial leasing operations, including general import and export trade under such operations.
As an independent subsidiary, CMB Leasing obtains interbank credit facilities amounting to hundreds of billions of yuan from China Merchants Bank. These facilities are not only reviewed and approved by the board of directors of the parent bank but their specific utilization is also subject to the approval of the head office Credit Approval Department. This signifies that the head office Credit Approval Department holds key approval authority over CMB Leasing's financing activities.
An announcement regarding China Merchants Bank's routine connected transactions in June 2024 showed that the bank granted CMB Leasing an interbank credit line of 92 billion yuan, valid for two years. This amount represented over 1% of the bank's capital net amount on a legal entity basis at the end of the previous quarter. A previous connected transaction involved a two-year 82 billion yuan interbank credit line granted in June 2023.
It is a longstanding practice for China Merchants Bank to have heads of its head office first-level departments serve on the board of CMB Leasing. According to business registration information, the CMB Leasing board currently consists of nine members. China Merchants Bank Vice President Zhong Desheng serves as Chairman, and Zhang Cheng serves as General Manager. Other board members, including Huang Wenbing, Li Yunbo, Qi Xiangyu, Li Kai, Li Li, Sun Zhihua, and Li Chong, all come from various head office first-level departments such as Supervision, Corporate Finance, Human Resources, Interbank Client, Asset-Liability Management, Financial Accounting, and Risk Management. The business registration update reflecting Zhu Jinglei's approval is still pending.
According to China Merchants Bank's 2025 interim report, as of the reporting period end, CMB Leasing reported total assets of 328.960 billion yuan and net assets of 39.769 billion yuan. It achieved a net profit of 2.839 billion yuan for 2025. The bank's other business income under non-interest net income reached 7.756 billion yuan, a year-on-year increase of 20.55%, primarily driven by growth in CMB Leasing's operating lease-related revenue.
As part of China Merchants Bank's comprehensive business strategy, CMB Leasing's strategic segments include aviation and shipping. The company currently operates and manages a fleet of over 279 aircraft with an average age of 4.3 years and an asset management scale exceeding 52 billion yuan. It also owns more than 200 vessels, with ship-related asset balances surpassing 57.5 billion yuan.
Financial reports indicate that CMB Leasing's new leasing business volume reached 55.427 billion yuan in the first half of 2025, maintaining a leading position in the financial leasing industry. Within this, green leasing business volume amounted to 36.306 billion yuan, accounting for 65.50% of the total. Notably, CMB Leasing achieved a breakthrough in space finance last year by using satellite assets as lease objects, executing the first satellite leasing project in the financial leasing industry. The leased assets are satellites from China's first global low-orbit satellite IoT constellation, "Tianqi Constellation," with an initial deployment value of nearly 30 million yuan.