China Huarong Holds Conference on Q1 Business Analysis
& Core Business Growth
On April 12, China Huarong held the conference on its first quarter （Q1） business results analysis & core business growth in Beijing. Mr. Wang Zhanfeng, Secretary of the CPC Huarong Committee and Chairman, delivered an important speech, and Ms. Li Xin, the President, made a report on business operation of the first quarter at the conference hosted by Mr. Ma Zhongfu, the Chief Supervisor. Relevant department director from the National Audit Office attended the meeting. Other members of the management team, company directors, supervisors, heads of the HQ departments, local branches and subsidiaries in Beijing were also present. Other staff attended the video conference at sub-venues.
Focusing on the annual target, the meeting summarized the Q1 performance, analyzed the current macroeconomic condition, and set out work objectives for the next phase. It was pointed out that with the support of regulatory government departments, China Huarong kicked off a good start and maintained sound and stable performance in the first quarter of the year. Thanks to accelerated transformation and steady financial figures, the company has managed to make considerable achievement in its core business, taking the lead in distressed asset acquisition in the market. Based on its market performance in 2018, China Huarong has proved its substantial development resilience and potential through its solid foundation in terms of corporate indicators, client and market loyalty and its leading position in distressed asset market.
The meeting made in-depth analysis of the current macroeconomic and market conditions, regulatory requirements, as well as the company’s development strategy. It was pointed out that China Huarong is at a key initial stage of its high-quality development, and it needs to grasp the overarching goal of high-quality development to undertake overall planning and coordination, improve various mechanisms in accordance with top-level design.
According to the conference, the company should take the initiative to explore development opportunities and achieve annual business objectives; further grasp opportunities of the economic downturn cycle and to adapt to the new regulatory requirements; actively seek business models that meet regulatory requirements; focus on the core business and play a bigger role in serving the real economy; strive to increase corporate value through substantial, high-quality business advancement and risk diffusion, and create solid returns to the country, the shareholders and the investors. The meeting mapped out detailed plan with respect to business strategy, distressed asset management, risk diffusion, restructuring, internal coordination and management.
The meeting stressed that the company should further strengthen the party building, and eradicate the adverse impact of Lai Xiaomin. It aims to construct a corporation with professional workforce and clean governance. The company will faithfully implement the calls of General Secretary Xi Jinping, follow the guidance of CIBRC, and create an entrepreneurial climate that stimulates enthusiasm and diligence.
Subsequently, relevant company departments presented special sessions on promoting distressed asset business in financial sector and acquisition and restructuring of troubled businesses. Company branches and subsidiaries exchanged experiences on advancing core business followed by reviews from Vice Presidents Hu Jiliang and Chen Yanqing. The frank, in-depth communication and exchange have strengthened confidence and clarified the direction for future development of distressed asset business.