Vanke'S New Board Of Directors Released A Smooth Transition Of Ownership Structure

Three years are flying away. Wang Shi's retirement seems to be still yesterday, but Vanke's board is changing.

2020 is Vanke 36th anniversary. It was also the second year when the founder Wang Shi withdrew and Shenzhen steel became the largest shareholder.

In the past weekend, Vanke announced the list of candidates for the nineteenth session of the board of directors, no accident, Vanke management and major shareholders of Shenzhen railway have three seats, plus four independent directors and an external director, the overall balance of the 11 personality Bureau.

Behind the balance sheet of the board is the stability of ownership structure. During the past three years, shareholders who had stirred up trouble had withdrawn from Vanke. After the Evergrande, Ampang (insurance) and Bao energy department also gradually withdrew. The latest holdings are less than 3%, and Vanke's ownership structure has reached a historic stability. 28.68% Ranking the largest shareholder, similar to the Huarun of the year, but the ratio is much higher than Huarun, close to 30%, greatly reducing the "barbarian" re invasion possibility.

This is conducive to the development of Vanke business. 3 years ago, Wang Shi said at Vanke shareholders' meeting that Vanke would enter a golden period of development with the resolution of equity disputes. Now, as the industry enters the downlink cycle and meets the epidemic black swan, Vanke still maintains a steady growth momentum, providing a case model for the balance between the shareholders and management of listed companies.

Change is not surprising

In 2020, more than half of the board of directors of Vanke also ushered in a new round of changes.

On the night of May 15th, Vanke issued a notice announcing the list of candidates for the new board of directors.

Among them, the largest shareholder in Shenzhen railway is Shenzhen Metro chairman Xin Jie, general manager Tang Shaojie, deputy general manager Li Qiang Qiang; Vanke management side is chairman of the board of directors Yu Liang, President Zhu Jiusheng, executive vice president Wang Haiwu.

Before the continuation of the balance, Shenzhen Metro and Vanke management occupy three seats each.

In early 2019, Shaw min, director of the Shenzhen iron and steel industry, resigned from the post of Vanke director due to job changes, and Vanke board has been vacant for 10.

Today, the list of candidates has been announced, and three people have been filled in the Shenzhen railway. At the same time, they have been transferred to the new management of the Shenzhen Metro. Lin Maode, the former chairman of the Shenzhen metro, has also stepped down from office, and has taken over from Xin Jie.

In terms of Vanke management, Yu Liang remained unchanged. Zhu went to the board of directors after two years as president, and Wang Haiwu, the new executive vice president, also entered, and the two took the place of Wang Wenjin and Zhang Xu respectively.

In March, Vanke's personnel changes had laid a groundwork for this. Wang Wenjin and Zhang Xu no longer served as executive vice presidents. Wang Wenjin continued to be responsible for the headquarters management center, while Zhang Xu moved to logistics and overseas businesses.

The replacement of two people is two young people, namely Han Huihua, the chief financial officer and executive vice president Wang Haiwu.

Yu Liang said, "partnership inheritance" is Vanke's long-standing tradition of employing people. Vanke fosters generation after generation of young people to take the heavy responsibility, while the reusing outstanding performance generals are also the Vanke's consistent way of employing people.

In addition, there are four independent directors of the Vanke board. They are Liu Shuwei, Kang Dian, Wu Jianing, Fu Chengyu, Fu Chengyu, former chairman of the China Petroleum and chemical industry group, replacing former Qianhai Efficient Finance Holding Ltd chairman Li Qiang.

In addition to Vanke management and Shenzhen railway, one of the remaining non independent external directors was replaced by Hu Guobin, chairman of Shenzhen capital operation group Co., Ltd., instead of the former chairman of Shenzhen SEG Group Co., Ltd., Sun Shengdian. As before, the outside director of this seat still comes from Shenzhen state owned enterprises.

