Who will be the new helmsman for the change of executives of many listed companies with state-owned background in Zhejiang？
On the evening of January 12th, Property Zhongda (SH, 600704) announced that Wang Tingge, the chairman of the company, submitted a written resignation report, and Wang Tingge applied to resign as chairman, director and director of the strategy committee of the board of directors due to work arrangements.
National business daily reporter noted that this week (January 10th ~ 13th), a number of listed companies with state-owned assets in Zhejiang Province disclosed the change of senior management. On January 11th, Zheshang Bank (SH, 601916) announced that, according to the decision of committee of cpc zhejiang provincial committee, Lu Jianqiang was appointed as the Party Committee Member and Secretary of Zheshang Bank Co., Ltd., and Shen Renkang was relieved of his post as Party Secretary and Member of Zheshang Bank Co., Ltd. On the same day, Caitong Securities (601108, SH) also announced that Lu Jianqiang had applied to resign as a director, member of the strategy committee of the board of directors and chairman of the board of directors due to organizational transfer. The board of directors of the company said that it will complete the formalities of acting as chairman and the election of the new chairman as soon as possible.
Among the above-mentioned companies, most of the products belong to the State-owned Assets Supervision and Administration Commission of Zhejiang Province, and the actual controller of Caitong Securities is the Zhejiang Provincial Department of Finance. Although Zheshang Bank has no actual controller at present, Zhejiang Financial Holdings Co., Ltd. holds 12.49% of the shares and is its largest shareholder. Who will be the new helmsman after three listed companies with state-owned background announce the change of senior management?
On January 12th, Cuhk announced that it had received a written resignation report from Wang Tingge, the company’s chairman, and that Wang Tingge had applied to resign as the company’s chairman, director and director of the strategy committee of the board of directors due to work arrangements. The company will complete the by-election of directors, chairman and director of the strategy Committee of the board of directors as soon as possible according to legal procedures.
Who will be the new helm of the property? This has also attracted the attention of the capital market. On the same day, Cuhk also disclosed that the board of directors of the company passed a resolution to nominate Xin Chen and Hongfeng as candidates for the company’s directors. On January 28th, the company will hold an extraordinary general meeting of shareholders to vote on the proposal of electing the company’s directors.
Zhongda is a super-large state-controlled listed company in Zhejiang Province, formerly known as Zhejiang Materials Bureau. In 2015, it completed the reform of mixed ownership and achieved the overall listing. In February, 2016, Wang Tingge officially became the Chairman and Party Secretary of Zhongda Group Co., Ltd.. After Wang Tingge took office, the annual report data from 2016 to 2020 showed that both the revenue and the net profit of the property maintained positive growth. In December 2021, Zhongda successfully split its subsidiary, Huaneng, and landed in A shares.
It is worth noting that Wenzhou Financial Assets Trading Center (hereinafter referred to as Wenjin Center), an associated company that Zhongda once disclosed in the financial report, was deeply involved in redemption disputes. In 2019, the reporter of national business daily once reported that "the investigation on the fictitious 200 million creditor’s rights of the financier has crossed the sea and the two products of Wenjin Center have been overdue for 9 months and still failed to pay".
In July 2020, some media reported that the products of Wenjin Center’s "Love Night Fund" were nearly 1.5 billion yuan overdue: the major shareholder’s products were "thundered" by 210 million yuan, and 22.5% of the principal had to be paid first.
In December 2020, the official WeChat official account "Ping An Lucheng" of Lucheng District Branch of Wenzhou Public Security Bureau issued a police report saying that on December 5, 2020, the bureau filed a case of illegally absorbing public deposits and took criminal compulsory measures against 15 major suspects such as Lin, Sun and Wu. It was initially found that the suspect Lin and others used platforms such as "Love Night Fund" and "Zhongjun Wenzhou Branch".
21st century business herald reported at that time that "Lin" was Lin Hao, the first chairman of Wenjin Center. According to public information, Lin Hao served as the general manager of Zhejiang Zhongda Futures Brokerage Co., Ltd. and the chairman of Zhejiang Zhongda Futures Co., Ltd. In September 2014, Wenjin Center was established, and Zhongda Group is the major shareholder. Qixinbao shows that Lin Hao is the chairman and the legal representative. In the second half of 2017, Lin Hao no longer served as the chairman of Wenjin Center.
