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Supervisory Board Chairman for Key Large State-owned Enterprises Xiong Weiping Inspects SEP

On March 9, 2017, Chairman of the Supervisory Board for Key Large State-owned Enterprises Xiong Weiping visited SEP to inspect and instruct the work, accompanied by SPIC Chief Accountant Wang Yihua. Xiong went to the production sites of Caojing Power Plant and Caojing Cogeneration under the flag of SEP, and listened to the report by SEP Chairman Wang Yundan on the company's general situation, the work review since the 12th Five-Year Plan period, the development plan in the 13th Five-Year Plan period and the key work arrangement in 2017. SEP President Wang Huaiming was also present.

 

 

Having inspected the company and listened to the work report, Xiong expressed his feelings about SEP in the following aspects: first, with a history of 135 years, the company has its own story and spirit, which is being inherited and carried forward; second, the company has done a great amount of solid work centered on "being excellent in Shanghai, superior in China and strong in the world", and has made practical accomplishments, especially with not-easy-to-make achievements under the background of electricity industry downturn in 2016; third, there emerge several highlights in the company's business including energy structure adjustment, science and technology progress, lean management, overseas development and talent team construction. Meanwhile, he was deeply impressed by the company's incentive mechanism, salary distribution, young employee cultivation and talent selection and employment.

 

 

Xiong analyzed the international economic situation, and noted that the international asset prices are currently at their historical lows. There are full of challenges as well as risks involved in overseas development. In the process of "going global" by Chinese SOEs, there are many lessons learned, more of which are failures rather than successes. Furthermore, he made the following requirements: first, combine the enterprise development strategy with the national strategy, and grasp the opportunity of the Belt and Road Initiative; second, choose the correct strategic direction, and focus on clean energy and new energy; third, conduct M&A and green field projects cautiously and prudently, and give priority to the success rate of the project and positive net cash flow; fourth, carry out due diligence and various risk assessments steadily, and rely on powerful management and control system to push forward overseas development.

 

 

Wang Yihua also put forward several points to implement Xiong's requirements.

 

Wang Yundan expressed that SEP will take the encouragement of Xiong and Wang Yihua as the driving force and firmly implement various requirements. Under the leadership of SPIC, the municipal Party committee and municipal government of Shanghai, the company will stick to value creation, continue to carry forward "Three thousands hardworking spirit" to walk thousands of miles, ensure to achieve the annual tasks assigned by SPIC and strive to overfulfill them with strong political belief, inflexible willpower and outstanding performance, further improve the safe operation quality of state-owned assets, and make sure to preserve and increase the value of state-owned assets, in order to greet the opening of the 19th CPC National Congress.

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