The Group Convenes 2019 Mid-term Economic Meeting
Release Date:2019-08-01 15:00:35

On July 29, the 2019 Mid-term Economic Meeting of Yuexiu Group was held in the Conference Hall on Floor 3, Wing Building of IFC. The group’s board chairman Zhaoxing Zhang delivered a speech, and general managers of 6 main industry sectors reported their work respectively. Flagship Group attended the Group’s economic meeting as member enterprise for the first time. Presided by vice general manager of the Group Sima Tan, the meeting was attended by more than 500 managers and staff representatives from the head quarter and different sectors.

In the first half of 2019, faced with stricter financial regulation and real estate control, Yuexiu Group studied in-depth and implemented the socialist ideology and spirit of the 19th National Congress of the Communist Party of China of the new era led by Xi Jinping, seriously carry out educational activities themed with “Remain true to our original aspiration and keep our mission firmly in mind”, focused on the annual theme of “Improve capabilities by reform and innovation, step forward by transformation and upgrading”, rose to the challenges, realized the growth of main business indicators against the trend, earned RMB 33 billion in total, with year-on-year growth of 57%, which accounted for 59% of the annual target. The total profit hit RMB 9.7 billion, with year-on-year growth of 57%, which accounted for 68% of the annual target. These achievements have laid down solid foundation for the targets of annual plan and a new round of transformation and development.

The board chairman Zhaoxing Zhang highly appreciated the works finished in the first half of the year, and pointed out that the works are “remarkable, fruitful, and encouraging”. Firstly, business revenue realized substantial growth, main indicators were achieved ahead of the schedule. Under the increasing downward pressure of external economy environment, the Group’s overall performance realized huge growth. Secondly, investment and financing headed forward steadily, gathering more and more momentum for consecutive development. In the first half of this year, the Group made investments totaling RMB 30.1 billion, with a year-on-year growth of 37%; financing cost was kept low, while dedicated financing meet achievements again. The Group’s liquidity remains stable.

Thirdly, reform and innovation were further promoted, and development vitality was continuously increasing. New fruits of the reform toward mixed system on the level of group were gained. Professional managers and long-term stimulation mechanism were constantly deepened. The Group also proactively participate in and support the construction of International Center for Science and Innovation of Guangdong-Hong Kong-Macao Greater Bay Area. Fourthly, transformation and updating witnessed obvious effects, and industrial development framework was further optimized. The operational mode of real estate sector became mature, and shareholder structure realized historic and landmark optimization. Significant breakthrough was gained in renovation. In financial sector, the reform “Two in, one out, and one restructuring” was carried out smoothly. Chong Hing Bank’s businesses in Chinese Mainland are stepping forward steadily, and strengths of cross-border business become obvious. Fifthly, control by the head office was strengthened with measures of price creation and strict management are being implemented simultaneously. Strategic control was further optimized and promoted, resources integration, resources allocation, and collaboration management were further deepened, the talent team construction was constantly promoted. Effectiveness of risk control came into play, information construction was in full swing, the enterprise’s self-discipline was further strengthened. Sixthly, political guidance was highlighted, the Party’s self-discipline was further and in-depth strengthened.

Except for affirming the achievements, Chairman Zhang also pointed out that currently the Group are still facing up with several problems, for example, the business pressure is to be released, quality is to be improved, participation in the construction of Greater Bay Area is not in-depth, and leading talents are in shortage. Chairman Zhang conducted an overall and objective analysis on the current external circumstances, and indicated that the domestic economy is developing within reasonable range, the trend of general stability and steady progress was sustained. In specific industries, we still confront problems like regulations are going stricter, industry becomes more concentrated, and pressure of risk prevention stands heavy etc. Chairman Zhang proposed that the Group shall collect resources and efforts, guarantee the implementations, improve the execution force for overcoming difficulties, and ensure smooth achievement of this year’s targets.

For the latter half of the year and thereafter, Chairman Zhang raised six requirements. Firstly, make all efforts to promote development so as to realize upgrades of both quality and benefits. To overfulfill the operational target, and ensure implementation of financing and investment plans. Secondly, concentrate efforts to improve capabilities, strengthen and develop competitive edges. Pay attention to improve the core business capacities in different sectors, reflect the basic capacity of new businesses, realize value maximum, and improve capabilities of integrating resources and making breakthrough as well as marketing capacities. Thirdly, seize opportunities to promote upgrading, and give full play to the role of “important platform company for construction of Greater Bay Area”. Profoundly participate in the construction of the Greater Bay Area, promote cooperation and exchanges thereof, deepen various strategic cooperation, and reinforce merger and acquisition. Fourthly, deepen reform and continuously strengthen the innovation-driven development ability. Promote significant reforming measures related to the Group’s development, optimize the long-term stimulation mechanism, and stimulate the enterprise’s vitality. Fifthly, be realistic and pragmatic in management affairs to ensure regulation and control of specific positions. Attention shall be paid to customer resources coordination, strategic management, cost control, procedures simplification, risk control, information construction, safe production, and establishment of supporting system. Sixthly, carry out themed education activities and promote the party building. Seriously observe the requirements of themed education “Four Implementations”, and persistently carry out the educational activities themed with “Remain true to our original aspiration and keep our mission firmly in mind”.

The meeting calls on that the Group shall remain true to our original aspiration, be brave to assume missions, identify the differences, take serious measures, cope with difficulties and challenges with firmer power of execution, strive to achieve operational targets of the annual plan, thus making more contributions to the Group’s new round of reform and development, and celebrating the 70th anniversaries of the founding of the People’s Republic of China with excellent performance!