CICC Chief Economist Peng Wensheng Retires, Miao Yanliang Succeeds; H1 Net Profit to Rise 78%-90%, Share Swap

China International Capital Corporation (CICC) has undergone a change of chief economist. Peng Wensheng has retired upon reaching the age limit, and Miao Yanliang, formerly a managing director and chief strategist at CICC, has taken over the role of chief economist.

Peng Wensheng worked at the International Monetary Fund (IMF) from 1993 to 1998 as an economist in the Asia and Pacific Department. From 1998 to 2008, he worked at the Hong Kong Monetary Authority, serving as head of the Economic Research Division and later head of the Mainland China Affairs Division. In 2008, he joined Barclays Capital, where he was responsible for research on China's macroeconomy and financial markets. He became CICC's chief economist in 2010, left in 2014 to join Citic Securities as head of global research and global chief economist. In 2016, he joined Everbright Securities as global chief economist and director of the research institute. He returned to CICC in 2020 as head of research and chief economist.

On July 19, Peng Wensheng, in his capacities as CICC's chief economist, head of research, and dean of CICC Research Institute, attended an investment and financing forum hosted by CICC at the 2026 World Artificial Intelligence Conference. He moderated a high-level dialogue with futurist Kevin Kelly, raising questions on topics including high capital expenditure on large models, token costs, the sustainability of open-source models, the trend of AI centralisation, data privacy, job displacement, and income distribution. He also compared the business models and network effects of AI and the internet.

Miao Yanliang joined CICC in 2023 and changed his practising registration to securities investment advisory analyst in June 2025. He is currently a senior managing director and chief economist at CICC. He previously worked for ten years at the State Administration of Foreign Exchange, serving as chief economist of the Central Foreign Exchange Business Centre from 2018, and before that as senior adviser to the administrator of the State Administration of Foreign Exchange and head of research at the Central Foreign Exchange Business Centre. Before returning to China in 2013, Miao worked as an economist at the IMF, where he participated in the rescue of the European debt crisis. Before joining the IMF in 2008, he was a visiting scholar and special assistant to the governor at the Bank of Israel, where he researched monetary policy and central bank system design. Miao also holds concurrent positions as adjunct professor at Peking University's National School of Development, doctoral supervisor at the People's Bank of China's Financial Research Institute and Tsinghua University's PBC School of Finance, policy expert at the Ministry of Finance of China, member of the China Finance 40 Forum, and board member of Shanghai University.

CICC was founded in 1995, listed on the main board of the Hong Kong Stock Exchange in 2015, completed a strategic merger with former China Zhongtou Securities in 2017, and listed on the main board of the Shanghai Stock Exchange in 2020. In November 2025, CICC, Dongxing Securities, and Xinda Securities announced trading suspensions, planning a share swap merger whereby CICC would issue A shares to all A-share exchange shareholders of Dongxing Securities and Xinda Securities to absorb and merge them. As of the close on July 27, CICC's A shares ended at RMB 35.96 per share, and its H shares at HK$ 22.10 per share.