Five months after Xi'an state-owned assets regained control, the president candidate was finally decided.
On the 24th and 25th, the official WeChat of Xi'an Finance and Xitou Holdings showed that Dong Yi, the proposed president of Chang'an Trust, has begun to publicly visit the two shareholder units, and his identity was previously the director of the Financial Cooperation Division of the Xi'an Municipal Finance Bureau.
According to public information, he was born in 1982, which also broke a record of Shaanxi legal entities, that is, the first "post-80s" president.
Fiscal and financial cooperation has blossomed in many places
Financial Lollipop learned that Dong Yi graduated from Xi'an Jiaotong University, majoring in finance and finance, and after entering the Xi'an Finance Bureau in 2005, he worked in the Enterprise Department and the Financial Cooperation Department.
Due to the small amount of personal information disclosed, we used "Financial Cooperation Department of Xi'an Municipal Finance Bureau" as the search content to sort out the main work content of this department in recent years.
First, the Financial Cooperation Office is deeply involved in the ecological construction of "science and technology finance".
In July 2022, when Xi'an's 10 billion "Innovation Fund" landed, we noticed that this parent fund had hit the ceiling. For example, the ratio of reinvestment is determined to be 1:1, for example, the proportion of sub-funds investing in early-stage projects is increased to 40%, for example, the adoption of broad-based identification, and the establishment of subsidiaries by foreign investee enterprises are included in the scope of recognition, breaking the traditional subject identity restrictions in one fell swoop. More importantly, at the beginning of the establishment of the Innovation Fund, the rules of procedure for market-oriented decision-making were clarified.
▲Figure: The site of the establishment of the Innovation Fund
Readers who are familiar with the guidance fund know that at the beginning of the "involution of the parent fund", it is still relatively difficult to make a breakthrough inside and outside, and as a direct program formulation department, the Financial Cooperation Department has shown the advanced "government investment bank" thinking. Later facts proved that a well-run innovation fund benefited from the full trust and authorization of the financial department. For details, please refer to "Not less than the capital contribution of the parent fund!Xi'an's "10 billion innovation fund" is "beyond expectations". In addition, the 10 billion urban renewal fund and the 20 billion industrial investment fund have also been designed by the Financial Cooperation Department, forming a matrix system of the city's government guidance fund.
Second, the Financial Cooperation Office is deeply involved in the front-line practice of "finance + finance".
In June 2022, Xi'an was approved as one of the first batch of demonstration zones for inclusive financial development supported by the central government, and successfully won the pilot policy of the central government. For details, see "The 14th Five-Year Plan for Finance: High-quality "Leadership".
In July 2022, Xi'an Guarantee Group, with a registered capital of 10 billion yuan, completed the industrial and commercial registration, officially becoming "the largest in the history of Xi'an guarantee", positioning it as a "municipal state-owned guarantee equity operation and management platform + government financing guarantee business implementation platform + key project financing credit enhancement platform", and quickly fulfilled the creation expectation of the first and second AAA-level guarantee enterprise with dual entities in the west. For details, see "The "Cornerstone" Effect Emerges: Xi'an Guarantee "Increment" Breaks 20 Billion for the First Time".
In terms of supporting the real economy and preventing financial risks, which have attracted much attention, the Financial Cooperation Office has a lot of public statistical information, and many of them are in the snow. For example, from 2021 to 2024, 1.568 billion yuan of financial support for stable economic growth will be arranged, such as science and technology finance, agricultural insurance, and guaranteed interest discounts, and the scale of financing will exceed 30 billion yuan. For example, the joint efforts of municipal state-owned financial capital have been coordinated, and more than 8 billion yuan of liquidity relief support has been provided for multiple regions through the linkage of "investment and loans".
▲Figure: Xi'an Finance Bureau "Youth Cadre Forum"
During the search, we noticed a piece of information.
In September 2018, the Xi'an Municipal Bureau of Finance launched the "Young Cadres Forum", the first session of the keynote speaker was Dong Yi, whose theme was "Financial Support for the Development of the Real Economy Business Exchange", in addition to thinking about the work functions of financial enterprises, policy system, has involved government investment funds and other fields.
At that time, he was the Deputy Director of the Enterprise Division. In addition, according to relevant information, he served in Jiangsu for one year as a member of the fourth batch of "Jiangsu-Shaanxi Cooperation" task force from 2020 to 2021, which further improved the concept of fiscal and financial integration in the eastern region.
Chang'an Trust: The first president of the "state-owned assets department" in 07 years
As a municipal-level financial institution, Chang'an Trust has had ups and downs since 2007.
In the long-term record of financial lollipops, the first highlight moment of Chang'an Trust began in 2007, due to the adoption of the mixed reform model, it has made rapid progress in the macro environment at that time, and the industry ranking once rushed to the sixth position in the country, which not only realized the national layout, but also had many innovative business landing.
Objectively speaking, the reason why Chang'an Trust was able to seize the dividends of the "golden 10 years" of the industry is also due to the special shareholder structure (the shareholding of state-owned shareholders is slightly lower than that of private shareholders) and the management arrangement, that is, the chairman of the board of directors appointed by the State-owned Assets Supervision and Administration Commission and the nomination of the president by private shareholders, which has promoted a large number of market-oriented mechanisms.
