Flying High in Unified Accord, We're Painting the Future Hereditary Succession at Legend Holdings: Liu Chuanzhi and Zhu
Linan Resigned, New Dual Chair members - Ning Min and Li Peng Assume Leadership Roles
HONG KONG, Dec 18, 2019 - (ACN Newswire) - Legend Holdings Corporation ( Stock Code: 3396.HK) announced that, Mr. Liu Chuanzhi, Chairman of the Board of Legend Holdings, Executive Director, and Founder of the
Lenovo Group Limited will retire as the Chairman and Executive Director of the Company in accordance with a
predesignated plan. He will serve as Honorary Chairman, Senior Advisor and the Member of Strategy Committee of the Board
of Directors. Mr. Zhu Linan, Executive Director and the President of Legend Holdings, will resign as the President but
continue to serve as Director of Legend Holdings, and he will be the Member of Strategy Committee of the Board of
Directors. As a result of the recommendation from the Nomination Committee of Legend Holdings' Board of Directors and
resolution passed by Board of Directors, Mr. Ning Min, the current Executive Director, Senior Vice President and Chief
Financial Officer (CFO) of Legend Holdings, will succeed Mr. Liu Chuanzhi as Chairman of the Board, and Mr. Ning Min is
appointed as the Chairman of the Nomination Committee and Strategy Committee. Meanwhile, Mr. Li Peng, Senior Vice
President, is appointed as the Chief Executive Officer (CEO), following the resolution passed by the Board of Directors,
while the Board of Directors also recommends Mr. Li Peng to serve as Executive Director. As newly established core
management team, Mr. Ning Min and Mr. Li Peng, will steer the Company towards its vision and mission and beyond.
The board of directors of Legend Holdings is convinced that Mr. Ning Min has experienced a number of transformations and
ground-breaking transitional phases of the Company since 1991 when he joined Legend, and he also has in-depth
understanding of the Company with extensive practical experiences. He deeply understands and appreciates our corporate
vision and core values. He is blessed with grand strategic insight, solid ambition and learning ability, equipped with
comprehensive capabilities. Mr. Ning Min has been a long-standing member of the executive committee of Legend Holdings
and has served as CFO, overseeing the Company's corporate finance and capital management, risk control and auditing and
other works related to the capital market. He is also responsible for the operation and management of financial
investments segment of Legend Holdings, playing a decisive role in strategy formulation, business development and
organization framework building. Mr. Li Peng is considered as a distinguished senior management executive possessing a
globalized perspective. During his 16-year experience in Legend Holdings, he has never failed to uphold our corporate
culture and values. Moreover, he demonstrates a strong sense of obligation and has an innovative mindset. Mr. Li Peng
has been providing indispensable assistance to Mr. Zhu Linan in governing strategic investments for many years. Mr. Li
Peng has proved to be an outstanding senior management executive with professional judgement on and rich experience of
both investment and corporate operations.
To develop corporate healthily and sustainably, "inheritance" is predominant, while talent recruitment, particularly the
sourcing and nurturing of the leading figures, is one of the key engines during inheritance, which has been regarded as
long-term strategic undertakings in Legend Holdings. Mr. Liu Chuanzhi said, "Legend Holdings is currently guided by a
specific and concrete strategic blueprint, with experienced management team. This systematic inheritance plan was tailor
designed and well prepared by Mr. Zhu Linan and me to satisfy the pressing needs of the overall corporate development
and gained overwhelming support from the board of directors. This specific personnel re-assignment has been initiated in
tandem with the pragmatic and long-standing development requirements of the Company. I am gratified to witness the plan
was successfully implemented."
