Spreading Wings
Everbright Group aims to become world class in the global arena
At a wine party, as Wang Guangying walked up to the dais, he faced an audience of business magnates, foreign dignitaries and government officials. It was a momentous occasion in Hong Kong. Wang was going to announce the launch of a Chinese mainlandfunded trade and industrial investment company, a rare move at that time, making him a pioneer in China’s bold attempt to open up to the outside world.
The year was 1983, just five years after China adopted the policy of reform and opening up. At that time, it had a fledgling economy, was weak in overall national strength and lagged in technological development. Therefore, there was an urgent need to step up interaction and cooperation with the rest of the world.
Thirty-five years later, the trade and in- dustry company has grown into a financial holding giant—the China Everbright Group. This year, the conglomerate ranked 322nd on the Fortune 500 list.
At a gathering in Beijing in August, the seventh helmsman of the company, its Chairman Li Xiaopeng, celebrated Everbright’s 35th anniversary with his staff from every part of the country. “To pursue high-quality development, we will further refine financial services, improve industrial development and foster the group’s synergy,” Li said. The goal, he stressed, was to build the company into a world-class financial holding group.
Everbright, which has become an important window to China to the outside world, has a significant role in helping the nation access more foreign investment and ad- vanced technology. In the 1990s, it formed a fundamental business model, prioritizing finance while promoting tie-ups between finance and industry.
By the end of September 2018, Everbright’s assets were worth 4.76 trillion yuan ($682.9 billion), up 6.6 percent from the beginning of the year. The operating revenue surged up 21.3 percent year on year, while net profit increased by 6.8 percent, compared with the same period last year.
Ambitious roadmap
Wading through two rounds of reform and reorganization in the past decades, Everbright has now stepped out of its comfort zone. From its traditional financial domain of banking, securities, insurance, as well as funds, assets and investment