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Hengxing Launches Business Update Meeting in Bali
2019.08.12 328

Xiamen Hengxing Group held the business update meeting for the first half of 2019 in Bali, a beautiful resort, from July 28 to August 1. The management team arrived in Bali the day before the meeting kicked off. In the Sunday meeting, President Wang Weiwen delivered an operational report spanning the first half of this year followed by industry and unit heads briefing the work status of the first half and released work plans for the second half, and then a summary speech given by Chairman Ke Xiping. Nearly 100 members attended the meeting, including Hengxing’s board of directors and management team, the heads of different industries and units, and representatives of subsidiaries. In the following days, participants should expect to relax the body and mind and reach deep communication.


Operating performance fully meeting expectations

In the first half of 2019, as the Sino-US trade war continued to ferment, domestic demands turned insufficient, and more difficulties came in the way of economic development, bringing private enterprises more uncertainties and difficulties. Against the intricate economic backdrop, Hengxing bore the brunt and adhered to sound business strategies to achieve its expected turnover and net profits basically in line with expectations. The meeting affirmed that the achievements were hard won against the current situation—asset-liability ratio stably controlled at around 50%, abundant cash flow, strong risk resilience and development potential.


Chairman Ke Xiping pointed out that the company succeeded in addressing the long-standing problems step by step in the first half, including the Belt and Road investment projects and molybdenum mineral project, and ushered in a new turn. Besides, the investment risks left over from the past were basically eliminated and the applications for listing of a number of equity investment projects in the fields of smart manufacturing, medical care, and finance were accepted—the growth potential of investment performance should be expected.


Claiming social honors

Hengxing adheres to the vision of “becoming a respected century-old enterprise” and always insists on carrying on its social responsibility, sparing no effort in developing both businesses and public welfare undertakings. In the first half, Hengxing claimed titles like Advanced Private Enterprise to support the 1,000 Enterprises Assisting 1,000 Villages Targeted Poverty Alleviation Campaign, “Top 100 Private Enterprises of Fujian Province, 100 Advanced Groups of Blood Donation for Public Welfare”, etc. Chairman Ke Xiping was named as one of the 40 most influential entrepreneurs in Fujian province over the 40 years of reform and opening up, appointed as investment consultant of Xiamen City, and nominated for the 2019 China Charity Ranking. In terms of strengthening the teamwork of party member, the private enterprise reaped good results as well in the first half. It was awarded titles like “Five-Star Home of Employees” by the Xiamen Federation of Trade Unions and “2019 Siming District Advanced Party Organization”.


Deepening industry strategic layout

The meeting introduced the company’s new deployment in industrial investment and strategic layout. Reports showed that the listed companies at Hong Kong Stock Exchange under the Group conducted investigations of and demonstrations on the mergers and acquisitions of several projects at home and abroad, some of which reaching key landing negotiations. In terms of cultural tourism business sector, the Group inspected tourism projects in Gansu, including world cultural heritages and national geological parks that are yet to be fully developed and other high-quality tourism resources. In the second half, Hengxing will continue to push the preliminary work of relevant investment development plans. The board of directors has decided to re-establish a preparatory team for the education industry, restart the high-end private bilingual school project in Xiamen and actively promote negotiations on the introduction of film and television projects with Xiamen Government in light of new opportunities our has ushered. Chairman Ke underlined the importance of actively promoting new industrial investment projects, deepening and improving industry strategic layout so as to provide sufficient dynamism for the Group’s development in years to come.


Strengthening management system construction

The meeting also emphasize to innovate the management system and mechanism, continue to improve and perfect the decision-making and operation mechanism for the board of directors and management team, clarify the rights and responsibilities, further establish a sound equity incentive mechanism and compensation and welfare system to enhance the motivation and vitality of entrepreneurship in different teams, intensify efforts to improve and implement the talent reserve and trainee cultivation training plans, grant greater self-management rights for projects, appropriately compress the management structure and personnel, encourage group-level personnel to play their roles and functions in project companies, give play to the role of the board of directors in oversight and supervision, and strengthen their supervision functions to ensure compliant business operations and controllable risks. The safety production and environmental protection of production enterprises was also highlighted.


In his concluding remarks, Chairman Ke underscored that Hengxing Group should continue to adhere to the principle of sound operation, keep the total debt ratio under control, and ensure controllable business risks. “Given an in-depth analysis of the actual situations in the first half, the board of directors believes that we still have sufficient conditions to realize the overall year target and requires the management team to stick with the overall goal set at the beginning of the year and take measures to ensure its realization”, Chairman Ke pointed out.


Overall, all the meeting agendas were completed in a pragmatic and objective tone, leading to a successful conclusion.

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