China Merchants Bank has officially announced the regulatory approval of Zhang Yong's qualification to serve as an independent director. The bank disclosed on September 8 that it received formal confirmation from the National Financial Regulatory Administration endorsing the appointment, with the approval taking effect on September 8, 2026.

Zhang Yong's tenure as an independent non-executive director will commence immediately and continue until the conclusion of the bank's 13th board of directors' term. Following a board meeting resolution, Zhang has been assigned to the Strategy and Sustainable Development Committee, while also being appointed as the chairman of the Remuneration and Appraisal Committee.

In a related adjustment, Huang Yushan will now serve as a member of the Remuneration and Appraisal Committee, succeeding Zhang in that capacity. The committee structure changes align with the bank's ongoing governance optimization efforts.

Zhang Yong brings a distinguished academic and professional background to the role. Born in November 1975, he holds a doctorate in economics and has completed post-doctoral research in theoretical economics. He currently serves as the Executive Dean of the Drip Lake Research Institute and Deputy Dean of the Drip Lake Advanced Finance Institute at Shanghai University of Finance and Economics.

His extensive career includes prior positions as Director of the Policy Research Bureau at the China (Shanghai) Pilot Free Trade Zone Management Committee, Chief Expert and Dean at the Silk Road Research Institute in Haikou, and Deputy Dean of the Advanced Institute of Finance at Shanghai Jiao Tong University. Zhang has also held executive roles including Chief Auditor at Minsheng Life Insurance and Director of the Shanghai Finance and Development Laboratory.

Beyond his current responsibilities at China Merchants Bank, Zhang maintains active roles as an independent director for Tianneng Power International, a Hong Kong-listed entity, and Hainan Bank. His previous board memberships include serving as an independent director for Shanghai Lingang Holdings and Tengda Construction Group, both listed on the Shanghai Stock Exchange. He also holds a research fellowship at Fudan University's Shanghai Free Trade Zone Comprehensive Research Institute.

The appointment reflects China Merchants Bank's continued commitment to strengthening its corporate governance framework with experienced professionals who bring diverse expertise spanning academia, regulatory affairs, and financial services.