Recently, Hesheng Chuangzhan (754.HK) announced that Xi Ronggui had resigned as executive director, chief executive officer, and member of the Finance Committee and the Stock Option Committee because he "wanted to devote more time to his personal affairs".
Xi Ronggui was born in the banking department and has more than 18 years of management experience in the banking industry in China. He was the vice president of Guangdong Branch of China Construction Bank. On September 1, 218, he joined Hesheng Chuangzhan and changed his personal professional track, which also ended the six-year window of the CEO of Hesheng Chuangzhan.
after I leave my post, the CEO of Hesheng Chuangzhan will face another vacancy. However, unlike in the past, the absence of the chief executive does not mean the absence of the core management. Zhang Fan has become a professional manager of Hesheng Chuangzhan, whose current position is second only to Zhu Jurong, the head of the company, and has entered the power center.
according to the announcement of the joint venture exhibition, Zhang Fan took over from Xi Ronggui as the executive director, member of the Finance Committee and the Share Option Committee.
"It may be Zhang Fan." According to insiders of Hesheng Chuangzhan, Zhang Fan is the most imaginative insider to take over as CEO.
"high probability." Judging from the current core management structure of Hesheng Chuangzhan, a person close to Hesheng Chuangzhan also expressed similar views. However, this only stays at the level of speculation, and whether Zhang Fan can be appointed as CEO is still uncertain.
Like Xi Ronggui, Zhang Fan is also an airborne soldier. During his three-year tenure of Hesheng Chuangzhan, he rose from the director of the project subsidiary company to the vice president of the group and the manager of the Guangdong-Hong Kong-Macao Greater Bay Area Investment Development Committee. In January this year, he was appointed as the co-president responsible for the overall investment and operation management of Hesheng Chuangzhan.
judging from the track of job changes in the past three years, Zhang Fan should be favored by Zhu Mengyi and Zhu Jurong.
However, little is known about Zhang Fan. What kind of ability he is good at and what kind of growth he can help Hesheng to achieve remains to be revealed. "It may be a government background." Hopson Chuangzhan did not announce Zhang Fan's working experience. The above-mentioned people close to Hopson Chuangzhan speculated that Zhang Fan should not be born in the banking department like the previous chief executives.
According to the public information, he also has a place in Zhujiang Investment, the brother company of Hesheng Chuangzhan, and has considerable resources in Guangdong, Hong Kong and Macao, the base camp of Hesheng Department. In October last year, as the vice president of Hesheng Chuangzhan Group and the chairman of Guangdong East Regional Company of Pearl River Investment Group, he participated in the Strategic Cooperation Framework Agreement between the machong Municipal Government and Hesheng Chuangzhan and the Guangzhou-Dongguan Production City Integration Center invested by Pearl River. At the same time, as the manager of Guangdong-Hong Kong-Macao Greater Bay Area Investment Development Committee, he promoted many large-scale projects, including the old reform.
this year is a special year in the history of development in the 28 years since the founding of Hesheng Exhibition.
At the beginning of the year, Hesheng Chuangzhan completed the succession of the old and the new. The founder Zhu Mengyi retired, resigned as the chairman and handed the baton to his daughter Zhu Jurong. After Zhu Jurong took the helm, she made all-round changes and changed her low-key and submerged style in previous years.
A number of people in the industry told Interface News that the new ownership will change the corporate governance style. "Winning the Beijing Minute Temple project will pave the way and play a role in this respect."
At the same time, Zhang Fan was promoted as co-president, and took over the related positions of Xi Ronggui, and together with Zhu Jurong, formed the core management structure of boss and professional manager.
judging from the demand of sales scale, it is obvious that Hesheng has new expectations. As the former Five Tigers of South China, Hesheng has been behind for many years. Its slow turnover mode makes its sales hover at the level of 1 billion all the year round. According to previous financial reports, from 213 to 219, the contracted sales of Hesheng Exhibition were 11.267 billion yuan, 5.312 billion yuan, 9.987 billion yuan, 8.89 billion yuan, 9.228 billion yuan, 14.975 billion yuan and 21.258 billion yuan respectively.
In the first nine months of this year, the total contracted sales amount of Hesheng Chuangzhan was about 22.16 billion yuan, up 32.8% year-on-year.
In terms of land storage, Hesheng Exhibition has always focused on acquiring slow-moving projects such as old renovation. This year, it rarely spent more than 23 billion yuan to win seven projects in Langfang, Kunshan, Beijing and Hangzhou, adding 887, square meters of land storage.
in the first half of this year, this company also became a star real estate enterprise in Beijing land market. Hesheng Chuangzhan won three homesteads of Beijing Fengtai Minute Temple with a heavy sum of 18 billion yuan, and after taking the land, it vigorously recruited people and started construction to promote project development. This is also very different from the previous style, which makes the market look askance.
in terms of business, its diversified business structure has been fully rolled out. On June 3 this year, Hesheng Chuangzhan officially included the equity investment business as one of its main businesses. This business includes private equity investment in the primary market and stock investment in the secondary market, and the important investment targets in the future strategy are aimed at high-tech and medical technology equity investment.
in the following July, with its subsidiary, Hesheng Capital International as the target, Hesheng Chuangzhan participated in the fixed increase of the Cayman company Scientia Technologies Limited, subscribed for 64 million shares for 6 million US dollars (about 4.2 billion yuan), and obtained 7.4% equity of Scientia7.4% According to the description of Scientia Technologies Limited in its announcement, this company should be Saiandi Technology, a subsidiary of China Ping An, and its main business is Ping An Smart City.
Also in July, Hesheng Chuangzhan also won the Huizhou Smart Health Industry Project, which is also a big project, claiming to invest 3 billion yuan.
after spending real money on large-scale equity investment and land acquisition, the financial pressure of Hesheng Chuangzhan has obviously increased.
on the one hand, due to the financial pressure, at the level of Minute Temple project, Hesheng Chuangzhan introduced Shimao and some insurance funds.
on the other hand, at the group level, the overall debt has risen and the debt ratio has risen sharply. According to the financial report, as of the first half of this year, its total assets and total liabilities were HK$ 247.97 billion and HK$ 17 billion respectively, up 21% and 32% respectively from the end of 219.
the increase in total assets is mainly due to the increase in available-for-sale properties under development and completed properties, while the increase in total liabilities is mainly due to the increase in loans.
As of the first half of the year, the total loans of Hesheng Chuangzhan Bank and financial institutions amounted to HK$ 73.348 billion, an increase of 42% compared with the end of 219; The debt ratio increased by 26 percentage points to 92%; Its cash and bank deposits amounted to only HK$ 17.216 billion.
after the substantial increase in liabilities, the total interest expense before capitalization of Hesheng Chuangzhan in the first half of the year increased by 38% to HK$ 2.815 billion.
this year, the regulatory authorities put forward "three red lines" of prudent real estate financial management policies, specifically: the asset-liability ratio after excluding advance payments is greater than 7%; The net debt ratio is greater than 1%; The cash short-term debt ratio is less than 1 times. According to the "stepping on the line" of real estate enterprises, the regulatory authorities will divide them into four grades: "red, orange, yellow and green" and implement differentiated debt scale management.
Facing the new financial supervision policy, Hesheng Chuangzhan has to grasp the balanced development between asset-liability structure and scale.