Xiang Wenbo succeeds Liang Wengen at the helm of Sany Heavy Industry

Seetao 2022-01-20 09:54
  • Personnel changes occurred in the construction machinery leader, Liang Wengen resigned as chairman of Sany Heavy Industry
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25 Minutes

On the evening of January 19, 2022, Sany Heavy Industry issued an announcement on personnel changes, stating that the company's board of directors agreed to Liang Wengen's resignation as chairman and special committee of the board of directors, and elected Xiang Wenbo and Yu Hongfu as the company's chairman and vice chairman respectively, and appointed Yu Hongfu as the chairman. President.

Liang Wengen and his Trinity Empire

Liang Wengen, founder and chairman of Sany Group. Born in 1956, graduated from Central South Institute of Mining and Metallurgy (now Central South University) majoring in material science. In 1985, 29-year-old Liang Wengen went to sea. The following year, he established Lianyuan Maotang Welding Materials Factory with his friends Yuan Jinhua, Mao Zhongwu and Tang Xiuguo.

In 1993, Liang Wengen formulated a revolutionary "double entry" strategy: entering the central city - Changsha; entering the large industry - equipment manufacturing industry, first entering the construction machinery manufacturing industry, and changing the company's name to "Sany Group". This year was the foundation-laying year of Liang Wengen's personal entrepreneurial history and the foundation-laying year of today's Sany Heavy Industry Co., Ltd.

Since then, after 2005, after nearly 30 years of development, it has become a leading enterprise in China's construction machinery industry. The revenue of concrete machinery ranks first in the world; excavators will win the global sales champion for the first time in 2020, and 101,146 units will be sold in 2021, ranking first in market share.

China's construction machinery industry has never lacked the topic of Sany, but Liang Wengen appeared in front of the public and the media only a handful of times.

Liang Wengen, 65 years old, is the main founder of Sany Department. Before Sany Heavy Industry went public in 2003, Liang Wengen had been the chairman of the company for a long time, and Sany Heavy Industry is still on the front line. Regarding Liang Wengen's resignation as chairman, Sanyi said: At present, the business of Sany System is booming. Mr. Wang hopes to devote more energy to Sany's future strategic transformation. After this resignation, Liang Wengen will continue to serve as a director of the company.

Merit Xiang Wenbo

Unlike Liang Wengen, the chairman of Sany Group, who keeps a low profile, the 60-year-old Xiang Wenbo has a completely different style in front of the media and the public. He has a sharp point of view, not to mention unpleasant. In the early years, Weibo bombarded Carlyle's acquisition of XCMG, which caused a nationwide sensation.

Xiang Wenbo, graduated from Hunan University majoring in mechanical engineering casting, was invited to join Sany in 1991 and became the fifth co-founder. In Sany, Xiang Wenbo is a properly "Sany strategic figure". Many of his strategic visions have led Sany through multiple rounds of cyclical challenges.

Two "double entry" strategies, the first "double entry" in 1991, entering a big city - Changsha, entering a large industry - entering the construction machinery manufacturing industry; the second "double entry" in 2015, entering a larger City - Beijing, access to a larger market - internationalization.

Since then, it has made every effort to promote the three major transformation strategies of electrification, intelligence and digitalization. Sany successfully incubated "Tree Roots Interconnection" and became one of the first domestic enterprises to explore the field of industrial Internet.

Industrial Internet and intelligent manufacturing, two paths to digitalization, seem to constitute the third "double advancement" between Sany Heavy Industry and Xiang Wenbo facing the new era.

Xiang Wenbo has served as the president of Sany Heavy Industry for a long time, with outstanding business performance and outstanding contributions. According to the 2020 annual report, Sany Heavy Industry achieved a total revenue of 100.054 billion yuan in 2020, a year-on-year increase of 31.25%; in the first half of 2021, Sany Heavy Industry achieved an operating income of 67.128 billion yuan, a year-on-year increase of 36.47%;

Xiang Wenbo has also been awarded the Best CEO in China in 2021 and 2020 by Forbes, and the Best CEO of A-Share Non-State-owned Listed Companies in 2011.

Outstanding performance Yu Hongfu

Yu Hongfu, long-term chairman of Sany Heavy Machinery.

He joined SANY in 2006. Before that, Yu Hongfu served as general manager of Atlas Construction Machinery Co., Ltd.

Sany Heavy Machinery under his leadership has achieved remarkable results in recent years. In 2020, Sany excavators sold 98,705 units, accounting for 15% of the global excavator market share, and won the global sales champion for the first time; in 2021, the sales volume was 101,146 units, ranking first in market share. . Promote the global competitiveness of SANY excavators and become the global sales champion.

Founder Liang Wengen stepped down, Xiang Wenbo became chairman, and Yu Hongfu was promoted to president. As a leading enterprise in China's construction machinery industry, the major adjustment of the senior executive of Sany Heavy Industry is stirring up the volatile rivers and lakes of the construction machinery industry.

