11月28日上午，在2021亚洲青年领袖论坛“国际金融与投资合作”主题论坛中，越秀金控董事长王恕慧发表了题为《稳中求进谋发展，守正创新谱新篇》的主旨演讲。

全文如下：

尊敬的各位领导、各位朋友：

大家上午好！

感谢主办方的邀请，可以与各位领导、各位企业界朋友、各位青年领袖交流学习、共谋发展。

我今天演讲的主题是“稳中求进谋发展，守正创新谱新篇”。主要包括两个方面：一是向大家介绍一下越秀金控的经营发展情况；二是谈谈对未来发展的一些思考。

越秀金控是越秀集团的控股子公司，越秀集团于1985年在香港成立，经过36年的发展形成了以金融、房地产、交通基建、现代农业为核心的“4+X”现代产业体系，总资产达8300亿元，其中金融板块总资产已达3800亿元。广州越秀金控成立于2012年，是越秀集团布局金融产业的重大举措。在发展过程中，我们始终坚持稳中求进、志存高远的指导思想，以及顶层设计、分业经营、协同发展、风险隔离的总体思路，坚持投行化经营、银行化管理，努力打造既符合监管要求、又具自身特色的多元金融发展模式，并通过产业经营+资本运作双能驱动实现快速发展。我们积极探索，大胆实践，把握国家和省、市推进国资国企改革重组的政策机遇，于2016年实现整体重组上市，成为国内首个地方金控上市平台。2020年我们又完成了“两进一出一重组”全面战略转型，构建起以“资产管理、融资租赁、投资管理+战略投资中信证券”为核心的“3+1+X”产业结构。

目前，我们控股广州资产、越秀租赁、越秀产业基金、越秀金控资本、广州期货等金融业务平台，是中信证券第二大股东，我们占7.09%。值得一提的是，我们总部以及这些下属企业均落户在南沙，合计实施资本近300亿元。今年前三季度越秀金控实现营收99亿元，同比增长41%，利润总额35亿元，同比增长43%，发展势头良好。我们坚定贯彻金融服务实体经济，服务新旧动能转换的责任使命，坚持聚焦主业、深耕区域。不良资产管理业务累计收购规模达到2100亿元，广东省内一级市场占有率持续保持领先，处置规模达到1100亿元，并积极推动业务模式从不良债权经营向困境资产盘活转型，为化解区域金融风险、维护区域金融稳定作出重要贡献。广州资产主要经营指标已进入地方资产管理公司前列，位居行业第一梯队。

融资租赁业务深耕环保水务、旅游文化、交通物流、健康医疗产业领域，拓展工程机械和汽车厂商等普惠租赁业务，累计投放额超过1400亿元，全力服务实体及小微经济发展。越秀租赁目前资本实力居全国外商系融资租赁公司前列，是广东省首个获得3A主体评级的融资租赁公司，也是华南首批接入人行征信系统的外商融资租赁公司之一。合资管理业务，包括股权投资、母基金投资、S基金投资、夹层投资和ABS投资等。股权投资主要围绕科技、医药、消费三大领域展开。成功投资宁德时代、寒武纪、奇安信、索元、百果园等过百个产业龙头项目，有效支持战略性新兴产业发展，累计管理基金规模超850亿元，在管规模超300亿元。越秀产业基金多次荣登最佳私募投资机构榜单。

今年以来，党中央国务院围绕构建国内国际双循环新发展格局，在推进共同富裕，防范系统性金融风险，碳达峰、碳中和、跨周期调节、反垄断、建立房地产长效机制等多方面密集做出了一系列重大深远影响的决策部署，进一步夯实了稳中向好的经济发展基础，增强了经济发展韧性。与此同时，我国资本市场改革进一步加大，多项重大措施相继推出，显示着我国资本市场正发生深刻变化，将迎来黄金发展时期。

一是设立北交所，为创新型中小企业打通直接融资渠道，进一步打开专精特新小巨人企业的发展空间。随着注册制平稳推进，科创板和北交所顺利运行，我国多层次资本市场进一步丰富，权益市场将迎来新的发展阶段，成为推动经济发展新动能的重大力量。

二是广州期货交易所正式揭牌。明确创新型、市场化、国际化的定位，将开发具有国际影响力的绿色发展类期货产品，对完善我国资本市场体系，服务实体经济、服务绿色发展具有重要的意义。

三是债券“南向通”于今年9月正式开通，符合条件的境内机构投资者可投资于香港债券市场，债券通实现双向通车，将进一步提升两地金融市场联通效率和一体化程度，有助于境内外债券等直融工具进一步提升发行和交易效率，市场化信用风险定价也将更趋合理。

