China Net Finance and Economics, September 1 (Reporter Guo Weiying Cheng Yunan) A few days ago, Cheng Bin, general manager of Guoyuan Agricultural Insurance Co., Ltd. (hereinafter referred to as "Guoyuan Agricultural Insurance"), was approved by the Banking and Insurance Regulatory Commission for his qualifications. The change of general manager is also the first change in the 13 years since the establishment of Guoyuan Agricultural Insurance. In addition, on April 19 this year, the qualifications of the new chairman Cai Wanling were approved, and within half a year, the "general marshal" of Guoyuan Agricultural Insurance was replaced.
The former chairman and general manager of Guoyuan Agricultural Insurance have played an important leadership role in the promotion of the listing plan. What impact will the change of the two members have on the listing plan of Guoyuan Agricultural Insurance? At present, the market has mixed reviews of this.
President was first changed in 13 years
On August 20, the qualifications of Cheng Bin, the new general manager of Guoyuan Agricultural Insurance, were approved by the Banking and Insurance Regulatory Commission, and the Banking and Insurance Regulatory Commission said that Guoyuan Agricultural Insurance should require Cheng Bin to strictly abide by the relevant regulatory regulations of the Banking and Insurance Regulatory Commission and report on the performance of his duties in a timely manner as required; and urged him to continue to study and master the relevant laws and regulations of the economy and finance, familiarize himself with the duties of the post, and perform his duties faithfully and diligently.
It is understood that this time Cheng Bin as general manager is an internal promotion. When Guoyuan Agricultural Insurance was established in 2008, Cheng Bin served as a member of the party committee and deputy general manager of the company, which can be described as a senior figure; previously he successively served as the manager of the branch of piccupation insurance Anhui Tongling Branch, the deputy general manager of Chinese Life Anhui Tongling Branch, the general manager of Ping An Property Insurance Anhui Tongling Center Branch and Chizhou Central Branch, the deputy secretary of the Party Committee and the secretary of the Discipline Inspection Committee of Huaan Property Insurance Anhui Branch, and the assistant general manager.
It is worth mentioning that this change in general manager is the first change in the 13 years since the establishment of Guoyuan Agricultural Insurance. According to public information, Guoyuan Agricultural Insurance was registered and established in Anhui in January 2008, and was jointly established by 30 enterprises such as Anhui Guoyuan Financial Holding Group, a large state-owned enterprise with the largest financial assets in Anhui Province, and the number of state-owned legal persons accounted for 25, accounting for 83.15% of the shares.
Before Cheng Bin served as the general manager of Guoyuan Agricultural Insurance for 13 years, Yin Yin. On March 31, 2008, the former Insurance Regulatory Commission approved the qualification of yin Yin Guoyuan Agricultural Insurance As the general manager. According to the data, Yin Yin, born in 1962, is 59 years old, and before he became Guoyuan Agricultural Insurance, he served as the director of group insurance of Ping An Insurance Hefei Branch, and the director and deputy general manager of Huangshan Tourism Development Co., Ltd.
In addition, on April 19, Cai Wanling, the third chairman of Guoyuan Agricultural Insurance, was approved by the Banking and Insurance Regulatory Commission for his qualifications, and within half a year, Guoyuan Agricultural Insurance "General Shuai" was replaced.
According to the data, Cai Wanling, 59 years old, has served as the secretary of the party committee and general manager of the Wuhu Branch of Chinese, the assistant general manager and deputy general manager of the Anhui Branch of PICC Property & Casualty Insurance, the head of the preparatory team, the secretary of the party committee and the general manager of the Anhui Branch of PICC Health, and the general manager of the People's Health Education and Training Department.
The qualifications of Wu Tian, the second chairman of Guoyuan Agricultural Insurance, were approved on March 20, 2018; until December 15, 2020, Guoyuan Insurance issued an announcement that Chairman Wu Tian had resigned as a director, chairman and chairman of the Strategy and Investment Committee due to work adjustments, and had been in office for just over two and a half years.
It is worth noting that the former chairman and general manager of Guoyuan Agricultural Insurance have played an important leadership role in the promotion of its listing plan. What impact will the change of the two members have on the listing plan of Guoyuan Agricultural Insurance?
In this regard, the reporter contacted Guoyuan Agricultural Insurance, but as of press time, there was no reply.
However, Fang Xu, chairman of Guoyuan Financial Holdings Group, pointed out at the meeting of leading cadres held by Guoyuan Agricultural Insurance in March this year that "the adjustment and appointment of Guoyuan Agricultural Insurance cadres is the party committee of the group fully considering the current situation of the Guoyuan Insurance team, job vacancies and the personal strengths of cadres, and repeatedly weighing, fully brewing and considering the overall situation in accordance with the principles of overall planning, rational allocation, giving full play to their talents, and adapting people to posts." ”
The listing plan is "mixed"
It is understood that the listing plan of Guoyuan Agricultural Insurance has a long history.
