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The Group Holds a Symposium on Special Rectification and Quality Improvement and Efficiency Enhancement for Loss-Making Subsidiaries

2023/08/31

On October 29, the Group convened a symposium at its headquarters on the targeted remediation of loss-making subsidiaries and on efforts to enhance quality and efficiency in 2019, during which it analyzed existing problems and shortcomings, deliberated on corrective measures, and sought to promote high-quality development. The meeting was chaired and addressed by Li Hongfeng, President of the Group and Deputy Secretary of the Party Committee. Also in attendance were relevant officials from the Sixth Inspection Team of the State-owned Assets Supervision and Administration Commission of the State Council, as well as Group Vice Presidents Li Yousheng, Tong Laiming, and Xiang Hong.

At the meeting, Tong Laiming, Li Yousheng, and Xiang Hong each delivered special reports on the targeted remediation of loss-making subsidiaries, quality improvement and efficiency enhancement, and supporting incentive measures, respectively. Six enterprises—China Commercial Group, Galaxy Paper, Chengtong Fund, Sinotrans Smart Logistics, Guanhao High-Tech, and Hunan Electric Power Logistics—delivered model speeches. Key executives from China Storage & Transportation, China Paper, China Logistics, Chengtong Fund, Chengtong Real Estate Investment, Huamao Logistics, and Chengtong International shared their approaches and measures for addressing losses and achieving quality improvement and efficiency gains.

Li Hongfeng fully commended the best practices and approaches adopted by each company, noting that all units have demonstrated a high-level strategic perspective, clear thinking, and robust measures. He emphasized that the Group headquarters should formulate targeted policies and proactively assist its invested enterprises in overcoming the challenges they face in their operations.

Regarding the governance of loss-making subsidiaries and efforts to enhance quality and efficiency, Li Hongfeng put forward three key requirements. First, it is essential to genuinely elevate our political awareness, corporate mindset, and operational-company perspective. Second, we must focus on the critical levers, adhering to a goal-oriented, problem-oriented, EVA-driven, strategy-driven, and innovation-driven approach, using ambitious targets to guide all aspects of our work. Third, we must fully leverage the role of headquarters and strive to establish a “strong headquarters, robust operations” framework. Li Hongfeng emphasized that addressing losses and improving quality and efficiency are, at their core, about performance creation—this is the enduring theme of corporate development. He expressed the hope that both the invested enterprises and the Group headquarters will work together, implement concrete measures, deliver tangible results, and pursue real effectiveness, thereby advancing the Group’s high-quality development.

The meeting was attended by the principal executives of all funded enterprises, chief accountants, and responsible officials from the finance or operations departments; heads of departments at or above the level of department head at the group headquarters; and the heads of representative enterprises that delivered keynote speeches.

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