我们将把握这一系列重大战略性机遇，持续通过股权投资、融资租赁、资产管理、风险管理等多元金融服务，挖掘科技创新、医疗健康、消费升级等重点领域的投资机会。大力发展普惠金融、绿色金融、跨境金融等创新型金融业务，支持战略新兴产业发展。

另一方面，统筹做好重大金融风险防范化解工作，仍是当前金融监管部门的工作主题。坚持风险应对走在市场曲线前面，健全金融风险处置机制。我国重大金融风险正在逐步收敛，但当前内外部宏观环境依然严峻，经济增长的不均衡性、不确定性仍大，部分行业流动性甚至是偿付能力出现问题。预计银行不良资产规模将维持较高水平，部分信托等非金融机构不良资产加速暴露。股票退市常态化以及信用债违约增多背景下，资本市场纾困等领域成为创新业务发展点。

整体来看，不良资产处置及重组重整市场发展空间十分广阔。我们将把握金融供给侧改革和资本市场改革发展机遇，坚持做大资产包收购处置业务，做强问题企业重组业务，探索特殊机遇投资业务，做优债务重组业务，孵化不良+创新业务，努力打造以价值发掘和价值实现为目标的综合资产管理平台，为化解区域金融风险，优化资本资源再配置作出新贡献。

各位领导、各位朋友，中国宏观经济稳中向好，新旧动能加速转换，资本市场日趋成熟，大湾区建设深入推进，为国际金融和投资合作提供了巨大的发展机遇和舞台。越秀金控愿与各位业界同仁加强交流，努力成为境外机构投资中国、布局湾区的友好合作伙伴，共创国际金融和投资合作新局面。

我的汇报完毕，谢谢！


On 28 November, Wang Shuhui, chairman of Guangzhou Yuexiu Financial Holdings Group, delivered a keynote speech titled “Seeking Progress and Innovation while Ensuring Stability and Traditions” at the International Finance and Investment Cooperation Forum of the Asia Youth Leaders Forum 2021.

The full speech is as below.

Dear dignitaries and friends,
Good morning! I appreciate the host for inviting me to take part in this forum so that I can share ideas with and learn from the dignitaries, friends in business, and young leaders.
The title of my speech today is “Seeking Progress and Innovation while Ensuring Stability and Traditions”. I'd like to speak from two aspects. Firstly, I will share with you how Yuexiu Financial Holdings is doing. Secondly, I will talk about some thoughts on future development.

Yuexiu Financial Holdings is a subsidiary of Yuexiu Group. Yuexiu Group was founded in Hong Kong in 1985. With 36 years' development, Yuexiu Group has four core businesses: finance, real estate, transportation infrastructure, and modern agriculture, with various side businesses. Yuexiu Group has total assets of 830 billion yuan, and the finance business have reached 380 billion yuan. Yuexiu Financial Holdings was established in 2012 and is an important part of Yuexiu Group's engagement in finance. Since the establishment of Yuexiu Financial Holdings, we have always upheld the philosophy of progress while ensuring stability and being ambitious and the approaches of overall consideration, separate operation, coordinated development, and isolation of risks. We adopt the operation methods of investment banking and management methods of banks. Our objective is to pursue diversified development that complies with regulatory requirements and boasts our own features and to pursue rapid growth through business operation and capital operation. Being active in exploration and bold in practice, we have grasped the opportunity brought by the national, provincial, and municipal policy of reform and restructuring of state-owned enterprises to restructure our company and go public in 2016, becoming China's first financial holdings company at local level. In 2020, we finished comprehensive strategic transformation and realigned our businesses to focus on asset management, financial leasing, investment management, and strategic investment in CITIC Securities.

Currently, we control a few financial companies including Guangzhou Asset Management Company, Yuexiu Financial Leasing, Yuexiu Industrial Fund, Yuexiu Financial Holding Capital, and Guangzhou Futures. And we are the second largest shareholder in CITIC Securities, with 7.09% of the shares. It is worth mentioning that our headquarters and all these subordinate companies are based in Nansha, with a total implementation capital of nearly 30 billion yuan. In the first three quarters of 2021, Yuexiu Financial Holdings generated a revenue of 9.9 billion yuan – with an increase of 41% than the previous year – and total profit of 3.5 billion yuan – with an increase of 43% the previous year – showing good development momentum. We are determined to empower the real economy and replace old growth drivers with new ones through financial services. We focus on our main businesses and regions. In terms of non-performing asset management, we have purchased 210 billion yuan’s worth of assets. We stay ahead in the share of the primary market in Guangdong Province. We have dealt with assets worth 110 billion yuan. We are steering our business model from non-performing loan management to distressed asset revitalization, making an important contribution to mitigating regional financial risks and maintaining regional financial stability. Guangzhou Asset Management Company has come to the fore among local asset management companies in major business indicators.

