The second generation of post-90s women began to take over

The investment community

2024-04-28 02:52Posted on the official account of Beijing Qingke Entrepreneurship Information Consulting Co., Ltd. in Beijing

The latest female second generation came to the front of the stage.

Recently, Tongce Medical issued an announcement that the actual controller Lv Jianming stepped down as chairman and was replaced by Wang Yi, general manager and chief financial officer. At the same time, a young figure appeared as a non-independent director of the company.

The outside world may not know that Lu Zixuan, who was born in 1993, is the daughter of Lu Jianming, the actual controller of Tongce Medical. Her story is similar to that of most second-generation entrepreneurs, who were sent overseas by her father when she was young, and returned to work in a company under Tongce Medical for many years. This is the first time she has been among the top executives of a public company.

Quietly, this scene is being played out intensively. More and more post-90s second-generation generations have begun to come to the front of the stage, getting involved in or taking the helm of listed companies with a market value of tens of billions or even hundreds of billions. Shi Wenling, chairman of Chunli Medical, who was born in 1998, and Li Side, the granddaughter of Li Ka-shing's post-90s, participated in the family business......

More and more new generations in China have taken over the scepter of their fathers and appeared on the stage.

At the age of 31, she has just taken on the role of executive

It all starts with his father Lu Jianming.

In 1965, Lu Jianming was born in Xinchang County, Shaoxing, Zhejiang. At the age of 19, with a dream of being a writer, he was admitted to the Chinese Department of Hangzhou University (now Zhejiang University). After graduation, Lu Jianming worked in the Zhejiang Disabled Persons' Federation for several years. In 1995, he resigned from public office and established Zhejiang Tongce Real Estate Development Co., Ltd., earning his first pot of gold in his life.

There is an episode: in 2005, Lu Jianming named his resort project in the depths of West Lake after his daughter Zixuan. He once said in an interview that "Zixuan" means "forget worries" in Chinese culture, and his daughter's happiness is his most precious thing.

Later, from real estate to medical care, it originated from an investment by Lu Jianming.

In 2006, Hangzhou Stomatological Hospital was restructured, which was the largest public dental hospital in Zhejiang at that time. Lv Jianming auctioned 100% of the hospital's equity through his subsidiary Baoqun Industrial, and the transaction price was 102 million yuan.

Baoqun Industrial has been the owner of ST Zhongyan in 2004. After asset restructuring, Hangzhou Stomatological Hospital was injected into the listed company, and ST Zhongyan was renamed "Tongce Medical". Soon, the 42-year-old Lv Jianming ushered in a highlight moment, and the first listed company in China with medical services as its main business was born.

In addition to the acquisition of dental hospitals, Tongce Medical has also entered the field of assisted reproduction and ophthalmology. Listed for more than ten years, the company's market value once exceeded 100 billion yuan at its peak. However, in the worry of "centralized procurement of dental implants" in 2021, the share price of Tongce Medical has fallen, and the market value is now about 19 billion yuan.

Devoted to the business world, Lu Jianming did not forget to give back to his alma mater. In May 2017, at the 120th anniversary celebration of Zhejiang University, TC Medical announced that it would donate a total of 200 million yuan for 10 consecutive years to support the construction and development of the university's disciplines. At the same time, Lu Jianming personally donated a number of precious ancient and famous trees to his alma mater.

At the donation ceremony, her 24-year-old daughter, Lu Zixuan, who received a bachelor's degree in economics and a master's degree in computer science from University College London, was present.

After 2018, Lv Zixuan successively appeared in the press release of Tongce Group as assistant to the president of Tongce Medical and assistant to the general manager of the financial department. In addition to serving as a director of a listed company, she also serves as a director of Zhejiang Tongce Holding Group and Zhejiang Tongce Ophthalmology Investment Management Company.

At this point, this post-90s female second generation quietly came to the front of the stage.

The second generation of the post-90s generation began to appear

A group of post-90s successors are coming to the Chinese business community.

Let's start with the pharmaceutical industry, the latest scene appeared this week. Zhendong Pharmaceutical announced that Li Anping resigned as chairman and other positions for personal reasons, and Li Kun, the company's director, served as chairman. It is worth noting that Li Kun is Li Anping's son.

Born in 1990, Li Kun studied at Shanxi University as a bachelor's degree and later received a master's degree from the University of Wisconsin-Madison. Since joining Zhendong Pharmaceutical, he has served as general manager of e-commerce, general manager of corporate marketing, and vice president of the company.

