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Party Secretary of China Huarong meets with Managing Director at Waburg Pincus Asia LLC.
On April 27, 2018, Mr. Wang Zhanfeng, Party Secretary of China Huarong, met with visiting Managing Director at Waburg Pincus Asia LLC. , Mr. Zhou Langlang. The two sides held in-depth discussions and exchanged opinions about issues of common concerns.
Mr. Wang Zhanfeng expressed sincere thanks to Waburg Pincus for its interest, support and trust in the current operation and development of China Huarong. He stressed that the higher authorities, especially the Ministry of Finance and the China Banking and Insurance Regulatory Commission (CBIRC), attach great importance to the development of China Huarong. The CBIRC sent its Vice Chairman, Mr. Cao Yu, in the first instant to announce the new leadership of China Huarong, and expressed its ample trust and support to the company.
He said that in recent days, under the solidarity and cooperation of the new leadership, the company operates in orderly progress and all work is carried out smoothly. As a state-owned key enterprise with 18-year history, China Huarong has profound business culture and has witnessed the course of China’s financial opening-up. During every stage of its development, China Huarong has had the privilege of the care and support from related parties, ranging from government departments such as the regulatory authority, the Ministry of Finance and the People’s Bank of China, the strategic investors such as Waburg Pincus and other social investors, as well as other extensive sectors of the society, all of which form solid foundation and guarantee the orderly and robust development of China Huarong in the future.
Mr. Zhou Langlang said that as Board Member of China Huarong, he fully understands the operation mode and capacity of the company and possesses full confidence in the management and future development of China Huarong. He reckons that with the support of the Ministry of Finance as the controlling shareholder and guidance of the CBIRC, China Huarong would continue to utilize its advantage as a large state-owned enterprise with extensive experience in distressed asset market to create sound and stable return to its shareholders.
Mr. Wang emphasized that China Huarong aims to conscientiously implement the spirit of the 19th CPC National Congress and adhere to President Xi’s “Four Consciousnesses”. Based on the missions of “serving the real economy, guarding against financial risks, deepening financial reform” set by the 2017 National Financial Work Conference and the regulatory requirements to focus on the core business set by the CBIRC, China Huarong seeks to substantially improve its ability to serve the real economy, vigorously support the implementation of major national strategies, and continues to play the leading role in the distressed asset market.
“While we aspire to develop our business, we must concurrently remember to hold the bottom line to prevent risks. We believe that under the guidance of President Xi’s thought on Socialism with Chinese Characteristics for the New Era and the leadership of the CBIRC, all staff at China Huarong will open a new chapter of reform and development with solidarity and strengthened confidence for the future,” said Mr. Wang.
