Everbright Holdings recently announced that Chen Shuang had resigned as an executive director and chief executive officer of the company on May 3, and was succeeded by Zhao Wei.
According to a spokesman for Everbright Holdings, chen Shuang will no longer be responsible for the administrative affairs of Everbright Holdings in the future, and will be responsible for preparing funds related to investment in the Greater Bay Area.
Chen Shuang resigned as CEO of Everbright Holdings
According to Everbright Holdings, Chen Shuang has resigned as an executive director and chief executive officer of the company due to work arrangements, effective from 3 May 2019. At the same time, Chen Shuang ceases to serve as a member of the Executive Committee and Strategy Committee of the Board of Directors of the Company, as well as an authorized representative of the Company.
A spokesman for Everbright Holdings said that although Chen Shuang has resigned as CEO of Everbright, he still retains the positions of executive director and deputy general manager of China Everbright Group Co., Ltd. The spokesman said that the resignation of the CEO was Chen Shuang's initiative to propose that in the future, Chen Shuang would no longer be responsible for the administrative affairs of light control and would concentrate on preparing funds related to the investment in the Greater Bay Area.
Chen Shuang was succeeded as CEO of Everbright Holdings by Zhao Wei. Zhao Wei, 48, is also a non-executive director of Everbright Bank. According to the information, before joining Everbright Holdings, Zhao Wei was the vice president and head of finance of China Reinsurance (Group) and a member of the Board of Directors of Asian Reinsurance Company.
Zhao Wei has a very rich resume and has been developing in the financial industry. According to the information, Zhao Wei once worked for Chinese Life Insurance (Group) Company and Chinese Life Asset Management Co., Ltd., and was also the general manager of Chinese Life Hong Kong Asset Management Limited, the president of Chinese Life Franklin Asset Management Co., Ltd. and the vice president of Xinhua Asset Management Co., Ltd. He was also the General Manager and Vice Chairman of China Re Asset Management Co., Ltd., the Chairman of China Re Asset Management (Hong Kong) Limited and the Chairman of China Re Capital Management Co., Ltd., and a non-executive director of Beijing Jingneng Clean Energy Power Co., Ltd. from December 2016 to January 2019.
As chief executive officer of Everbright Holdings, Zhao Wei has the right to receive remuneration of HK$3,478,400 per annum and an agreed bonus as appropriate, to be determined by the Remuneration Committee of the Board of Directors with reference to his duties and responsibilities, group performance and market conditions.
Chen Shuang will concentrate on preparing for the establishment of the Greater Bay Area Fund
Chen Shuang joined Everbright Holdings in 2004 and over the past 15 years, he has seen Everbright Holdings move from a small investment bank to a leader in the field of "cross-border asset management and investment" among Chinese-funded institutions in Hong Kong, and in the industry, it is known as the "Chinese version of Blackstone".
According to the 2018 annual report of Everbright Holdings, last year, the company made full use of the advantages of cross-border investment platforms, and various business indicators continued to achieve steady performance. The total amount of funds raised in the whole year increased by 11% to HK$143.5 billion, with 62 actively managed funds, each holding 158 primary market post-investment management projects, covering a number of high-growth industries such as real estate, healthcare, pension, infrastructure, high-end manufacturing, high-tech, cultural consumption and so on, with an investment footprint all over the world.
At present, one of Chen Shuang's more important tasks is to prepare for the establishment of the Greater Bay Area Fund. Not long ago this year, at the performance conference held by Everbright Holdings in Hong Kong, Chen Shuang said that the Greater Bay Area fund is in preparation and hopes to make a cross-border structure, and the domestic RMB fund should match the national strategy; the overseas part is mainly cross-border technology investment.
As for the future investment strategy of the Greater Bay Area Fund, Chen Shuang introduced that it will be different from the existing technology investment, because the current technology investment is still relatively early, early and medium-term, while the scale of the Greater Bay Area fund is relatively large, and it may be in the middle and late stages.
According to public information, Chen Shuang is currently a director of two "Greater Bay Area" related companies, namely "Greater Bay Area Shenwan Capital Co., Ltd." and "Greater Bay Area Hezhong Capital Co., Ltd."
According to the Hong Kong Companies Registry, the above two companies were established on April 24 and April 25 this year, the founders are Everbright Holdings (Secretaries) Limited, and the three founding directors are also the same, namely Chen Shuang, Tang Zijun, chief financial officer of Everbright Holdings, and Tsang Swee Cheong, chief risk officer of Everbright Holdings.
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