A series of personnel changes reflected the logical turn of color life development.
Editor’s note: This article is from Economic Observer Online , Author: Chen Bo, reproduced with permission
On the evening of December 3, Cai Life Service Group (01778.HK, hereinafter referred to as “Color Life”) issued an announcement. Tang Xuebin resigned as CEO and the executive director was re-designated as a non-executive director. Member of the Life Remuneration Committee and member of the Nomination Committee.
Major changes have taken place in the senior management camp, making the “real estate first share” color life temporarily become the focus of public opinion. Huang Wei, who had previously served as the general manager of Kaiyuan International, was pushed to the front of the stage, taking over the important role of “Color Life CEO”.
This is the third time that Cailife has adjusted its executive camp since 2019. The intensity of personnel changes is rare. Correspondingly, the problem of low valuation of Cai Life is still continuing. Compared with property companies that rely on the developer’s parent company, Cai Life advocates relying on the market, which is contrary to the mainstream valuation logic of Hong Kong’s capital market.
A series of personnel changes reflects the logical turn of color life development. Since 2018, Cailife has begun to converge significantly in acquisitions and acquisitions, and has turned to external expansion through the “Caihui Life” platform model; on the other hand, it has returned to its origins offline and is based on the traditional property management business.
Tang Xuebin “retreated behind the scenes”
This is the most significant personnel change since Cai Life was established 8 years and it has been listed in Hong Kong for 5 years. After stepping down as the chief executive officer, executive director, member of the remuneration committee and nomination committee of Cai Life, Tang Xuebin still holds the positions of vice chairman and non-executive director of Cai Life.
Huang Wei, the former chief executive officer of Cailife, took over the posts of the CEO and the member of the nomination committee, and Chen Xinyu, an executive director, was appointed as a member of the compensation committee of Cailife.
This personnel change began to take shape more than 3 months ago. The executive camp has always had a stable and colorful life, and two rounds of adjustments have been made to senior personnel.
On August 23, Cai Life announced that Dong Dong resigned as executive director, and Fantasia Chief Financial Officer Chen Xinyu entered the non-executive director sequence. Within a month, Pan Jun and Chen Xinyu were re-designated from non-executive directors to executive directors; Tang Xuebin resigned as chief executive officer, was appointed chief executive of Cailife, and Huang Wei took over as chief executive officer.
After this round of adjustments, the executive sequence of Cai Life is: executive directors Pan Jun, Chen Xinyu, and Huang Wei, of which Pan Jun is the chairman of the board of directors and Huang Wei is the chief executive; non-executive directors Tang Xuebin and Zhou Hongyi.
The biggest difference between executive directors and non-executive directors is that executive directors have strong decision-making power, while non-executive directors usually do not take responsibility for the company’s daily operations and management decisions. By moving back and forth between personnel, the executive camp of Cailife has achieved”Change of blood”, on the one hand, the former main management and decision-making people retired behind the scenes; on the other hand, the chief executive officer responsible for daily work was replaced by the CEO.
An insider of Cai Life said that this is a joint decision that takes into account both Mr. Tang Xuebin’s personal wishes and the company’s business development. It is a normal business behavior. Currently, the specific work arrangements for Tang Xue Bin within Colour Life have not been released for the time being. .
Tang Xuebin told the Economic Observer that he has not been in good health recently and needs to rest for a while. As for whether he will continue to participate in the daily operation of Color Life, Tang Xuebin said that he will participate in the participation.
For the property industry, Tang Xuebin can be called the label of colorful life. He once worked for China Shipping Property Management Co., Ltd. (hereinafter referred to as “China Shipping Property”). Since joining Fantasia in 2002, he has been responsible for property operation and management matters. . The Color Life Group was established in 2011. In 2014, Tang Xuebin participated in the promotion of Color Life’s IPO in Hong Kong, which led to the birth of this “property first share”.
A color life retired employee who worked with Tang Xuebin said that Tang Xuebin is an all-round manager. “He is very ambitious and very hardworking, so he has attracted many people to do things with him.” ” In the past, Tang (Xue Bin) always had absolute influence and status in Cai Life. Whether it is the control of Cai Life strategy or the capital market influence level, he has been a very important role. “Said the above employees.
Now, the “veteran” suddenly changed roles, which inevitably made many in the industry call “unintelligible”. An executive of a listed property company who often communicated with senior executives of Cailife found that most important occasions with large influences in the past were attended by Pan Jun in person. “If you carefully study the public speeches of Pan Jun and Tang Xuebin, in the past, directional content such as industry trends and company reforms were basically spoken by Pan Jun; Tang Xuebin’s speech generally focused on practical business, such as what Cai Life has done . “
It is worth noting that although the identity has changed, another important title of Tang Xuebin is still one of the main shareholders of Cai Life.
As early as 2014, Tang Xuebin held a 9.36% stake in Cailife through the joint venture company SplendidFortune. As of the end of June this year, SplendidFortune held approximately 217 million shares of Cailife, with a shareholding ratio of 16.37%, of which Tang Xuebin’s individual equity interest in Cailife was approximately 7.09%.
With the addition of new shares to 360 by Cailife, Tang Xuebin ’s equity in Cailife was further diluted. Six days after the first round of high-level changes, Tang Xuebin increased his shareholding in Cailife through Yao Wei Fu Enterprise Co., Ltd. to 6.64%.
Low valuation troubles
Behind this round of color life adjustments has been accompanied by low valuations in recent years. Landed in Hong Kong stocks for more than 5 years, and valuations have been unable to keep up with some “latecomers”.
Wind latest data shows,