"Both Mr. Liu and I hold the same view that the core management team of Legend Holdings should be comprised of members
in the prime of their lives, brimming with more innovative inspiration; they must be the new blood with an international
perspective,' Mr. Zhu Linan stated, 'both Mr. Ning Min and Mr. Li Peng are leading elites of strong integrity and
qualification, ambitious and blessed with forward-looking insights. They are genuinely imbued with our corporate vision
"serve the country with industrialization", along with the guiding ideology "aim high and fly high but always keep your
feet on the ground." They both have also withstood severe challenges when serving on the front lines, making great
contributions during the transitional phases of Legend Holdings. As a result, they have received full recognition from
the board of directors as well as the general staff alike. We are confident with this new core management team made up
by Mr. Ning Min and Mr. Li Peng."
Curtain Call on the Founder's Tenure with His Aspiration Inherited onto the Future
Mr. Liu Chuanzhi, the founder of Legend, was born in 1944. In 1984, at the age of 40, with the reform and opening-up in
China, Mr. Liu Chuanzhi responded to the "industrialization of technology" initiated by the Chinese Academy of Sciences,
and embarked on a voyage of entrepreneurship. During the past 35 years, Mr. Liu has kept aiming at higher targets and
presiding over a series of successful reforms, which has laid a solid foundation for the Company's sustainable
development. This has allowed Legend to grow despite the inevitable boom and bust in the economic cycle.
The Board of Directors of Legend Holdings appraised Mr. Liu Chuanzhi: As both the founder and guiding force of Legend,
Mr. Liu Chuanzhi led this company to build the vision "serve the country with industrialization" with his distinctive
foresight and perseverance. The Company continues to expand its global footprint and put forth relentless efforts to
cultivate new talents, and has therefore developed a business layout that covers strategic and financial investments as
well as the Chinese and overseas markets. During this 35-year journey, Mr. Liu has pressed ahead with developing the
corporate institutions and mechanisms, summarizing the management theory and building corporate culture. All these
contributions have generated a profound influence on the long-standing development of the Company. At the same time, Mr.
Liu advocates the commercial civilization in earnest and fulfills the corporate social responsibility. He is committed
to passing down the spirit of "be a good person, do good deeds, and set a good example to society" from generation to
generation in Legend. Beyond all the afore mentioned, Mr. Liu Chuanzhi has promoted China's innovative transition toward
an information-based society through Legend's practice. Therefore, serving as the "Pioneer of Science and Technology
Industrialization", Mr. Liu was accredited with the honorable title "Reform Pioneer" awarded by the Central Committee of
the Communist Party of China and the State Council. Mr. Liu has also led Legend to gain the upper hand in facing fierce
competition from international players in the domestic market. Applying strategies such as investments and mergers and
acquisitions, the Company has succeeded in expanding overseas footprint, and accumulated valuable experience for Chinese
companies to "go global". Mr. Liu has successfully implemented the shareholding reform of enterprise and also blazed a
trail of structural reform for high-tech enterprises under scientific research institutes in China. Mr. Liu keeps close
sight on studying the corporate management, summarizing and proposing the "three elements of Legend-style leadership",
providing helpful references to many other companies.
"Legend is a creation of the era. It is China's reform and opening-up that enabled us to make the best of our time, to
become entrepreneurs, and to grow Legend from a small institution comprised of a dozen "book-worms" to a modern
corporation brimming with talents, and we have made real and practical contributions to our society. During our course
of development, we gained various supports from society. We appreciate the Chinese Academy of Sciences, our largest
shareholder, who has given Legend enduring trust and support amidst all the crucial phases. Our gratitude also goes to
the governments at all levels that have provided us with all the prerequisite resources and meticulous instructions as
well as criticism and encouragement. We are also grateful to friends from all walks of life, who have been attentive to
Legend and offered us helps whenever in need." Mr. Liu Chuanzhi presented, 'Within my 35-years' career path, I have
realized some goals, amidst many setbacks and mistakes. I owe a debt of gratitude to my colleagues who have fought
shoulder-to-shoulder with me on many challenging fronts and have supported me despite a myriad of difficulties, sharing
the bitter and sweet along the way. There will, of course, be various unexpected challenges we need to confront, and
Legend Holdings is still young, yet all Legenders are united with their dynamic energy and fighting spirit. It is my
strong conviction that our new core leading team is endowed with surpassing ambition and adequate capacities, learning
from the past and treasuring our experience. They will inherit our legacy, stay proactive and never give up; they will
confront pressure and embrace emerging opportunities bravely; they will stay true to the original inspiration and
endeavor to contribute the best they can to our country."