In 2015, Guoyuan Agricultural Insurance mentioned in the year-end work conference: "During the 13th Five-Year Plan" period, the company should take the initiative to adapt to the new normal, lead the new normal, on the basis of adhering to connotative development, increase epitaxial expansion, through mergers and acquisitions, restructuring and other ways, rapidly grow in scale and volume, and strive to achieve the end of the "13th Five-Year Plan" premium income exceeded 10 billion yuan, the establishment of 5-6 provincial branches, the listing of Guoyuan Agricultural Insurance, the establishment of rural life insurance companies, the establishment of asset management companies, Establish major strategic development goals such as Guoyuan Insurance Group to achieve "secondary entrepreneurship" and Guoyuan dream.
After more than three years of development, the listing plan was highlighted again in September 2018 after Wu Tianshang, the second chairman of Guoyuan Agricultural Insurance, took office, and Wu Tian said, "We must unswervingly promote the orderly listing of Guoyuan Agricultural Insurance, and step up efforts to promote the preparation of Guoyuan Life Insurance, and solidly promote the high-quality development of Guoyuan Agricultural Insurance to be stable and far-reaching".
In August 2019, Guoyuan Agricultural Insurance disclosed the shareholder shareholding plan, stating that the main purpose is to establish a benefit sharing mechanism for shareholders, companies and employees, improve the corporate governance structure, and standardize the company's salary incentive mechanism. Some insiders believe that Guoyuan Agricultural Insurance is paving the way for listing, linking equity incentives to listing.
Guoyuan Agricultural Insurance said in the shareholding plan that if the company does not achieve listing within 6 years, the shareholding period is 6 years, calculated from the date when the company's shares are registered in the name of the partnership; if the company is listed within 6 years, the shareholding period is the time before the listing plus 3 years, calculated from the date when the company's shares are registered in the name of the partnership.
On October 23, 2019, Guoyuan Agricultural Insurance issued an announcement showing that the company officially signed a listing service cooperation agreement with Hualong Securities, Guoyuan Securities, Rongcheng Certified Public Accountants and Llinks Law Firm, marking another step away from the listing of the company.
Public data show that Guoyuan Agricultural Insurance has continued to be profitable since its establishment for 13 years, but the level of recent profitability has not been stable since 2016. Specifically, from 2009 to 2015, the company achieved net profits of 0.24 billion, 0.46 billion, 0.61 billion, 0.8 billion, 111 million, 316 million and 437 million; in 2016, the net profit declined and began to fluctuate, and the net profit in 2020 was 206 million, 280 million, 0.85 billion, 175 million and 0.88 billion.
So can we steadily advance the listing process by just staying profitable? The industry has different views on the listing of Guoyuan Agricultural Insurance.
Wang Xiangnan, deputy director of the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences, believes that according to the publicly disclosed information, the equity composition and corporate governance norms of Guoyuan Agricultural Insurance, the adoption of long-term incentive orientation, the relatively stable operation, the prominent main business of agricultural insurance, the innovation of multiple model practices, and the active promotion of health insurance and other businesses with profit orientation are the small and medium-sized insurance companies that can better meet the requirements of various listing qualifications.
In China's Administrative Measures for initial public offering and listing, 20 requirements are put forward on the qualifications of the subject on the conditions for issuance, of which Article 12 stipulates that the issuer's main business, directors and senior management have not undergone major changes in the past three years, and the actual controller has not changed.
Article 18 of the Administrative Measures for the Initial Public Offering and Listing of Shares stipulates that an enterprise to be IPO shall not "be subject to administrative penalties for violating industry and commerce, taxation, land, environmental protection, customs and other laws and administrative regulations in the past 36 months, and the circumstances are serious." " behavior.
The financial reporter of China Net checked the relevant information of the Banking and Insurance Regulatory Commission and found that the last time Guoyuan Agricultural Insurance received administrative penalty information was in April 2019, which is about 28 months from now, and the situation has been maintained well; however, the reporter inquired on the China Enforcement Information Disclosure Network that Guoyuan Agricultural Insurance has become the executor 5 times as of press time this year, with a total of 1.6027 million yuan of execution targets.
Xu Yuchen, a founding member of the China Association of Actuaries, pointed out that due to the particularity of the industry, insurance companies are easily subject to administrative penalties, and whether the relevant problems above Guoyuan Agricultural Insurance constitute "violations of industry and commerce, taxation, land, environmental protection, customs and other laws and administrative regulations in the past 36 months, administrative penalties, and serious circumstances." "The behavior must be finally determined by the regulatory authorities."
However, the major shareholders of Guoyuan Agricultural Insurance are obviously full of confidence in its listing. In March this year, Guoyuan Financial Holdings, as a shareholder, highlighted at the meeting of Guoyuan Agricultural Insurance Leading Cadres that "we must unswervingly promote the orderly listing of Guoyuan Agricultural Insurance, and step up efforts to promote the preparation of Guoyuan Life Insurance, and solidly promote the high-quality development of Guoyuan Agricultural Insurance to be stable and far-reaching".
In the future, how the road to the listing of Guoyuan Agricultural Insurance will proceed, China Net Finance continues to pay attention.
(Editor-in-Charge: Meng Qianyun)