Original title: song du serves to dig the "corner" of the parent company, and Zhu Yihua doubles his annual salary as president source: Sina Finance

On the 43rd day of listing, the senior management team of Song du Service (09608.HK) changed.

On the evening of March 1, Song du Service issued a personnel change announcement that Shen Guangming had resigned as executive director because of other business commitments, and Zhu Yihua was appointed executive director and executive president of the company.

"Song du Service will be committed to expanding its business through investment in mergers and acquisitions." At the listing press conference, Shen Guangming's words are still ringing in our ears. The first extension after listing has not yet come, and Shen Guangming has resigned.

Less than a year after joining the board, Shen Guangming resigned as one of the top four executive directors. The announcement said that after his resignation, he will no longer hold any position in the group.

There seems to be no sign of Shen Guangming's retreat, while Zhu Yihua's advance has already appeared. Two days ago, on February 26th, Songdu shares(600077.SZ) announced that Zhu Yihua, chairman of the company's board of supervisors, applied to resign as chairman and supervisor of the board of supervisors due to job changes.

Since joining the capital of the Song Dynasty in August 2005, Zhu Yihua, 38, has done more than 15 years of meritorious service under Yu Jianwu. It is also an important task to send him to serve the capital of the Song Dynasty, which is new to the capital market, to assist Yu Yun, the head of the "second generation".

A single "CEO" holds both positions.

In February this year, Zhu Yihua submitted her written resignation to Songdu Real Estate. At that time, it may be decided to settle in the Song capital to serve the senior level.

The appointment announcement shows that Zhu Yihua has appointed the Executive Director and Chief Executive Officer of Song du Services, and is entitled to receive an annual director's fee of 1 million yuan.

Shen Guangming is a participant and promoter of the listing of Song Capital Services.

On January 24 last year, Song du Service submitted its prospectus to the Hong Kong Stock Exchange for the first time, which expired after six months, and Song du Service IPO's first battle failed. On September 3 last year, Song du Service handed in the form again and finally got a ticket to the Hong Kong Stock Exchange. During this period, Shen Guangming, as an executive director, also paid a lot of attention to the overall strategic planning and business development of Song du service.

Soon after Song du service was sent to the capital market, he withdrew.

With the dismissal of Shen Guangming, 56, and the entry of Zhu Yihua, 38, the team served by Songdu became even younger.

Leju Holdings Ltd Finance and Economics learned from the previous prospectus that most of the senior management of Song du Service joined the company in 2019 for a relatively short period of time.

A total of nine directors and senior management are disclosed in the prospectus, of which four executive directors include Yu Yun, Zhu Jin, Cheng Huayong and Shen Guangming, while Yu Yun, Zhu Jin and Cheng Huayong serve as chairman of the board, chief executive officer and executive vice president, respectively. In senior management, Miao Jianping is the chief financial officer and Xu Ya is the chief operating officer.

For directors and senior management members, except for 26-year-old Yu Yun as a "second generation", the other eight senior executives are 40 and above, with an average age of about 49. Zhu Yihua succeeded Shen Guangming to join the senior management, which undoubtedly made the team served by Songdu younger.

Before Zhu Yihua came, the post of "CEO" was not put forward separately in the management structure of Song Capital Service. This time, Zhu Yihua not only filled the vacancy of Shen Guangming's executive director, Song du Service also brought out the post of executive president and added it to him.

Zhu Yihua is not so much poached by Song Capital Service from Song Capital Real Estate, it is more like the transfer of property talents by the parent company of Song Capital Real Estate.

According to the data, Zhu Yihua has joined Hangzhou Songdu Real Estate Group Co., Ltd., a subsidiary of Songdu Co., Ltd., since August 2005, as an assistant manager of the Prophase Operations Department and Deputy Manager of the Operations Management Department, responsible for the pre-operation of real estate projects.

From May 2012 to February 2021, Zhu Yihua served as Songdu Real Estate Project Integration Management Manager, Marketing Director, Project Deputy General Manager and Regional Deputy General Manager, accumulating rich experience in real estate project development and management. In April 2015, Zhu Yihua became the Songdu Stock Supervisory Board and was appointed Chairman of the Songdu Real Estate Supervisory Board in May 2018, responsible for the operation of the Songdu Real Estate Supervisory Board.

After entering the Song Dynasty, Zhu Yihua's salary doubled. The financial report of Songdu shares in 2019 revealed that Zhu Yihua received a total pre-tax compensation of 500000 yuan from the company as chairman of the board of supervisors that year.

The scale is small at the back and difficult to be "beautiful".

In the property management industry, where the competition for scale is becoming more and more fierce, as a "mosquito-repellent incense" enterprise, how to find a place for Song du service is the main proposition after listing.

Just entered the capital market, Song du service needs to solve a lot of problems. On the first day of listing, the share price of Songdu Service plunged 36%, setting a new record for the listing of property stocks; on the ninth day of listing, the stock priceFall belowHK $0.20, which has fluctuated lower since then, closing at HK $0.116 per share as of March 4.

In addition, there are many problems to be solved, such as too small scale, dependence of related parties and weak profitability. Data show that as of June 30, 2020, Song du Service has 9 subsidiaries and 15 branches in 14 cities in China, providing property management services to 33 properties, with a total floor area of about 6.4 million square meters. In the listed property enterprises, the scale of such management is at the tail.

The property company born out of the real estate enterprise can not cut off the fetters between the management area and the business and the parent company. Since 2019, Songdu Service has provided services to third-party projects on a large scale, but as of the first half of 2020, the proportion of total revenue from Songdu independent development or cooperative development of property management services is still as high as 69.7%.

"it will not only rely on Songdu's own projects, but also actively expand other property-related projects, the main way to expand is along the property service chain, from the upstream supply chain to the downstream life service sales and services." At the listing press conference at that time, Shen Guangming expressed the vision of Song Capital service "from small and beautiful to bigger, better and higher".

Song du Service IPO raised a total of about HK $200m and spent 60 per cent of its money on expanding its business, market share and geographical distribution in the Yangtze River Delta region.

At a time when the phenomenon of mergers and acquisitions of "big fish eat big fish" and "whale swallow" in the property management industry continues to appear.

How to use the funds in good hands to find a suitable target, to achieve "from small and beautiful to bigger, better, higher" willing, has become a new senior management team Zhu Yihua to consider.