Yangzijiang Financial Holding

[Squirrel]

The online agm is this afternoon. Has anyone receive the confirmation email? I have not received mine.

I hope you managed to attend the AGM. There wasn’t exactly new information within the AGM itself. I guess what most shareholders are interested in would be the SBB mandate. It was communicated that they would continue to buy back shares according to the mandate. However, they would have to balance between use of funds for business versus shares buyback. Mr Toe used the Maritime Fund as an example. YZJ FH anchored the fund by providing 40% of the funds. Thus there is a leverage effect on AUM. And as the fund manager establishes more credibility and reputation, the amount needed to anchor the fund will drop as a manager. Take Keppel Corp for example, they are putting between 10% to 20% of their own money to co invest.

Mr Ren is of the view that they would focus on improving the business and returns which would automatically benefit share price. If the aim is to use the funds (and deprive the business of funds) to buy back as much shares as possible, they might as well privatize the company. That’s probably not what the shareholders want. 

Overall, feels very down to earth. Probably not as polished as one hopes on the first company AGM but the sincerity comes through.

[touzi]

Thanks Squirrel!

[weijian]

On a side note, I thought Chairman Ren, been a Singaporean, would have chosen to be safely anchored in Singapore in the last 3 years. But it seems like he prefers to be on ground zero.

Has he taken up citizenship? Is that recent? He would not have passed a mandatory English proficiency test  .

hi touzi,
Apologize for the late reply as I missed it out.

In my memory, I remember he was but I couldn't find out any information online to support "my memory". Therefore, I checked with ChatGPT

------
Me: do you know who is ren yuan lin? he was founder of yangzijiang ship building

ChatGPT: Yes, Ren Yuanlin was the founder of Yangzijiang Shipbuilding (Holdings) Ltd., a shipbuilding company based in China. He was born on August 13, 1959, in Jiangsu Province, China, and started his career in the shipbuilding industry at the age of 18. He founded Yangzijiang Shipbuilding in 2002 and served as its Executive Chairman and CEO until his death on September 3, 2020. Ren Yuanlin was known for his entrepreneurial spirit and leadership in the shipbuilding industry, and his contributions to the growth and success of Yangzijiang Shipbuilding were widely recognized.

Me: do you know his nationality?

ChatGPT: Yes, Ren Yuanlin was a Chinese national. He was born in Jiangsu Province, China, and spent his entire life and career in China. He founded and led Yangzijiang Shipbuilding, a company based in Jiangsu Province, which is also in China.

Me: is he a singaporean?

ChatGPT: While Ren Yuanlin was a prominent business leader in Singapore, he was not a Singaporean citizen. He was a Chinese national and spent most of his life and career in China. However, he had significant business interests in Singapore and was a well-respected figure in the country's business community. Ren Yuanlin received several honors in Singapore, including the Public Service Star and the Singapore Business Award, which recognized his contributions to the development of the country's maritime industry.

Me: thanks. by the way, ren yuanlin is still alive..he is not dead yet

ChatGPT: I apologize for the mistake in my previous response. You are correct that Ren Yuanlin is still alive as of my knowledge cutoff date of September 2021. I apologize for any confusion my previous response may have caused.
--------

My memory probably mixed Chairman Ren with the many other prominent Chinese businessmen that took up Singaporean citizenship (eg. The Haidilao founder). I therefore apologize for my mistake and take my earlier statement of him been a "sinkie". I have done my part to correct ChatGPT of his status too 

[CY09]

Was overseas yesterday, so didnt attend.

Curious did anyone enquire with the Board on why the milestones for the transfer of money from China to Singapore was delayed? There was a target of sending s$1 billion by end 2022.

In my view, with a s$1 billion warchest, the dual aim of SBB and seeding to be created funds would be sufficient

[Squirrel]

Was overseas yesterday, so didnt attend.

Curious did anyone enquire with the Board on why the milestones for the transfer of money from China to Singapore was delayed? There was a target of sending s$1 billion by end 2022.

In my view, with a s$1 billion warchest, the dual aim of SBB and seeding to be created funds would be sufficient

There was mention of the RMB10 billion liquidity pool scheme which was announced during the year. The impression was that the company could send money for investments in Singapore any time they want to with this scheme which is more cost efficient (the dividend method would incur 10% withholding tax rather than inter company loan interests that would cancel out within the group which is according to my own understanding). However they would only do so when they have the need for it. The bottleneck from my point of view is then the investments that they could put money into. This has been progressively addressed with the successive announcements of tie up with Heliconia, Tahan Capital etc. I am guessing we would only see these capital progressively sent out with the fund launches and drawdowns etc.