According to the financial report of Sany Heavy Industry, in the first three quarters of 2021, the company achieved an operating income of 87.718 billion yuan, a year-on-year increase of 20.34%; the net profit attributable to the parent was 12.567 billion yuan, basically the same, of which the third-quarter performance declined year-on-year, Sany Heavy Industry said in this regard , mainly affected by the weakening of domestic downstream demand and the high base of over-compensation rebound in 2021, the company's revenue growth rate has declined, and the product structure has changed; at the same time, the company has continued to promote digital, international, and electrified strategies, and increased investment in talents and R&D.

The development of the Sany Department continues to receive the attention of the local government. At the fifth meeting of the 13th Hunan Provincial People's Congress held on January 17, Mao Weiming, Governor of Hunan Province, mentioned that "Sany Heavy Industry is expected to enter the world's top 500".

The Sany Group behind Sany Heavy Industry was founded in 1989. Its main business is equipment manufacturing with the theme of "engineering". Among them, excavation machinery and pile machinery are the mainstream brands in China; concrete machinery is a global brand, and the group's business has already Covering more than 100 countries and regions around the world. Liang Wengen, the actual controller of Sany Group, was named the richest man in mainland China in 2011.

Liang Wengen's son Liang Zaizhong resigned as a director of Sany Heavy Industry in November 2021. Liang Zaizhong was born in 1984. After graduating from the University of Warwick in the United Kingdom in 2006, he joined Sany and joined the board of directors of Sany Heavy Industry in 2010. Liang Zaizhong is also the chairman of and holds shares in Shugen Interconnection Technology Co., Ltd. ("Treegen Interconnection"), a provider of cloud platform solutions for the industrial Internet of Things. In March 2021, the Guangzhou Supervision Bureau of the China Securities Regulatory Commission announced that Shugen Internet has completed the registration of counseling and registration at the Guangdong Securities Regulatory Bureau. There are reports that Liang Zaizhong resigned from the directorship of Sany Heavy Industry or related to Shugen Internet's plan to go public.

In recent years, the Sany Department has continued to transform. At the beginning of 2016, Sany Group held an enlarged meeting of the board of directors and proposed a corporate transformation and development strategy, focusing the transformation on the three major industries of equipment manufacturing, new energy, and financial investment, as well as the two platforms of industrial Internet and real estate.

As a key target of Sany’s development in the field of new energy in recent years, wind power company Sany Heavy Energy will submit an application for listing on the Science and Technology Innovation Board in 2021, and successfully attended the meeting in September of the same year.

After stepping down as chairman of Sany Heavy Industry, Liang Wengen may focus on the "three transformations" of Sany Group's digitalization, internationalization, and electrification, rather than focusing on wind power or a sub-business in a sub-sector. It is understood that Liang Wengen previously proposed the goal of digital transformation during the March 1st "14th Five-Year Plan" period, to achieve 300 billion sales, 3,000 industrial workers, and 30,000 engineers.

Since 2011, SANY excavators have been the No. 1 sales volume in China for 10 consecutive years, and in 2020 they have reached the global sales champion. Sany Group also disclosed that from January to November 2021, the overseas sales of Sany Heavy Industry excavators exceeded 20,000 units, and the cumulative overseas sales exceeded 10 billion yuan. Both figures set new records in the domestic construction machinery industry.

The historically highest market value of Sany Heavy Industry appeared on February 10, 2021, at 406.641 billion yuan. Since then, affected by factors such as the cyclical decline of the industry, the stock price has fluctuated and fell. As of the close on January 19, Sany Heavy Industry closed at 24.35 yuan per share, with a total market value of 206.795 billion yuan, which has evaporated about 200 billion yuan from the high point.

The internationalization strategy has paid off

In recent years, Sany Heavy Industry has focused on the core strategy of internationalization, focused on breakthroughs in overseas markets, and promoted overseas business to a higher level. Data shows that from 2011 to 2020, the compound annual growth rate of Sany's excavator exports reached 30%. In the first 11 months of 2021, Sany Heavy Industry's overseas sales of excavators exceeded 20,000 units, and the cumulative overseas sales exceeded 10 billion yuan. Both figures set new records in the domestic construction machinery industry.

Since 2021, SANY excavators have firmly occupied the "No. 1 market share" position in 15 countries and regions including Indonesia and Thailand; in developed countries and regions in Europe and the United States, SANY excavators have also performed well, among which In the UK, Canada, Australia, New Zealand, Italy and other markets, the growth rate exceeded 500%. The company's 2021 semi-annual report shows that in the first half of 2021, Sany Heavy Industry's international sales revenue reached 12.444 billion yuan, a year-on-year increase of 94.69%.

In addition, in terms of electrification, Sany Heavy Industry is actively deploying new energy strategies based on the super technology window period of the third energy revolution.

According to the relevant person in charge of Sany Heavy Industry, the company has already established a layout in electrified construction machinery and is currently at the leading level in the industry. In October 2021, SANY successfully signed contracts for 1,000 electric mixer trucks, setting a record for the largest single-time electric product contract in the domestic industry. At present, Sany's electric mixer trucks, dump trucks, tractors and other products have been promoted and tested in more than 20 cities such as Zhengzhou and Nanyang, and the cumulative order has exceeded 2,000 units. Editor/He Yuting