Build up Our Strength and Compose a New Chapter
Legend was collectively founded by 11 science researchers, including Mr. Liu Chuanzhi, with the investment of RMB200,000
from the Institute of Computing Technology, Chinese Academy of Sciences in 1984. Starting in the IT sector, the Company
developed and commercialized its own branded micro-computers. In 1997, Legend PC climbed to the top market ranking in
China. Currently, Lenovo has evolved into a globalized leader in the fields of consumer, commercial and corporate
innovative technology sector, ranking first in the global PC market.
To mitigate risks, safeguard the Company's stability and long-term development, and promote the ground-breaking
innovation in science and technology, Mr. Liu Chuanzhi successfully led and completed Legend's spin-off in 2001. The IT
sector was handed over to the younger generation while Legend Holdings began its "second start-up" stage led by Mr. Liu
Chuanzhi and Mr. Zhu Linan, a new journey of investment. Committed to the "capital + service" model, the Company
continuously assists the real economy and innovative entrepreneurship in China.
Mr. Zhu Linan joined Legend in 1989. He is the main leader who has promoted and implemented our key strategic
transformation and business upgrading. He has been responsible for routine operations of Legend Holdings since the
spin-off, and was in command of setting up the first investment arm of Legend Holdings, namely Legend Capital, which
provided a solid foundation for the successful investment transformation of Legend Holdings. Later on, Hony Capital and
Legend Star were successively founded, forming a full investment chain that covers the entire lifecycle of a company. In
2010, Legend Holdings further expanded the strategic investments business focusing on long-run investment linked with
IT, financial services, innovative consumption and services, agriculture and food, advanced manufacturing & professional services. With his deep understanding and rich experience in business operation and investment, Mr. Zhu
Linan led Legend Holdings and creatively established a unique two-wheel-drive business model of "strategic investments +
financial investments" to push forward the strategy and business. During these years, the Company has accumulated rich
experience and resources of talents, organizations as well as investment and post-investment management. In 2015, Legend
Holdings was successfully listed on the main board of the Hong Kong Stock Exchange. Now it has developed into a leading
diversified investment holding company in China, with revenue of RMB358.9 billion and total assets of RMB558.3 billion
in 2018, holding more than 20 portfolio companies. The board of directors of Legend Holdings would like to express their
respect and gratitude to Mr. Zhu for his contributions.
"Legend Holdings is blessed with a deep-rooted foundation and our investment holding business also has consolidated
bases. Our future is confronted with challenges from new changes, new technologies and new operation models, while there
is still plenty of room for innovative imagination," Mr. Li Peng, the newly appointed CEO of Legend Holdings noted,
"Supported by the board of directors, Legend Holdings will respond to current external circumstances, adapt to changes
of external situations, continuously improve and optimize development strategy, and fully leverage on the unique
competitive advantage of 'Two-wheel Drive' model. We will continue to engage in the current operating segments, further
refine on asset allocation and increase returns, while dynamically grasp emerging opportunities through in-depth
research on the macro-industry and proper resources allocation and continue to build pillar assets. We are also obliged
to contribute to the real economy while enhancing overall corporate value. Meanwhile, we have to put forth our best
efforts to develop the organizational capabilities and to perfect the tiered talent pool."
Mr. Ning Min, the newly elected chairman, put forward the three distinctive genes deeply rooted in Legend Holdings:
unswerving persistence against the countless headwinds, perseverance to reach higher goals while marching forward, and
learning capacities to absorb, improve and transform.
