China Zhongwang Holdings Limited was awarded the top prize for the Best Business Model on 21November 2009 at the Best Business Model-- China Summit, 2009, an event participated by over 300 elite entrepreneurs, business model experts, representatives from well-known venture capital institutions and media professionals.
Mr. Liu Qihui,chairman of Business Forum and chairman and editor-in-chief of Biz Media Group Limited, presented the trophy and certificate to Mr. Lu Changqing, executive director and vice president of China Zhongwang Holdings Limited. In his acceptance speech, Mr. Lu remarked that China Zhongwang is a world leading supplier of industrial aluminium extrusion products, with a particular focus on the light-weight development in the transportation sector. China Zhongwang was successfully listed on the Hong Kong Stock Exchange on 8 May this year, raising almost ten billion Hong Kong dollars, making it the biggest IPO in the world in the first half of this year since the on-set of the global financial crisis.
Mr. Lu said that different from the construction aluminium profiles, industrial aluminum profiles were high value-added products widely used in railway, subway, automobile, vessel, civil aviation and space sectors. Despite the most challenging business environment in the past couple of years, China Zhongwang managed to maintain a high rate of growth in profits. Net profit for the year of 2008 amounted to RMB1.91 billion, representing an increase of 125% compared to the same period of the previous year. For the first half of this year, net profit rose to RMB1.62 billion, an increase of 72% compared to the same period of last year. If we are to sum up the reasons for this phenomenal profit growth against the economic downturn, we can attribute them to the company s successful adjustment of its development strategy and product structure and the courage to withstand loneliness once we ve decided to do what is right and refrain from doing what is not. In the first half of this year, revenue from the sales of our industrial extrusion products for the transportation sector accounted for 90% of the total revenue. Through six years of dedicated efforts, the company s product mix has been successfully transformed. Taking advantage of our current leading position, we continue to work for the light-weight development of the transportation industry in China and the world, Mr. Lu concluded.
The panel of judges for this year s best business model thought very highly of China Zhongwang s business model. The reasons they cited for the award were strategic transformation at the peak of success, a tactical short squeeze . In translation, they are: Once the largest global IPO of the year that made its chairman the richest person of the country; once one of the most influential among a medley of construction profile makers that decided at the peak of its success to go instead for high-investment, high-risk industrial profile manufacturing; this seemingly huge bet on the future was based on a deep understanding of the industry s potential, a determination to invest heavily at the initial stage, to reap the harvest at the growth stage, and to establish entry barriers and short-squeeze the opponents at industry maturity stag in the future.
Following the prize-giving ceremony, a Top-prize Winners for Best Business Model Summit Forum chaired by Mr. Zhang Wenkui, Deputy Director of the Enterprise Research Institute of the Development Research Center of the State Council, gave the participants a chance to share the experience and thoughts of the representatives of top-prize winners for the past three years (namely Mr. Lu Changqing, executive director and vice president of China Zhongwang, Mr. Huang Ming, president of Himin Solar Energy, and Mr. Sun Weimin, president of Suning Appliance), who were joined in the panel by Dr. Scott Liu, dean of School of Management of New York Institute of Technology and Dr. Teng Binsheng, associate dean of Cheung Kong Graduate School of Business. The panelists had heated discussions with the audience about business model innovations during economic crisis. The remarks by Mr. Lu that for an enterprise, persistence outweighs all other qualities; greatness comes to us only via persistence resonated with the attending guests and entrepreneurs and won him long and loud applauses.
Among other winners of the this year's ten Best Business Model Awards were China Ping An Insurance, Founder Group, and Shanda Games etc. The winners of the annual Best Business Model Awards were selected by Biz Media through a panel of judges from China s best business schools, venture capital institutions and consulting firms. The selection panel evaluates each nominated enterprise through case studies and chooses China most innovative business model for the year. This year marks the fifth anniversary of the Best Business Model Awards. Previous winners include Vantone and Teda 2005 Focus Media 2006 Himin Solar Energy 2007 and Suning Appliances 2008 .
This press release was issued by China Zhongwang Holdings Limited. For further information, please contact:
Mr. Cao jiwei Tel: 8610 51282868-995 Email: caojiwei@zhongwang.com
Ms. Li Beibei Tel: 8610 51282868-971 Email: libeibei@zhongwang.com
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