| Liu Yilong Editor丨Li Yan
According to morning news on June 11, Beijing time, Wang Jun, son of Wang Zhen, former vice president of the country and founding general, passed away at 22:56 on the evening of June 10, 2019. He was 78 years old.
Zheng Zhijun noticed that Wang Jun had served at CITIC Group for 27 years and served as chairman of the board for nearly 11 years. However, Wang Jun’s early experience was far from that of an entrepreneur. He attended military school, studied engineering, and served in the army.
's resume shows that Wang Jun was born in Hunan on April 11, 1941. In 1960, the 19-year-old Wang Jun went to college at the then famous Harbin Military Engineering Institute. After graduation, he worked as an engineer in a shipyard. Then in 1967, when he was 26 years old He served in the Navy for two years. In 1979, Wang Jun followed 63-year-old Rong Yiren to establish China International Trust and Investment Corporation and worked in the business department.
In 1993, Wang Jun became the general manager of CITIC. At this time, he encountered a big problem. According to an earlier report by "Southern People Weekly", "At that time, CITIC Corporation, a huge company, only had 2 million yuan in cash on its books." Wang Jun said, "It means that the head office can maintain salary payment for about one and a half months." This made Wang Jun so anxious that he suffered from severe insomnia. "I have probably taken every sleeping pill that can be found in the world."
Wang Jun's ideas at that time were, first, to borrow money from his wealthy subsidiaries, and second, to step up the integration of the company's business. In the end, the second plan allowed Wang Jun to regain cash flow and tide over the difficulties.
In the eyes of his colleagues, Wang Jun is willing to take challenges and always maintains high energy. "He always arranges his travels at night. When he gets off the plane, he can do things during the day. He sleeps better on the plane than lying on the bed." Chang Zhenming, the former deputy general manager of CITIC who accompanied Wang Jun on most business trips, once told the media disclose.
In 1995, Wang Jun assumed the new chairmanship of CITIC Group Company. He was also the third chairman of CITIC after Rong Yiren and Wei Mingyi.
Zheng Zhijun noticed that when Wang Jun took over the top spot of CITIC, China Securities Market China Securities, Cathay Pacific and Southern Securities had become hot new giants. From 1994 to 1995 alone, a total of 614 companies were listed across the country, but CITIC was not even qualified as an IPO lead contractor. Pu Mingshu, general manager of CITIC Securities , remembers that at that time they “could only use the name of ‘China International Trust and Investment Corporation Securities Department’ on the prospectus documents of several IPO projects, following their lead underwriters, and listed them as ‘distributors’ "Deputy lead underwriter" or "listing recommender", in the media and securities market Just showing up occasionally. In the feast of stock issuance, CITIC can only get a share of the pie. "
Under this background, Wang Jun sees the prospect of investment banking business, which is the focus of CITIC's future development. The only way is to serve as the lead underwriter of a company's IPO.
On June 17, 1996, Yaohua Glass 45 million A shares were successfully issued online, raising 287 million yuan. As a result, CITIC Securities received underwriting fees of 10 million yuan. On July 2 of that year, Yaohua Glass was listed on the Shanghai Stock Exchange. CITIC Securities finally achieved a "zero" IPO project breakthrough.
But at that time, Wang Jun could not think about celebrating and could not even continue to expand his business. Because the Asian financial crisis at the end of the last century is sweeping across.
As the helmsman, Wang Jun made a prompt decision. In 1996, he independently decided to sell 618% of the shares of CITIC Pacific. The price was about 32 yuan per share at the time of signing, but the stock price at the time of the official transfer was about 38 yuan, which cost CITIC 3.6 billion yuan. Coupled with the subsequent rise in the stock price to 58 yuan, this controversial decision even attracted criticism from the outside world as a "massive loss of state-owned assets."
It was later proven that it was Wang Jun’s decision that allowed CITIC to obtain 10.8 billion in funds at once. By the time of the Asian financial crisis in 1997, CITIC was able to tide over the difficulties on its own. Wang Jun said: "We did not reach out to the country to ask for money."
After 11 years at the helm of CITIC, 65-year-old Wang Jun stepped down as chairman. While Wang Jun was at the helm, he led CITIC Corporation to expand its mixed business operations, weather the financial crisis, and carry out corporate structural reforms.In 2002, China International Trust and Investment Corporation carried out institutional reforms and changed its name to CITIC Group Corporation, becoming a state-authorized investment institution.
A CITIC cadre said in an interview with " Southern People Weekly ", "Chairman Wang is very low-key, kind, hardworking, benevolent and dedicated. It is a pity to retire. However, the succession team he suggested before retiring was very successful. Strong in all aspects."
After resigning, Wang Jun served as chairman of Shenzhen Chaoxiang Management Group, chairman of Jinbang Group, vice chairman of the China Golf Association, chairman of the China Professional Golf Association, and honorary chairman of Asian Tour . In addition, Wang Jun is also a director of the Board of Directors of Jinan University and a visiting professor of Beijing Forestry University.
information | Southern People Weekly, Sanlian Weekly, China Economic Network
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