Chongqing On September 7th, the heat is still lingering.
In Meeting Room on the top floor of Henglong Headquarters,
The surface of the Two Rivers Confluence river outside Floor-to-Ceiling Window was whitened by the afternoon sun, and the steel cables of Chaotianmen Bridge were slightly twisted in the heat wave.
Long Table was filled with people on both sides - Shen Jue, Song Zhongping, Chen Qiming, Xu Yong, Sun Zhengping, Wu Hongyuan, Chen Wei, and Chen Xi, Zhang Qingxue, Su Wantang, Shen Zhiyi, and Liu Mingyu.
There is a freshly printed meeting material in front of everyone, with the Henglong Group logo and a bold title printed on the cover:
"Proposal on the arrangement of agency duties and partial position risk warning during Chairman's temporary absence".
Zhao Chen came in last.
He was holding Zisha Pot in his hand, and the circle of tea stains on the inside of the lid glowed warmly under the light.
He sat down at the main seat, put the pot on the table, and slowly scanned everyone's face.
In the past few months, he gradually handed over the daily decision-making of Henglong to Chen Xi and Shen Jue, and focused most of his energy on the layout of US Stocks of Era Vanguard.
But this time the arrangement goes further than before - he needs to formally hand over the daily powers of Chairman to the agent Chen Xi in the form of Board of Directors resolution.
"Today's meeting has only one topic."
Zhao Chen opened the meeting materials in front of him. His voice was not high but every word was clear.
"In the next period of time, my focus will be on New York.
Era Vanguard There are a few things over there that require my personal presence.
Henglong, the daily affairs are handled by Chen Xi Acting Chairman."
Meeting Room was quiet for a moment.
Song Zhongping picked up the teacup and put it down again.
Xu Yong pushed up his reading glasses, looked away from the material, and landed on Zhao Chen's face.
Shen Jue leaned on the back of the chair, crossed his fingers on the table, and showed no change in his expression--
She knew about this a few days ago, and Zhao Chen had an angry conversation with her alone on the phone.
"What's the agency period?" Shen Jue asked.
"Tentatively six months.
Board of Directors will conduct an evaluation every three months. If the evaluation is passed, it will be automatically postponed. If the evaluation is not passed, the agency arrangement will be re-discussed.
During the agency period, Chen Xi exercised the daily duties and powers of Chairman, including but not limited to signing daily operating documents, convening Investment Decision Committee meetings, and attending external events on behalf of the company.
Matters involving major investment decisions, charter modifications, equity changes, dividend plans, etc.
It still needs to be submitted to Board of Directors for review, and I need to participate in voting when necessary."
He paused and turned his eyes to Chen Xi.
"Chen Xi, are you willing to accept this arrangement?"
Chen Xi closed the laptop and raised his head.
She has been in the position of General Manager of Henglong Capital for a long time. Ever since Zhao Chen first asked her to make investment advice independently,
From the listing of Research Institute, the implementation of the quarterly review system, to independently leading the verification of Model and the review of Investment Decision Committee for all major investments during the epidemic,
Every project in her hands can stand the test of public data. At this moment, she has no hesitation.
"I accept. During the agency period, all Major Matter will be submitted to Board of Directors for review in accordance with the charter.
Research Institute's independent Model and Investment Decision Committee quarterly review processes remain unchanged, Legal Department's compliance traces remain unchanged, and Sister Shen's independent supervision remains unchanged.
How the institutional framework operates, I will follow the system."
Zhao Chen nodded slightly and turned his attention to the second page of the meeting materials.
"The second topic. Risk warning about holding positions in consumer stocks."
His fingers tapped lightly on the material,
"The floating profits of Five-Cool Liquor, Shanxi Fenjiu, Pian Zi Huang and Tongce Medical held by Henglong have been considerable from last year to this year.
I was recently looking at the valuation data of the global consumer sector--
US Stocks The valuation center of consumer goods companies is moving downwards, and the price-to-earnings ratios of some must-have products have fallen below the historical average.
The wholesale price trend and channel inventory data of the domestic Baijiu sector have also begun to show some divergence signals."
He didn't say "I want to clear my position," I didn't say "I want to reduce my holdings," or even "I think I've reached the top."
He simply put an observation on public data on the table and then moved on to Chen Xi.
"Did Research Institute's independent Model capture these signals?"
Chen Xi Open the notebook.
"Research Institute's latest consumption sector tracking report shows that,
There is indeed a divergence between the wholesale price trend of high-end Baijiu and channel inventory data--
The wholesale price is still going up, but the inventory turnover days at the dealer level are increasing.
However, the conclusion given by Model is that 'the valuation deviation has entered the warning range, but the core variables have not changed'.
Because the long-term logic of consumption upgrading and brand concentration has not been broken."
"Then keep track.
When Model's early warning signal is upgraded from 'valuation deviation' to 'core variable early warning', Investment Decision Committee needs to make a decision.
This decision does not need to wait for me to come back. The institutional framework is there and you can make it."
Zhao Chen Turn the material to the third page,
"I'm not mentioning this to give instructions. I just want everyone here to know--
I will not be in the country for some time in the future, but every business of Henglong operates within the framework of the system.
The risk reminder of A-share position is not my judgment, it is the Model data of Research Institute that speaks.
Investment Decision Committee Look at the data, not my intuition."
Shen Jue spoke while he was turning pages.
"Let me add something."
She put the thermos cup on the table, and her eyes moved from Zhao Chen to Chen Xi, then to Zhang Qingxue.
"While Zhao Zong is out of the country, Investment Decision Committee's independent supervision mechanism continues to operate normally.
I will review every compliance confirmation letter of Investment Decision Committee resolution one by one.
I will send a copy of the resolution record of Major Matter to all directors simultaneously.
During the agency period and the daily decision-making of Chen Xi, there is no intervention, but there is an observation window.
If any decision touches the boundaries of the institutional framework, Independent Director has the right to request a suspension of execution and submit it to Board of Directors for review."
Xu Yong nodded.
"I agree. Acting Chairman is an agent with daily authority, not Major Matter.
Only when boundaries are clear and supervision is in place can the system operate."
Zhao Chen waited for everyone to finish speaking, then picked up Zisha Pot and poured a cup of tea.
He took a sip and put down the cup. His tone was lighter than before, but the weight was not reduced.