(Bloomberg) -- The former head of Nomura Holdings Inc.’s Chinese securities business has left the company, as Japan’s biggest brokerage tries to stem years of losses from its operations in the mainland.
Sun Dongqing joined Shenzhen-based East Asia Qianhai Securities Co. this month, according to registration records. Hong Kong’s Bank of East Asia Ltd. and China’s Shenzhen Qianhai Financial Holdings Co. are among its owners, its website shows.
Sun had served at Nomura Orient International Securities Co. as vice chair at least until early June, a position she held after being replaced as general manager by Mitsutaka Kitamura in January 2023, according to the company’s website.
Liu Minhui is the current vice chair, Nomura said in an email response to Bloomberg queries. Sun didn’t immediately respond to requests for comment.
Nomura has taken a slew of steps — from job cuts to management changes to strategic reviews — to turn around its Shanghai-based joint venture brokerage as slowing Chinese growth weighs on the financial industry. Nomura Orient International lost 184.5 million yuan ($26 million) in 2023, marking the fourth straight year of losses since its launch even though the result improved from 2022, according to filings.
China Plans
Nomura will “pursue possibilities in the areas of China’s high-growth market where we believe we can make contributions while firmly controlling costs,” it said.
The brokerage said it has finished reassessing its China business plans. “We will work in a constructive manner with our joint venture partners to chart the best path forward for our onshore operations in China and realize our long-term strategy,” it said.
Sun was a star hire from China International Capital Corp. in 2019. She had helped to create a wealth management team at CICC, one of the mainland’s largest brokerages, and led the operation herself from 2011 to 2017, according to filings.
Her tenure managing Nomura Orient International was bumpy, Bloomberg reported last October. Sun had clashed with senior managers over matters such as how to execute its wealth management services and cooperate with other group units, people with knowledge of the matter said at the time.
She was among the Tokyo-based firm’s Leadership Team of senior managing directors as of June 5, according to its website.
--With assistance from Amanda Wang.
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