China Merchants Bank ("CMB") announced on August 26 that its Board of Directors has reviewed and approved the Proposal on the Election of the Vice Chairman of the 13th Board of Directors of China Merchants Bank, electing Li Yungui as Vice Chairman of the 13th Board of Directors. His appointment is subject to approval by the National Financial Regulatory Administration (NFRA).

Notably, Li Yungui currently serves as the Chief Accountant of China COSCO Shipping.

According to his professional profile, Li Yungui was born in August 1969 and holds a Master of Business Administration degree from the Guanghua School of Management at Peking University. He is a Professor-level Senior Accountant with over three decades of experience in financial control, capital operations, and risk management at large central state-owned enterprises. He has previously served as CFO of CNOOC Gas & Power Generation Co., Ltd., CFO of CNOOC Gas & Power Group, Deputy General Manager and CFO of Shandong Haihua Group Co., Ltd., Deputy General Manager and CFO of CNOOC Energy Technology & Services Limited, General Manager of the Finance & Assets Department, General Manager of the Finance & Capital Department, and General Manager of the Capital Department, as well as Deputy Chief Accountant at China National Offshore Oil Corporation (CNOOC).

Data from Qichacha shows that COSCO Shipping Group is a major shareholder of CMB, with two of its subsidiaries holding a combined 9% stake in the bank. Specifically, China Ocean Shipping Co., Ltd. holds a 6.24% stake, while COSCO Shipping (Guangzhou) Co., Ltd. holds a 2.76% stake.