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China Oceanwide Became a Shareholder of Legend Holdings by Buying a Share of 2.755 Billion Yuan

On September 8, 2009, ‘China Oceanwide becoming a shareholder of Legend Holdings and Legend Holdings new strategic media communication conference’ was held in Beijing, which formally announced that China Oceanwide Holdings Group Co., Ltd. (hereinafter referred to as China Oceanwide) acquired 29% stake in Legend Holdings Co., Ltd.(hereinafter referred to as Legend Holdings) held by the Chinese Academy of Sciences State-owned Asset Management Limited Liability Company(hereinafter referred to as CAS Holdings) by RMB 2.755 billion Yuan, becoming the third-largest shareholder of Legend Holdings after CAS Holdings and Employees’ Shareholding Society of Legend Holdings.   

     

Deputy general secretary, vice chairman and general manager of CAS holdings Maicun Deng, chairman of Legend holdings Maochao Zeng, President of Legend holdings Chuanzhi Liu, chairman of China Oceanwide Zhiqiang Lu etc. attended this media communication. Leaders of five subsidiaries of Legend holdings, executives of China Oceanwide and employee representatives of two companies presented at the meeting.


Chairman Zhiqiang Lu pointed out in his speech that our country had made many achievements for the 30 years’ reform and opening up. Legend Holdings was an enterprise miracle that was jointly created by CAS and the people of Legend headed by Mr. Chuanzhi Liu. On September 4, after the confirmation of Beijing Property Right Exchange, China Oceanwide was suitable to the transfer conditions. Thus it became the new shareholder of Legend Holdings. It was a great significant landmark event for the development of China Oceanwide. 


Chairman Zhiqiang Lu stressed that China Oceanwide became the shareholder of Legend Holdings was based on the following three reasons. Firstly, we highly recognized the enterprise brand, enterprise vision, business strategy, enterprise team and the enterprise culture of Legend Holdings and looked to further increase long-term development and future value in Legend Holdings. Secondly, China Oceanwide became the new shareholder in the position of strategic investors were in accord with the medium and long term development strategy of China Oceanwide. Thirdly, China Oceanwide became the new shareholder of Legend Holdings with the identity of strategic investors would do great help to optimize property right structure of Legend Holdings and adapt to the needs of enterprise market-orientation development. 


Chairman Zhiqiang Lu said that in the process of Chinese socialist market development, the private enterprise had more obvious advantage, private capital had stronger competition vitality and a higher capital efficiency. As a private enterprise, China Oceanwide was able to smoothly participate in the stock equity restructuring of Legend Holdings. From a broader sense, it is an encouragement and spur for this collective of private enterprises in China. As a part of private enterprises in China, China Oceanwide was willing to take more development responsibility and social responsibility endowed to enterprises. 


After the stock equity adjustment of Legend Holdings, Legend Holdings shareholder meeting determined a new session of the board of directors and the board of supervisors. The board of directors was consisted of five members, Chuanzhi Liu, Maicun Deng, Maochao Zeng, Zhiqiang Lu, Linan Zhu. The chairman was Chuanzhi Liu; the board of supervisors was composed by three people, Qin Li, Jin Wang and Zheng Yu; the chairman of board of supervisors was Qin Li. In a news conference, Chuanzhi Liu said that he and Chairman Zhiqiang Lu had known each other for years and both sides had acquired long-term trusts. Through such cooperation, Legend's ultimate goal was to do longer, stronger, larger and become a great company not only pursuing economic returns of enterprise, but also making a greater contribution to the enterprises management, science and technology and social progress aspects.


In the media communication meeting, leaders delivered speeches to answer carefully about the problems drawn attentions by news media.


Background: about Legend Holdings

Legend Holdings was founded in 1984 by China Academy of Science Computing Technology Development Corporation. As the flagship of Legend enterprises series, it undertakes the layout of company assets and strategic function of financing platform, main strategy for high quality core assets investment, high-tech achievements industrialization push and early scientific research achievements incubation. In 2008, the total asset of Legend Holdings had reached 64.4 billion Yuan, the total number of nearly 30,000 employees, business involves IT, investment, real estates etc. three industries and subsidiary company including five subsidiary companies: Lenovo Group, Digital China, Legend Investment, Raycom Real Estate and Hony Investment.

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