On April 22, the Organization Department of CPC Shanghai Municipal Committee and CPC Shanghai Municipal Financial Work Committee held a meeting on the senior management change for SIG, announcing the appointment of Chairman of the Board of Supervisors. The meeting was also attended by leaders of the above two organizations, the senior management of SIG, SIG supervisor, heads of all departments and subsidiaries of SIG.

The meeting was hosted by Mr. Kong Qingwei, Party Secretary of CPC Shanghai Municipal Financial Work Committee. Ms. Leng Weiqing announced the Notice on the Appointment of Mr. Zhang Guohong. Approved by CPC Shanghai Municipal Committee, Mr. Zhang is appointed as Chairman of the Board of Supervisors, SIG.

Mr. Zhang said that joining SIG is a turning point in his career; he will be engaged rapidly in SIG, catching up to the situation of SIG, soundly and effectively fulfill job duties. Together with colleagues, he will work hard and creatively, diligently complete tasks assigned by the Municipal Government, and allow SIG to become a pioneer in the SOA and SOE reform in Shanghai.

On behalf of CPC SIG Committee, Mr. Shen Jun extended warm welcome to Mr. Zhang for his appointment. He said, the appointment filled the vacancy of Chairman of the Board of Supervisors, enhance the development of SIG Supervision Committee, improve the governance of SIG, thus boost the development of modern corporate governance system of SIG, which is of great significance. Mr. Shen added, SIG is at the crucial point for strategic transition, the Board of Supervisors shall cooperate with us while playing a supervisory role in the supervision of state-owned capital, risk management and legal compliance. Our common tasks and goals are to develop through reform, move towards a new high, achieve the maintenance and appreciation of state-owned assets, and be subject to and serve the economic and social development of the whole city. Mr. Shen pointed out SIG will provide a sound environment and necessary conditions for Chairman of the Board of Supervisors, all departments and subsidiaries shall give strong support and be supervised actively. We believe that with joint efforts, SIG shall be competent to accomplish the important tasks assigned by the Municipal Government during the SOA and SOE reform, disciplined and courageous to shoulder responsibilities, and live up to the expectations of the Municipal Government.

Finally, Mr. Wang Yu, Deputy Minister of the Municipal Organization Ministry, made an important remark. He said, to improve the governance structure of SIG, and enhance the development of SIG Supervision Committee, CPC Shanghai Municipal Committee made a decision on the appointment of Mr. Zhang as Chairman of the Board of Supervisors. Mr. Zhang has been the leader at district level for a long period of time. He is firm in political ideology, has a good sense of overall situation, gains rich experience and managerial expertise, works boldly and efficiently, has integrity, adheres to principles, works with high standards and is self-demanding. After taking the post, Mr. Zhang would continue to capitalize on his advantages, protect the interests of shareholders, and efficiently supervise major decisions, financial conditions and duty performance of executives. The management of SIG, under the leadership of Mr. Shen, in line with the planning of the Municipal Government, will manage the state capital well and, at the same time, give freedom to state-owned enterprises, continue capacity building, integrating modern governance system with centralized democracy and improving operation systems and policies, implement the new normal of Three Disciplines and Three Realness and work-style-building, enforce the spirit of strict party governing and manage well the party building under new situation. SIG will continue to build the talent pool of financial professionals by stabilizing the talent team and attracting experts and professionals, thus laying down a talent pipeline for the healthy and sustainable development of SIG.