On the afternoon of April 16, China Huarong held the Situation Analysis Meeting (video) for 2021Q1 to analyze and study the current situation and make work plans for the next phase. Wang Zhanfeng, Secretary of the CPC China Huarong Committee and Chairman of the Company made a speech.
The meeting stated that since 2021, all work of the Crucial Year of Transformation of Building a New Huarong has been progressing in an orderly manner. The meeting stressed that operations of the Company remain stable and the transformation of core business has yielded positive results. The Company has ample liquidity with all matured bonds being paid as scheduled. Regarding the progress of the 2020 Annual Report, as an H-share listed company in Hong Kong, the Company strictly complied with the relevant trading rules of the Hong Kong Stock Exchange, truthfully disclosed information in compliance with laws and regulations, and is actively cooperating with auditors to complete the review of the annual report as soon as possible. The information will be disclosed in due course and in compliance with laws upon completion of relevant audit work.
The meeting required that the Company as a whole shall closely focus on the work plan of Year of Transformation, stay focused with unity and confidence, and adhere to “Two Constants, Three Accelerations and Two Enhancements.” Firstly, we will remain committed to the strategic goal of Building a New Huarong and the operation direction of strengthening our core business of distressed asset resolution. Secondly, we will accelerate the disposal of existing inventory risks, accelerate the work in tapping the full potential of low-efficiency assets, and accelerate restructuring business transformation, vigorously expanding the restructuring business of enterprises with substantial problems, and improving the development quality of the core business. Thirdly, we will strengthen compliance operation and risk management.
The meeting emphasized that under the strong leadership of the CPC CBIRC Committee, the whole company shall adhere to the principle of “returning to its fundamental function and focusing on its core business”, comprehensively strengthen the Party’s leadership and Party building, and improve corporate governance, internal control and compliance. The Company will further perform its the counter-cyclical tools and financial rescue functions entrusted by the country to resolve financial risks, serve the supply-side structural reform and support the development of the real economy.
The leadership team, board directors, heads of the HQ departments of the Company were present at the conference. Branches and subsidiaries attended the conference on site or via video link at sub-venues.