Looking back at the last session of the board of directors, "Wanbao dispute" finally took the lead in Shenzhen railway, Wang Shi retired, and Yu Liang took over Vanke chairman and came to an end. Shenzhen Metro has also become the largest shareholder of Vanke, and Vanke board has formed a stable situation of three seats in Shenzhen steel and management.

Now in another year's change, the structure of Vanke's board of directors has remained unchanged. It is reported that the nineteenth shareholder meeting of Vanke will be held in June 30, 2020.

Changes in ownership structure

The structure of the board is closely related to the ownership structure. Compared with the surging waves before the last election of the board of directors, the stability of Vanke's shareholding structure has stabilized.

Vanke quarterly show that as of March 31st, Shenzhen Metro as the largest shareholder, holding 28.69% The second largest shareholder is Ying an partnership, with a shareholding ratio of more than 4%, and the third largest shareholder is Ampang. 2.61% Over the past two years, the shareholding ratio has been reduced to some extent. 1.14% Ranked ninth.

Looking back at the "Wanbao dispute" in 2016, Bao's shareholding ratio in Vanke was once high. 25.4% Bao can actually control Yao Zhenhua wants to enter Vanke's board of directors, even to recall Vanke's board of directors, as well as Ampang, Hengda and other spoiler.

However, they have withdrawn or are withdrawing. In the past two years, because of the new rules of information management and other reasons, Bao energy has repeatedly sold Vanke, and by the end of 2019, its shareholdings had been reduced to 3.57% Now, with further reduction, Bao can basically withdraw from Vanke. The once fierce battle of Wanbao became the past.

Shenzhen metro, the largest shareholder, has shown consistent support for Vanke.

Three years ago, when the board of directors was changed, the Shenzhen Metro said it would support Vanke's mixed ownership structure, urban and rural construction and life service providers' strategy and business partner mechanism, and support Vanke management team in carrying out operations and management in accordance with the established strategic objectives.

In April 27th, a piece of Foshan commercial and residential land won by Vanke and Shenzhen iron and Steel Co. Fifty-one point eight Billion yuan. This is the cooperation between the two sides in the large-scale TOD project after 4 years.

Vanke announcement revealed that Vanke will set up a joint venture item company with Shenzhen Metro's 51:49 stake, and the total investment is estimated to be no more than 6 billion yuan.

It is noteworthy that on the day of announces the candidate list, after five years, Vanke also released a motion on share repurchase authorization.

Vanke said that the total repurchase amount of domestic shares (A shares) and overseas (H shares) of the repurchase company will not exceed 10% of the total share capital issued by the company.

In terms of the four trigger repurchase conditions, Vanke said that the closing price of the company's stock was lower than its latest net asset per share, or that the closing price of the company's stock closed up to 30% in twenty consecutive trading days, and the company would buy back the shares.

In addition, the recent holdings of "Ying an partnership" also showed management's confidence in the company.

In March 31st, Ying an partnership bought 65 million shares of Vanke A shares through large transactions, accounting for the total share capital of the company. 0.58% At this point, Ying an partnership holds a total of Vanke. 4.97% Equity.

Huatai Securities Analysis believes that Vanke repurchase shares, superposition of business partners to increase holdings, highlighting the company's management confidence in the future development. In addition, the company announced in May 15th that it would authorize the board of directors to issue additional H-shares, and stable market expectations would also help to increase the issuance of H-shares.

Haitong Securities analyst Tu Li Lei said that Vanke in 2015 launched a related buyback plan, the buyback compared to the previous round, in the buy back trigger conditions, repurchase purposes, repurchase ratio to make more precise provisions. From the perspective of corporate governance, it is conducive to the improvement of company management system and the interests of medium and long-term shareholders.

Close to Vanke's observers pointed out that the introduction of deep iron that Wang Shi urged and pleased to see. With the turmoil of the past, the smooth transition of the board of directors and the stability of the shareholding structure are conducive to the future development of Vanke.

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