▲Figure: Dong Yi led a team to visit Xitou Holdings
However, as the macro economy has moved from an extensive factor investment cycle to a stage of high-quality development, after the implementation of the new regulations on asset management, the development of the trust industry has fallen into a trough as a whole, and even the bankruptcy of individual trust companies has occurred.
Under the changes in the overall environment, the regaining of the controlling position of state-owned capital in 2023 has become a landmark event, and Dong Yi has also become the first president nominated by state-owned assets since 2007. As a local financial observer, Financial Lollipop believes that under the general logic of "financial management of finance", state-owned assets holding has improved the overall strength of Chang'an Trust to a certain extent, and has also laid a certain advantageous foundation for exploring the "three classifications" business.
Regarding the transformation expectations, some researchers said that the trust company's deep integration with the real economy of local provinces and cities to reconstruct the business will become a high probability event.
Financial Lollipop also believes that in the critical period of the "old three axes" of real estate, platforms and channels, Chang'an Trust has a lot of room for transformation, such as whether it can promote the "credit asset securitization trust" in the main enterprise of the core chain in Xi'an, whether it can promote the "risk disposal service trust" in the market-oriented transformation of the platform, and whether it can promote the "family service trust" with a lower threshold when the public financial demand is still strong.
▲Figure: Chang'an Trust has signed strategic agreements with a number of development zones
It is worth noting that just over a month ago, Li Yang, the former general manager of Qujiang Financial Holdings, had begun to serve as the vice president of Chang'an Trust, and his public resume was to work for China Development Bank, China Development Bank Securities, and Shaanxi Financial Resources, and formed an experience advantage in major policy banks, securities firms, and AMCs respectively.
During his tenure at Qujiang Financial Holdings, Li Yang was deeply involved in the acquisition of Huaren Pharmaceutical (300110) and its steady operation in the later period.
According to public information, Li Yang was born in 1981, which also means that there are two "post-80s" in the management of Chang'an Trust at one time, which has become a relatively rare precedent among local legal entities in provinces and cities.
Shareholder Engagement: What to Expect in the First Step?
In the first week of Dong Yi's new tenure, he visited the two major shareholders successively, and from the perspective of future business development, how should we identify this signal?
Let's break it down one by one.
On the 24th, when communicating with the largest shareholder Xi'an Finance, Ren Jigang, chairman of Xi'an Finance, had several key words in his speech, including that Chang'an Trust should "deeply understand" the strategic significance of changing to state-owned holding and continue to "strengthen the party's overall leadership". In the expectation of cooperation, it is clearly stated that it will earnestly fulfill the responsibilities and responsibilities of state-owned shareholders, continue to promote the construction of Chang'an Trust's corporate governance system, support the business development of Chang'an Trust, and help Chang'an Trust "resume operation" and steadily embark on the road of high-quality development.
Behind this statement is that "Chang'an Trust is still in the recovery period", but the support of finance and state-owned assets is also undoubted.
When communicating with the second largest shareholder, Xitou Holdings, Liu Zhao, general manager of Xitou Holdings, also expressed similar views on the 25th. However, the press release also shows that the two sides have begun to plan for future areas of cooperation, pointing to Chang'an Trust's proprietary and trust business, fund business, capital market, and asset revitalization.
In the view of the financial lollipop, the consensus of the two management representatives is actually an important information exchange for Dong Yi, and more importantly, it officially conveys the business idea of "based on local characteristics".
After all, for Chang'an Trust, which is in the recovery period, to carry out business cooperation with a "shareholder unit with a very unique positioning" is to seize the biggest bull's nose in the current financial field in Xi'an, because Xi'an's "foundation for the city" has been established, that is, the high-quality construction of "double centers". In this field, Xi'an Finance and Xitou Holdings have become the core grasp.
▲Figure: Investment distribution of innovation funds
From the perspective of Xi'an Finance, the "innovation fund" managed by it has become an important source of innovation drive, with a total of 33 sub-funds registered and established, and 409 projects have been invested in the sub-fund system, almost all of which are the future stars of Xi'an industry. As shown in the figure above, the investment areas of the Innovation Fund cover all the key units of Xi'an's "6561 Strategy". At the beginning of 2024, it will also be selected into the TOP30 list of the world's most potential fund of funds.
From the perspective of Xitou Holdings, it is positioned as an "industrial investment bank", not only managing the industrial multiplication fund, but also keeping an eye on the leading chain, such as participating in projects such as ESWIN and Longteng Semiconductor, and not long ago, it also cooperated with the local Tianlong Biotechnology to complete the holding of the listed company Kehua Biotechnology (002022). We also noted that when the first batch of key industrial chain "chain masters" in Xi'an was announced in April, 8 companies supported by Xitou had been selected.
Therefore, the expectations of the financial lollipop are:
With the help of the two natural allies, Chang'an Trust, which is in the recovery period, can not only meet the responsibility and position of deeply cultivating the real economy, but also quickly accumulate transformation experience that meets regulatory requirements, and even to a certain extent, may also help its future internal reform.
We hope this is a good start for our former trust leaders.