After crossing the threshold of 100 billion and double 100 billion, Zhu Rongbin, president with an annual salary of 6 million, finally failed to continue in Yango Group Co.Ltd(000671) .
On January 5, Yango Group Co.Ltd(000671) announced that Mr. Zhu Rongbin, executive chairman and President, applied for resignation for personal reasons. After his resignation, Zhu Rongbin will not hold other positions in the company.
On the same day, Zhu Rongbin continued to reduce his holdings of Yango Group Co.Ltd(000671) 3918100 shares through block trading. On December 22 last year, he had reduced his holdings of 4.5461 million shares, and the two reductions totaled 27.1 million yuan. However, compared with the cost of more than 7 yuan when he increased his holdings twice in 2018, Zhu Rongbin will lose at least 60%. After the reduction, Zhu Rongbin still holds 11.7544 million shares, with the latest shareholding ratio of 0.28%.
Yango Group Co.Ltd(000671) expressed gratitude to Zhu Rongbin for his efforts for the company over the past four years. It is reported that Xu Guohong has taken over relevant positions.
Zhu Rongbin’s departure was foreboding. In October 2021, Yango Group Co.Ltd(000671) carried out a new round of organizational structure upgrading. Xu Guohong, the former vice president of the group and President of Fujian region, was promoted to the executive president of the group, responsible for the daily business management of the company and the general manager of the group’s marketing management center, while Zhu Rongbin was responsible for the operation and management of the company.
On November 26, Xu Aiguo, executive vice president of Yango Group Co.Ltd(000671) invited by Zhu Rongbin, resigned. It is rumored that the Chinese maritime system headed by Zhu Rongbin has left one after another in Yango Group Co.Ltd(000671) , which means that Zhu Rongbin is not far from resigning.
Now, all the dust has settled. Zhu Rongbin, who once regarded Yango Group Co.Ltd(000671) as his last stop, finally chose to leave after four and a half years. At present, there is no news about where his next stop will go. Wu Jianbin, executive vice president of Yango Group Co.Ltd(000671) who is also Zhu Rongbin’s partner, responded to times Finance: “I’m still in the company, as usual.”
once said ” Yango Group Co.Ltd(000671) is the last stop”
“The bigger the company, the more nervous it will be. My current mentality is that I feel like I’m facing an abyss at any time.” “Now it feels like a duet on a wire rope.” Looking back on Yango Group Co.Ltd(000671) ‘s four years of experience, Zhu Rongbin may not have had an easy time.
In 2017, under the aura of the president of country garden, Zhu Rongbin joined Yango Group Co.Ltd(000671) which is in a period of rapid development, and his old partner Wu Jianbin, who was in China shipping and country garden, joined almost at the same time. For a time, “Shuangbin” became famous, and the outside world was full of expectations for the future of Yango Group Co.Ltd(000671) .
At that time, the position given by Lin Tengjiao to Zhu Rongbin was executive chairman and President, which was basically the ceiling for professional managers.
“It must be the last stop. No one will invite me later.” In an interview, Zhu Rongbin described Yango Group Co.Ltd(000671) in his career.
After joining, the first thing Zhu Rongbin did was to set up a team, including Kan Naigui, a professional manager of China Sea system and former vice president of Shimao Group, and Xu Aiguo, who was also China Sea system and later joined Longhu as vice president. At the same time, Zhu Rongbin continuously expanded the organizational structure, added more than 10 regional companies, built a talent system with regional development as the core, and formulated the overall strategy of “three perfects and five circles”. For Yango Group Co.Ltd(000671) , everything is new.
While recruiting troops and horses, Zhu Rongbin continued to attack cities and land. In 2017 alone, Yango Group Co.Ltd(000671) added 120 new projects, with a new capacity area of 20.2163 million square meters, an equity value of 140.712 billion yuan and a land expenditure of 65 billion yuan, the highest over the years.
In 2018, Yango Group Co.Ltd(000671) sales exceeded 100 billion for the first time, and exceeded 200 billion in 2019. It is reported that in order to celebrate the sales of more than 100 billion, Lin Tengjiao even sent a “100 billion ring” to each employee of the company as a souvenir, which was filled with joy.
However, under the aura, Zhu Rongbin was still terrified.