"Mr. Liu and Mr. Zhu have exerted their full enthusiasm and wisdom on Legend Holdings amidst the stormy circumstances,
steering us along the right path, while laying a sound foundation for the long-term development of our Company. Our
Company has always stressed the concept of "putting people first" and provided a platform for all young talents to fully
tap their potentials. By means of a carefully designed and restructured mechanism, we steadfastly allowed more junior
and senior Legenders to own share rights, in order to form a close link between the growth of staff members and our
Company's long-term prospect. It is our hope that a close bond will form amongst all the Legenders to better compete on
the world stage. We want to offer a helping hand to entrepreneurs and to be in the same mind as faithful collaborating
partners and allies. It is fortunate for me to witness and to play a part in this thrilling cause. All thanks go to Mr.
Liu and Mr. Zhu for their contributions, and I am also grateful to the board of directors for their trust and
affirmation." Mr. Ning Min stated, "Legend Holdings holds true to the vision - 'with the mission of serving the nation
and society through developing successful businesses across industries, Legend Holdings is committed to becoming a
respected and trusted global holding company, with equity in leading enterprises in multiple industries with
international influence.' To achieve this is by no means an easy task; it will necessitate hard work amassed across
generations. Yet, as the saying goes, 'A journey of thousand miles begins with a single step,' our strategic blueprint
should be based on a detailed and careful study on the macro-environment to solve crucial issues and formulate a future
strategy landscape. The board of directors will firmly support the management team to make long-term strategies and put
them into practice; the board will also encourage the management team to make constant improvements like entrepreneurs
and to create better performance and returns to the shareholders and society."
Biography of Mr. Ning Min
Mr. Ning Min joined Legend in 1991 and currently serves as chairman of board of directors at Legend Holdings
Corporation.
Mr. Ning Min has been a member of the executive committee and CFO of Legend Holdings for a long time. He is in full
charge of the finance and funds, risk control and auditing, capital market as well as public relations, and oversees the
financial investments business. He plays an important role in formulating the corporate strategy, business development,
and organization construction. During his tenure as CFO, he made outstanding performance in the fund and financial
management, as well as capital market operation, including the completion of the listing of Legend Holdings and H-share
full circulation program. Mr. Ning Min also contributed great value to the Company when he oversaw the Company's
financial investments, leading to the rapid progress of Legend Capital, Hony Capital and Legend Star and the direct
investment business of Legend Holdings.
Mr. Ning Min is also the director of Legend Capital, Hony Capital, Legend Star, EAL, Joyvio Group, and Levima Advanced
Materials.
Mr. Ning has served successively as assistant to the president, assistant president & secretary of board, vice president, senior vice president & chief financial officer, executive director, and is now chairman of board of directors in Legend Holdings.
He has a bachelor's degree in economics from Renmin University of China.
Biography of Mr. Li Peng
Mr. Li Peng joined Legend Holdings in 2003 and is now CEO of Legend Holdings Corporation.
As a member of the executive committee, Mr. Li has long engaged himself in the strategic investments business and
post-investment management. At the preliminary phase of the Company's strategic investments business, he participated in
the formulation and implementation of investment strategies, and was responsible for the investment in and management on
diversified sectors, including the successful optimization of the Company's real estate business. The financial services
business landscape is full-fledged under his leadership of financial services and overseas investments. He has also set
up a team specialized in overseas investment. With his international perspective and professional knowledge, Mr. Li led
his team and completed the acquisition of Banque Internationale a Luxembourg (BIL), building a new pillar asset as an
outstanding contribution to the healthy development and value enhancement of Legend Holdings.
Mr. Li Peng was also responsible for the Company's domestic and overseas financing operations.
He is now the vice chairman of BIL, and director of Lakala Payment, Zhengqi Financial and Koala Technology.
Mr. Li served as general manager of the Investment Management Department, director of the Strategic Investments
Business, assistant president, vice president, senior vice president, and is now CEO.
He received a bachelor's degree in international finance from the University of International Business and Economics and
a master's degree in business administration from New Hampshire State University. Before joining Legend, he worked in
Sinotrans as well as Teradyne Connection Systems.