Our financial leasing business focuses on such fields as environment protection, water, cultural tourism, transportation and logistics, and health care. We are also extending the business to engineering machinery and car manufacturing. So far, we have leased over 140 billion yuan, supporting the development of the real economy and small and micro businesses. Yuexiu Financial Leasing, with its current capital, is among the best foreign-invested financial leasing companies in China, the first triple-A financial leasing company in Guangdong Province, and one of the first foreign-invested financial leasing companies in South China connected to the credit reference system of the People's Bank of China. Our joint-investment management business covers equity investment, fund-of-funds investment, S-fund investment, mezzanine investment, and ABS investment. Equity investment is mainly carried out in fields such as technology, medicine, and consumer goods. We have invested in over 100 leading businesses in their industry, such as Contemporary Amperex Technology, Cambricon, QI-ANXIN, Denovo Biopharma, and Pagoda. We have effectively supported the development of strategic emerging industries, managing funds of an accumulated worth of 85 billion yuan, with 30 billion yuan’s worth of funds currently under our management. Yuexiu Industrial Fund has been on the list of the best private equity investment companies several times.

Since this year, the Party Central Committee and the State Council made a series of decisions to develop the dual circulations, including promoting common prosperity, guarding against systemic financial risks, peaking carbon emissions and achieving carbon neutrality, improving cross-cycle policy adjustment, fighting against monopoly, and establishing a long-term mechanism for the real estate market. With these measures, the stable economic foundation has been further consolidated, and economic resilience has been enhanced. Meanwhile, multiple major measures have been taken to deepen reform in China's capital market, which heralds profound changes in and a golden age for the capital market.

Firstly, the Beijing Stock Exchange was established. This opens up direct financing channels for innovative SMEs and expand the development room for "little giants" that are highly advanced in technology. With the stable rollout of the registration system and the smooth operation of the Science and Technology Innovation Board and Beijing Stock Exchange, China's multi-tier capital market is more diversified. The equity market will be ushered in a new stage of development and become a major force to drive economic development.

Secondly, the Guangzhou Futures Exchange was inaugurated. Positioned as innovative, market-oriented, and international, the exchange will develop world-renowned futures products for green development, which will play an important role in improving China's capital market system, empowering the real economy, and promoting green development. 

Thirdly, Southbound Bond Connect was launched in September this year. Qualified mainland investors can now invest in Hong Kong's bond market, complimenting the existing northbound program. This will further enhance the connection and integration of financial markets in the mainland and Hong Kong. It will also improve the efficiency of issuing and trading direct financing tools such as bonds in mainland and Hong Kong. Moreover, market-oriented credit risk pricing will be more reasonable. 

We will seize this series of major opportunities to provide diverse financial services including equity investment, financial leasing, asset management, and risk management and turn them into investment opportunities in key areas such as technological innovation, health care, and consumption upgrading. We will strive to develop inclusive finance, green finance, cross-border finance, and other innovative financial services to support the development of strategic emerging industries.

Moreover, the prevention and mitigation of major financial risks is still the focus of financial regulators. Risk responses should stay ahead of the market curve, and financial risk disposal mechanism should be improved. Although China is faced with less major financial risks, the domestic and international situations are still concerning, and economic growth is still plagued with imbalance and uncertainties. Some industries are having issues with floatability and solvency. It is expected that there will still be a large amount of non-performing assets in banks and there will emerge faster non-performing assets in some non-financial intuitions such as trust companies. With frequent delisting and increase of credit default, providing solutions to difficulties in the capital market has become a new business.

On the whole, there is vast market space for non-performing asset disposal and restructuring. We will grasp the opportunities brought by supply-side financial reform and capital market reform to develop asset package purchase and disposal, restructuring consulting for enterprises with problems, special-opportunity investment, debt restructuring, and innovative businesses out of non-performing assets. We will strive to build a comprehensive asset management platform for discovering and generating values, making new contributions to reducing regional financial risks and optimizing capital resource reallocation.

Dear dignitaries and friends, 
The steady development of China’s macro-economy, the accelerated replacement of old growth drivers with new ones, the maturing capital market, and the effective building of the Greater Bay Area all provide great development opportunities for international financial and investment cooperation. Yuexiu Financial Holdings Group is willing to deepen exchange with colleagues in the industry. We strive to become a friendly partner for foreign institutions to invest in China and develop in the Greater Bay Area. We wish to create a new future of international finance and investment cooperation. That is all. Thank you.