Huaxia Happiness encountered another change, and Co-Chairman Wu Xiangdong left his post

Huaxia Happiness in the Whirlpool of Debt (600430. SH) reported today that its co-chairman, CHIEF Executive Officer and President Wu Xiangdong will leave his post to join Perennial Group, a local development company in Shenzhen.

At the end of March, there was news of Wu Xiangdong's departure from the market, when it was exposed that the company that Wu Xiangdong would join was Pengrui, and believed that Wu Xiangdong's joining was supported by Ping An.

For the above news, Huaxia Happiness told Interface News that it was not clear, while Pengrui insiders told Interface News that Wu Xiangdong was indeed coming, but the position had not yet been arranged.

In 2019, Wu Xiangdong officially joined Huaxia Happiness, and on February 9 of that year, Huaxia Happiness issued an announcement in the afternoon, announcing that Wu Xiangdong would serve as the CEO and president of the company and be fully responsible for the company's business. Former President Meng Xiao was appointed as the co-president in charge of the Industrial New City and its related real estate business. At the same time, Guo Shaozeng, a director of Huaxia Happiness, resigned to make room for Wu Xiangdong, and Huaxia Holdings, the largest shareholder of Huaxia Happiness, nominated Wu Xiangdong as a director candidate.

On the afternoon of March 18, Huaxia Happiness announced that Wu Xiangdong was unanimously elected as the co-chairman of the company and a member of the strategy committee of the 6th board of directors presided over by Chairman Wang Wenwen.

Wu Xiangdong also brought a team of hundreds of people from the old owner China Resources, so as to prepare for the deep ploughing of first- and second-tier cities and commercial real estate, and Huaxia Happiness also formed a pattern of north-south dual headquarters.

Just 3 months later, Huaxia Happiness announced that the company intends to grant all reserved stock options/restricted shares to 8 incentive recipients, including Wu Xiangdong, Yu Jian, two new team executives, and the remaining six core cadres.

The number of stock options granted to Wu Xiangdong was 3.5 million, accounting for 53.56% of the total number of stock options to be granted in the reserved part and 0.12% of the total share capital of the company at the time of the grant of the reserved rights; the number of stock options granted by Yu Jian was 2.2 million, accounting for 33.66% of the total number of stock options to be granted in the reserved part, and 0.07% of the total share capital of the company at the time of the grant of the reserved rights.

In addition, on March 4 this year, Yu Jian reduced his holdings by no more than 715,000 shares through centralized bidding.

According to the Huaxia Happiness Annual Report, the new business of Huaxia Happiness in 2019 has covered 4 cities, landed two projects in Beijing Lize and Wuhan Yangtze River Center, served 8 urban renewal projects, added 1.71 million square meters of land reserves, focused on the layout of 5 metropolitan areas, and 8 core cities.

In the first half of 2020, a number of commercial projects such as Nanjing University Campus, Wuhan Zhongbei Road, Harbin Songbei New Area, Guangzhou Baietan Industrial Financial Service Innovation Zone were achieved, and the main structure of Block A of Beijing Lize Ping An Happiness Center was capped, and new business expansion and development were actively promoted.

However, with the outbreak of a debt crisis in Huaxia Happiness, the question mark has become more puzzling to the outside world about where the commercial projects of the Southern Company should go, and the news of Wu Xiangdong's departure has spread, making this question mark even more glaring.

According to huaxia happiness's vision, the projects of the southern company are basically for Ping An' services, in terms of stock, Huaxia Happiness helps Ping An to expand, will charge project expansion fees, basically Ping An to invest, incrementally due to the Banking and Insurance Regulatory Commission has some restrictions on insurance funds, so each project is pre-approved by Ping An before taking the land, and can be transferred to Ping An of China after the two certificates are complete. The new business is to do capital turnover for Ping An of China, and the residential part of Huaxia Happiness is sold.

This model is very dependent on Ping An's financial security, but at present, the debt-ridden Huaxia Happiness has made Ping An make a statement many times, ping An co-CEO Xie Yonglin said, "is actively helping to resolve risks and design plans to achieve the rescue of Huaxia Happiness." Xie Yonglin said bluntly, "Ping An will no longer contribute money in the future, but will spare no effort to support the design and implementation of the huaxia happiness debt treatment plan and the rescue process." ”

Whether Ping An's debt to Huaxia Happiness will no longer be bailed out will affect the business of the Southern Company is still unknown, and the news that Wu Xiangdong led the team to leave may be a footnote.

Pengrui Group is a Shenzhen-based real estate company, known for the development of Shenzhen Bay No. 1, this project gathered China's richest people, its chairman is Xu Hang, graduated from Tsinghua University, originally engaged in the pharmaceutical industry, is the co-founder of the medical device company Mindray Medical.

In 2008, Xu Hang established Pengrui Real Estate, officially entered the real estate development, and became famous with Shenzhen Bay No. 1, in addition to the main business of real estate development, Pengrui Group is also involved in urban renewal, commercial operations and other fields. According to its official website, Pengrui's projects are currently concentrated in the Greater Bay Area, and the projects it holds include a total of 18 urban renewals. According to the information on the official website, Pengrui Real Estate plans to expand the land area of new projects by 3 million to 6 million square meters within three years.

However, from the perspective of sales scale or land reserve, Pengrui is in the ranks of small housing enterprises in the Greater Bay Area.

In addition, on April 8 this year, Xu Hang and the Shanghai World Top Scientists Development Foundation also signed an agreement to donate 1 billion yuan to the Dingke Development Foundation by Xu Hang and Pengrui Charity Foundation. The two sides said that the funds will be used to support basic scientific research, international scientific cooperation and exchanges, and support young scientists' growth projects.

Wu Xiangdong, as the chairman of the Top Science Association and co-founder of the Top Science Development Foundation, also read out the thank-you letters sent by the Executive Committee of the Top Science Association to Xu Hang and Pengrui Public Welfare Foundation on behalf of the members and scientists of the Top Science Association. In addition, the World's Top Scientists Association Technology Co., Ltd. Huaxia Happiness South Headquarters also holds 20% of the shares.