New Era, New Leap, The Harder You Work, More Excellence You Will Be: New Year Speech by Zhang Zhaoxing, Chairman of Yuexiu Group

Time flies, and it's another year. At this wonderful time of changing the order of the year, quitting the old and welcoming the new, I would like to send, on behalf of the Yuexiu Group Party Committee, the board of directors and the management team, the New Year greetings to all the hard-working Group employees and your family! Heartfelt thanks to leaders at all levels and friends from all walks of life who care and support the development of the Group! I wish you all good health, happy family and good luck!

Times lead the pace of development, and years mark the footprints of struggle. Looking back on 2019, we are constantly surpassing and striving. Facing the external environment of increasing downward pressure of domestic economy and continuous fierce competition in the industry, Yuexiu Group, under the correct leadership of Guangzhou Municipal Party Committee and Municipal Government and the care and guidance of relevant departments such as Guangzhou State-Owned Assets Supervision and Administration Commission, firmly grasped the work theme of "reform and innovate to improve capacity, transformation and upgrading to the next level", achieved more than 20% growth in main business indicators, and achieved the "Thirteenth Five-Year Plan" profit target in advance, the asset scale has exceeded RMB 670 billion, and maintain increasing trend in the indicators of return on net assets and value preservation and appreciation rate of state-owned assets.

One can't appreciate the difficulty except through personal experience. In 2019, with the joint efforts of everyone, a number of major projects related to the future development of the Group have been implemented. The Group has completed the first ten billion level double non-enterprise (non-listed, non-public stock corporation) debt-to-preferred stock project in China, successfully introduced RMB 10 billion of equity capital of ICBC, successfully implemented the mixed reform, and realized a new leap in the Group's development; added the urban agriculture sector, and integrated Flagship Group into the Group as a whole, which will become a modern agricultural demonstration enterprise in the whole industrial chain; the Group has formed a "4 + X" industry that spans the primary, secondary and tertiary industries.

In this year, all sectors of the Group adhere to transformation and upgrading, optimize the structure, with frequent highlights. In the real estate sector, Guangzhou Metro was successfully introduced as a strategic investor, and the "rail transit + property" cooperation mode continued to be implemented; the "old reform" business made a breakthrough, and the pension business was rapidly distributed. Yuexiu Financial Holding's overall strategic transformation is progressing smoothly. The strategic restructuring of its Guangzhou securities and CITIC Securities has been approved by the CSRC. Yuexiu Financial Holding will soon become the second largest shareholder of CITIC Securities, and will carry out extensive cooperation with CITIC Securities to create greater value. Yuexiu Leasing and Guangzhou asset market share continue to expand, and the business structure continues to optimize. The transportation sector successfully acquired the expressway asset package of Guangsheng Company, and its total assets and toll mileage achieved leapfrog development. Chong Hing Bank opened its Shanghai branch, making key progress in its national strategic layout and rapid growth in cross-border business.

We adhere to the guidance of Party construction, strengthen the foundation, carry out the theme education of "remains true to our original aspiration and keeps our mission firmly in mind."; vigorously promote the basic work of talent construction, informatization, customer resources and coordination, file confidentiality, etc., so as to provide a strong guarantee for enterprise reform and development. We have also carried out a series of counter-aid, targeted poverty alleviation and caring education activities to fulfill our social responsibility through practical actions.


The old year has exhibited a great deal; the new year will bring us further. 2020 will be the year when the well-off society will be fully established and the "Thirteenth Five-Year Plan" ends, and it will also be the 35th anniversary of the Group. 35 years old is the age when one is most energetic, more mature in thoughts and vigorous in career. It is also the stage when the Group's various undertakings are building up and peaking again. In the new year, the Yuexiu group will take Xi Jinping's new era socialist ideology with Chinese characteristics as its guide, continue to enhance its awareness of difficulties, actively seize opportunities for development, adjust and optimize, reform and innovate, push the group's high quality development to a new level, accelerate the realization of the new vitality of the old city and "four new releases and new brilliant" in Guangzhou, and make new and greater contribution to build an international metropolis with unique charm and vitality.

Endless time, endless struggle. All Yuexiu people will seize the day and night, live up to their time, work together, dedicate and concentrate to create a better tomorrow!

Constantly surpassing, beyond excellence! I wish you all a happy New Year!

Zhang Zhaoxing

The Party Secretary and Chairman of Yuexiu Group

December 31, 2019