Another well-known "second generation of medicine" comes from Renhe Pharmaceutical. Yang Xiao, the son of Yang Wenlong, the actual controller of Renhe, was born in 1990, and before he officially became the chairman of Renhe Pharmaceutical at the age of 32, he has been serving as a director and sales director of big health in the company, and earlier served as a postdoctoral workstation management position in the Institute of Philosophy of the Chinese Academy of Social Sciences.

However, the controlling shareholder of Renhe Pharmaceutical is Renhe Group, the chairman is still Yang Wenlong, and Yang Xiao is the vice chairman of Renhe Group.

At the age of 24, Shi Wenling took over as chairman of Chunli Medical from her father Shi Chunbao. According to the Beijing Business Daily, this was the youngest chairman of the A-share market at that time. According to the data, Shi Wenling, who was born in 1998, graduated from Ohio State University in the United States and worked in the user growth department of ByteDance.

In the field of new energy, the post-90s generation is not far behind. At the beginning of this month, Ganfeng Lithium announced that it had appointed Li Chenglin and Wang Bin as vice presidents of Ganfeng Lithium. Li Chenglin is the son of Li Liangbin, the actual controller and chairman of the company.

Born in 1996, Li graduated from the University of Southern California with a major in economics. Since 2022, he has joined Ganfeng Lithium and has served as the manager of the company's investment department and assistant to the president. This change of position is also seen as a signal for the cultivation of second-generation successors.

In addition, Li Ka-shing's post-90s granddaughter has also set foot in the family business. In June last year, Li Ka-shing's granddaughter Li Side became the manager of the business development department of Cheung Kong Enterprise, and also participated in a 4 billion acquisition.

Born in Hong Kong in 1996, Lee grew up with Li Ka-shing before studying in the UK. In 2017, Li Side returned from studying abroad. In the past few years, Li Side has served on the boards of many important family companies such as the Li Ka Shing Foundation, and under Li Ka-shing's arrangement, he has gradually penetrated into the family business map.

In fact, there are many such cases: Zhou Liyuan, Xtep Ding Jiamin, Hollyland Luo Hao, Huayou Cobalt Chen Xiaojun, Shunhao Wang Chenglin, Haichuan Intelligent Zheng Ying, Dawn Airlines Wu Xingyu ...... They have all completed the succession or frequently appeared in important occasions of the company, and gradually realized the transfer of power.

Succession tide

Common problems for Chinese enterprises

This is a unique scene of the moment.

Since the average birth year of the founders of China's top 100 family businesses was in the late 1950s, the founding generation started their careers in the eighties and nineties of the last century, and now most of them are in their 60s to 70s.

As a result, family succession is in front of more and more businesses. In the traditional Chinese concept, hoping that "the son will inherit the father's business" is often the first choice of many entrepreneurs.

This can be seen from the four major families in Hong Kong. Li Ka-shing, Kwok Tak-sheng, Lee Shau-kee and Cheng Yu-tung have retired into the background, without exception, the successors are all family descendants.

These second-generation people are often planned to have a more consistent growth path: they graduated from famous overseas universities in their early years and learned experience in finance and management. After returning from school, he entered the family business from the grassroots level, transferred to various business departments, and gradually moved towards the center of power.

"It's easy to fight the country, but it's hard to defend the country." Not every second-generation successor can smoothly pass every hurdle. At the beginning of this year, Meibang Apparel issued an announcement that Hu Jiajia, the daughter of Zhou Chengjian and chairman of Meibang Apparel, announced his resignation, and Zhou Chengjian was re-nominated as a director. When the company was in adversity, my father returned to the helm.

According to a survey by McKinsey, the inheritance rate of the second generation in Western countries such as the United Kingdom and the United States is only about 30%, and the inheritance rate is even less than 15% in the third generation. In fact, only a small number of second generations can successfully complete the business inheritance, and the children are not suitable or unwilling to take over, blocking the way for most family businesses to inherit.

So another option emerged: leave the money to a professional to take care of, so as to achieve the intergenerational inheritance of family wealth. As Zong Qinghou once expressed a view in an interview, "China's private enterprises will eventually be the same as developed countries, the second generation will take over if they are willing to take over, and if they are not willing to take over, professional managers will manage the enterprise." ”

According to a set of statistics from Chenyi Investment, only 15% of unlisted family businesses are ready to be succeeded by their descendants, and more than half of the listed family businesses have a change of control within five years of listing. Most family entrepreneurs decide to sell their business before they retire. In some of this year's M&A cases, some of the founders of the parent generation finally decided to sell the company because it was difficult to find a successor.

The wheels of the times are rolling forward, and how to complete the inheritance is becoming a compulsory course for Chinese enterprises.

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