According to the semi-annual report of Zhongda in 2021, the book value of Wenjin Center is zero, of which the investment cost is 44.0257 million yuan, and the profit and loss adjustment at the beginning of the year is negative 44.0257 million yuan.
On January 11th, the personnel changes of two well-known financial listed companies in Zhejiang also triggered the focus of capital market and public opinion.
On the evening of January 11th, Zheshang Bank announced that, according to committee of cpc zhejiang provincial committee’s decision, Lu Jianqiang was appointed as the party committee member and secretary of the bank, and Shen Renkang was relieved of his post as party secretary and member. According to the decision of the Party Group of Zhejiang Provincial People’s Government, Lu Jianqiang was nominated as the director and chairman of the bank, and it was proposed that Shen Renkang no longer serve as the chairman and director.
Lu Jianqiang was originally the chairman of Caitong Securities. On the evening of the same day, Caitong Securities announced that Lu Jianqiang’s resignation would not lead to the company’s board members being lower than the legal minimum number and would not affect the normal operation of the board of directors. After resigning, Lu Jianqiang will no longer hold any position in the company, and the board of directors of the company will complete the formalities of acting as chairman and the election of the new chairman as soon as possible.
The 2020 annual report of Caitong Securities shows that Lu Jianqiang was born in April 1965 with a master’s degree in philosophy. He used to be the deputy director of Zhejiang Enterprise Archives Management Center, the deputy director of Zhejiang Industrial and Commercial Bureau Office, the director of Zhejiang Industrial and Commercial Bureau’s Industrial and Commercial Information Management Office, the director of Zhejiang Industrial and Commercial Bureau Office, the party committee member and office director of Zhejiang Industrial and Commercial Bureau, the party member and deputy director of Zhejiang Provincial Political Consultative Conference, the party member and deputy director of Zhejiang Provincial Government Office, the deputy secretary-general of Zhejiang Provincial People’s Government and the party member of the office. Secretary of the Party Committee and Chairman of Caitong Securities, concurrently director of the Board of Directors of China Securities Association, executive director of Zheshang Association, director of the Financial Services Committee of Zheshang Association, and president of the first board of directors of Zhejiang M&A Federation.
According to media reports, this adjustment coincides with the change of the whole province of Zhejiang Province, and the decision made by Zhejiang Provincial Party Committee after comprehensive consideration and careful study is aimed at the construction of provincial enterprises, which will not have a significant impact on the operation of Zheshang Bank. Before the 20th National Congress, the Zhejiang Provincial Party Committee responded to the call of the Central Committee to further intensify the work of rejuvenation of cadres. It is understood that all the principal responsible persons of provincial enterprises who were born before 1964 left their posts this time, except Zheshang Bank, and other state-owned enterprises changed their principal responsible persons on the same day.
As of the close of January 13th, the total market value of Caitong Securities was 38.4 billion yuan, and that of Zheshang Bank was 71.78 billion yuan. According to the latest announcement of Caitong Securities on January 13th, 2022, the company held the 16th meeting of the third board of directors by means of communication voting, and reviewed and passed the Proposal on Electing Directors to Perform the Duties of the Chairman. Upon the joint recommendation of the directors, Wei-jian Huang, the director and general manager, will perform the duties of the chairman and legal representative on his behalf until a new chairman is elected.
In Hangzhou City, Caitong Securities is the only local brokerage institution with Zheshang Securities. On December 23rd, 2021, yongan futures, in which Caitong Securities holds 30.18% of the shares, successfully went public, and Caitong Securities is still the largest shareholder in yongan futures.
Zheshang Futures, a subsidiary of Zheshang Securities, is also in full swing. National business daily reporter learned from Zheshang Securities that Zheshang Futures Capital Increase and Mixed Reform Project, a subsidiary of Zheshang Securities, has been officially publicly listed, and interested investors have been publicly solicited from the whole market. The relevant person in charge of Zheshang Futures revealed that after the completion of this round of capital increase, it is expected that Zheshang Futures will receive incremental funds of 1.2 billion to 4.5 billion yuan, and at the same time, it will also harvest strategic investors with business synergy, which will help Zheshang Futures to further focus on superior resources.
national business daily