JIC Leasing Holds the Inaugural Conference and First Extraordinary General Meeting
The inaugural conference and first extraordinary general meeting of JIC Leasing Co., Ltd. (JIC Leasing) as a joint-stock company was held on June 24, 2016 in Beijing. All shareholders, i.e. JIC, The Carlyle Group, China Merchants Fund and JIC Technology, the company’s board of directors, supervisory board, top management and the company counsel, were all present.
A dozen resolutions, including the articles of association, were passed at the meeting, and the company’s first board of directors and supervisory board were duly elected.
The first meetings of JIC Leasing’s board of directors and supervisory board were held after the general meeting. At that time, appointments were made, including Chen Youjun as the company’s first chairman of board of directors and Li Hongyan as the first chairman of supervisory board.
“Becoming a joint-stock company provides the foundation for JIC Leasing to proceed with its IPO plan for raising money and consolidating resources,” said Chen Youjun, president of JIC Leasing. A joint-stock company is a typical modern business entity. Being a joint-stock company means JIC Leasing will introduce a modern corporate governing structure with internal controls and enhanced checks and balances, resulting in better regulatory compliance, management efficiency and competitiveness. Meanwhile, the company will launch its IPO when it deems fit.
According to JIC, ownership transformation in the SOE reform is an important means for state-owned enterprises to grow larger and stronger. The ownership transformation that enables diverse forms of ownership in SOEs through IPO allows a company to create a more balanced structure, refocus on ROI and innovation, and improve transparency and financial discipline. At the same time, the ownership transformation boosts the business performance of JIC member companies and ensures diversity of the ownership structure, corporate government and market-oriented management in these SOEs. In turn, this makes state-owned capital more dynamic, powerful, impactful and risk-tolerant.