Ping An Group wants to hire a new deputy general manager, and Ji Guangheng, chairman of Lujin Holdings, intends to be appointed

Reporter | Miao Yiwei

On October 27, Ping An (601318.sh) of China announced the resolution of the fifth meeting of the 12th board of directors that Ping An Group would appoint Ji Guangheng as deputy general manager of the company, but the appointment was still subject to regulatory approval. In addition, the meeting also passed six proposals, including major related party transactions to increase the capital of Ping An Pension Insurance.

Ji Guangheng, aged 53, is currently the Party Secretary and General Manager of Ping An Group Shanghai Headquarters, the Chairman and Party Secretary of LujinSuo Holdings Co., Ltd., holds a Doctorate degree in Regional Economics from Peking University, and is a senior banking executive in China for more than 20 years.

According to public information, from July 1994 to June 2009, Ji Guangheng served as a director and deputy general manager of Shanghai Banking Industry Real Estate Development Company, deputy director of the Market Development Department of the Housing credit department of the head office of the Industrial and Commercial Bank of China, full-time secretary of the vice president of the head office of the Industrial and Commercial Bank of China, director of the office of the Beijing branch of the Industrial and Commercial Bank of China and director of the party office, secretary of the party committee and president of the Chang'an branch, and member of the party committee and vice president of the Beijing branch.

From June 2009 to March 2013, Ji Guangheng served as a member of the Party Committee and Vice President of Shanghai Pudong Development Bank, and the Secretary of the Party Committee and President of The Beijing Branch. From March 2013 to November 2015, he served as a member of the Party Committee and Vice President of Shanghai Pudong Development Bank, and from November 2015 to March 2019, he served as The Party Secretary and Chairman of Shanghai Rural Commercial Bank. From March 2019 to March 2020, he served as vice chairman and co-president of Baoneng Group.

In addition, the meeting also deliberated and passed the "Proposal on Major Related Party Transactions to Increase the Capital of Ping An Pension Insurance", and Ping An Group said that the pricing of this related party transaction follows the general commercial terms and the principle of fair and just marketization, the pricing is fair and reasonable, there is no improper transmission or transfer of benefits, and there is no harm to the interests of the company and insurance consumers.

Ping An Pension Insurance is one of the eight Chinese-funded professional pension insurance companies that have been opened in China, with a paid-up capital of 4.86 billion yuan.

On July 7 this year, Ping An Pension disclosed that according to the investment decision, the company's insurance funds bought and held the investment "15 Huaxia 05" bonds, and the market value of the bonds held by the issuer Huaxia Happiness Foundation Co., Ltd. fell sharply due to the failure of other debts of the issuer Huaxia Happiness Foundation Co., Ltd. to repay as scheduled. As of the reporting date, the amount of losses held by insurance funds in the "15 Huaxia 05" bonds exceeded 5% of the Company's total net assets (RMB10.4 billion) at the end of the previous quarter, reaching 5.66%.

Ping An Pension Insurance's solvency report for the second quarter of 2021 shows that during the quarter, Ping An Pension Insurance's net assets were 10.42 billion yuan, down 1.64 billion yuan from the previous quarter; at the same time, Ping An Pension Insurance recorded a net loss of 1.89 billion yuan in the quarter, and the comprehensive solvency adequacy ratio also fell from 218% at the end of the previous quarter to 157%.

On October 19 this year, according to the latest "Notice on the Renewal of the Qualification of Enterprise Annuity Fund Management Institutions" issued by the Ministry of Human Resources and Social Security, Ping An Pension Insurance Company's annuity fund investment management business was required not to carry out new business within one year, including but not limited to contract signing, pension product issuance, new funds for stock business, etc. For when the new business will resume, the Ministry of Human Resources and Social Security pointed out that it will also depend on the rectification situation.

In addition, the resolution of the fifth meeting of the 12th Board of Directors of Ping An Group also unanimously passed the "Proposal on The Consideration of the 2022 Asset Allocation Plan", the "Third Quarter Report of the Company in 2021", the "Proposal on the Review of the Relevant System of the Company's Capital Utilization", and the "Proposal on the Review of the Reinsurance Strategy of Ping An Group".