[specuvestor]

I'm just curious: Why are you sure ChatGPT is right that Ren is not a Singaporean when it is wrong on his demise?

On a side note, I thought Chairman Ren, been a Singaporean, would have chosen to be safely anchored in Singapore in the last 3 years. But it seems like he prefers to be on ground zero.

Has he taken up citizenship? Is that recent? He would not have passed a mandatory English proficiency test  .

hi touzi,
Apologize for the late reply as I missed it out.

In my memory, I remember he was but I couldn't find out any information online to support "my memory". Therefore, I checked with ChatGPT

------
Me: do you know who is ren yuan lin? he was founder of yangzijiang ship building

ChatGPT: Yes, Ren Yuanlin was the founder of Yangzijiang Shipbuilding (Holdings) Ltd., a shipbuilding company based in China. He was born on August 13, 1959, in Jiangsu Province, China, and started his career in the shipbuilding industry at the age of 18. He founded Yangzijiang Shipbuilding in 2002 and served as its Executive Chairman and CEO until his death on September 3, 2020. Ren Yuanlin was known for his entrepreneurial spirit and leadership in the shipbuilding industry, and his contributions to the growth and success of Yangzijiang Shipbuilding were widely recognized.

Me: do you know his nationality?

ChatGPT: Yes, Ren Yuanlin was a Chinese national. He was born in Jiangsu Province, China, and spent his entire life and career in China. He founded and led Yangzijiang Shipbuilding, a company based in Jiangsu Province, which is also in China.

Me: is he a singaporean?

ChatGPT: While Ren Yuanlin was a prominent business leader in Singapore, he was not a Singaporean citizen. He was a Chinese national and spent most of his life and career in China. However, he had significant business interests in Singapore and was a well-respected figure in the country's business community. Ren Yuanlin received several honors in Singapore, including the Public Service Star and the Singapore Business Award, which recognized his contributions to the development of the country's maritime industry.

Me: thanks. by the way, ren yuanlin is still alive..he is not dead yet

ChatGPT: I apologize for the mistake in my previous response. You are correct that Ren Yuanlin is still alive as of my knowledge cutoff date of September 2021. I apologize for any confusion my previous response may have caused.
--------

My memory probably mixed Chairman Ren with the many other prominent Chinese businessmen that took up Singaporean citizenship (eg. The Haidilao founder). I therefore apologize for my mistake and take my earlier statement of him been a "sinkie". I have done my part to correct ChatGPT of his status too 

[weijian]

I'm just curious: Why are you sure ChatGPT is right that Ren is not a Singaporean when it is wrong on his demise?

VB touzi and Google.com agreed with ChatGPT. There is no way I can be right against the 3 of them.

[CY09]

It has been weeks since the AGM approved the renewal of SSB. However, no SSB has been activated.

Its indeed true that the company is cash rich and I thought with YZJ Finance languishing at very low valuations (at 0.3 times P/B) , some SSB will enhance shareholder value. However, this is not the case. I wonder where is their cash being locked at as they have not made any new cash injections into funds as well

[Big Toe]

Giving out dividends + doing substantial SSB would deplete cash pile and that would put them in a less comfortable position to do opportunistic investments when they do come by. Also they might be pacing themselves over a longer time horizon.

Wont fault them for doing that. I am generally ok in how the companies go about their business, as long as they are profitable and gives out dividend, I am happy. Even if YZJ financial reports a loss for a period of time and they honestly did their best I wouldnt fault them also.

There are far far worse scum bags around, and plentiful too.

[dreamybear]

It has been weeks since the AGM approved the renewal of SSB. However, no SSB has been activated.

Its indeed true that the company is cash rich and I thought with YZJ Finance languishing at very low valuations (at 0.3 times P/B) , some SSB will enhance shareholder value. However, this is not the case. I wonder where is their cash being locked at as they have not made any new cash injections into funds as well

Looks like the company has heard you ...

SBB 3m shares.
https://links.sgx.com/1.0.0/corporate-an...309798177f