“When I came here at that time, I didn’t see what the company was, so I put forward 100 billion, because I think 100 billion is still a very easy thing.” Zhu Rongbin once said in an internal communication that Zhu Rongbin did not expect the difficulty of completing 100 billion pairs of Yango Group Co.Ltd(000671) from CNOOC and country garden far exceeded his expectation.
In fact, although the scale of Yango Group Co.Ltd(000671) has been increasing in recent years, the historical problems left by a large number of mergers and acquisitions and crazy land purchase not only keep Yango Group Co.Ltd(000671) ‘s liabilities high, but also its profit performance is unsatisfactory. In 2017, the net debt ratio of Yango Group Co.Ltd(000671) was as high as 252.27%, and the net interest rate of the company in the same period was only single digits.
“In fact, we are not really strong.” Zhu Rongbin made no secret of it.
However, the changes in the industry environment did not leave Zhu Rongbin too much space. In 2018, the real estate industry ushered in intensive regulation, and the tightening financial environment made Yango Group Co.Ltd(000671) who was already “weak” dare not easily add leverage. In the following years, Yango Group Co.Ltd(000671) failed to complete the land purchase plan of that year, and the scale growth also began to slow down, focusing more on payment collection, debt reduction and profit improvement.
In 2021, the real estate industry ushered in the coldest year, and Zhu Rongbin failed to accompany Yango Group Co.Ltd(000671) through this long winter. In the last year of his tenure, Yango Group Co.Ltd(000671) achieved sales of 183.81 billion yuan and failed to achieve the sales target at the beginning of the year.
After the reduction of 2 shareholders, Lin Tengjiao wants to go to battle light
Whether Chen Kai or Zhu Rongbin, Lin Tengjiao, who came from Fujian, has always had great expectations for professional managers.
It is reported that in 2018, when Zhu Rongbin was just a year old, Lin Tengjiao put forward a “destiny plan” for Zhu Rongbin, 46, hoping that when the latter was 50, Yango Group Co.Ltd(000671) could rush to the forefront of the industry. That year, Yango Group Co.Ltd(000671) just crossed 100 billion.
Accustomed to rapid expansion, Lin Tengjiao’s ambition is undoubtedly revealed. But later, Zhu Rongbin refused the plan. In the industry cycle, Zhu Rongbin no longer pursues the rapid growth of scale.
After Zhu Rongbin left office, Lin Tengjiao seemed to have no intention of airborne external professional managers, but chose to promote Xu Guohong, a more direct lineage. It is reported that in the organizational structure adjustment in October last year, Lin Tengjiao also successively promoted Chen Ni, Li Xiaodong and Jianghe as executive vice presidents of the company. Previously, Li Xiaodong and Jianghe both worked in Yango Group Co.Ltd(000671) regional companies.
According to the introduction of Yango Group Co.Ltd(000671) , Xu Guohong has been presiding over the work of Yango Group Co.Ltd(000671) Fujian regional base camp since he joined Yango Group Co.Ltd(000671) for 5 years, and he is low-key and pragmatic. In the three months since he took the post of Yango Group Co.Ltd(000671) CEO, he has solved various difficulties of the enterprise in the spirit of “pulling nails”, and achieved remarkable results.
It is worth mentioning that Taikang shares, which only took a strategic stake in 2020, left Yango Group Co.Ltd(000671) at the same time as Zhu Rongbin.
On December 27, 2021, Yango Group Co.Ltd(000671) announced that Taikang Insurance, the second largest shareholder of the company, had reduced 9.41% of the shares of the company through block transactions and agreements. After the reduction, the shareholding ratio was only 3.77%.
According to the statement of Yango Group Co.Ltd(000671) , the company will also lift the gambling agreement with Taikang to eliminate the pressure of expected growth and performance commitment. At the same time, the organizational structure will be adjusted to accurately slim down and make the company light.
As of the closing on January 5, Yango Group Co.Ltd(000671) shares closed at 3.12 yuan per share, down more than 60% from Zhu Rongbin’s purchase in 2018 and 49% from 6.09 yuan per share when Taikang Life Insurance took shares in 2020. Now, Zhu Rongbin and Taikang have left one after another, and the test left to Yango Group Co.Ltd(000671) is still not reduced.
(times Finance)
