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Citadel Securities hires former BlackRock China head, ex-CSRC regulator to lead expansion in US$10 trillion market

  • The US market maker hires Tang Xiaodong to lead its China expansion as Beijing turns to market-friendly measures
  • Tang resigned from BlackRock in June and will join Citadel Securities, whose business in China was once chastised by authorities during the 2015 market crash

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A man is seen inside the Shanghai Stock Exchange building in February 2020 during the Covid-19 pandemic. Photo: Reuters
Jiaxing Li
Citadel Securities, Ken Griffin’s market-making business, hired BlackRock Inc’s former China head to spearhead its business just as the US$10.3 trillion Chinese stock market is regaining its composure and favour among foreign investors after years of market crackdown.
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Tang Xiaodong will join the company in September, and lead its China team to work closely with local clients, business partners and regulators, the company said. He quit BlackRock, the world’s biggest money manager, in early June, accrding to local media reports citing personal reasons.

Before joining the world’s biggest money manager in Hong Kong in July 2019, Tang headed the international business of GF Securities and was CEO of China Asset Management Co, where he built partnerships with global counterparts to localise their China strategies.

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He also held senior roles at the China Securities Regulatory Commission, taking part in several initiatives to increase overseas investment in China, the statement added. Tang was deputy director of the fund department at CSRC, according to one regulatory citation.

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“China has always been of great interest to international investors,” Peng Zhao, CEO of Citadel Securities based in Miami, said in a statement on Monday. “Tang’s successful experience in China and his in-depth understanding of the industry will help drive our business development in China and the next phase of global growth.”
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