OCT(SZ:000069) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-05 10:56Core Viewpoint - The management change at China Overseas Chinese Town (OCT) is officially announced, with Wu Bingqi appointed as the new Deputy Secretary of the Party Committee and Director, while Zhang Zhenggao and Liu Fengxi are retired from their positions, indicating a significant shift in leadership during a challenging performance period for the company [1][2]. Company Overview - Wu Bingqi's appointment is seen as a potential turning point for OCT, which has been experiencing a downturn in performance, with a reported net loss of 28.7 billion yuan in the first half of 2025, continuing a trend of losses over the past three and a half years [2][3]. - The company has accumulated total losses exceeding 26 billion yuan from 2022 to 2024, with a focus on optimizing financial indicators amidst ongoing challenges [2][3]. Financial Performance - As of mid-2023, OCT reported a total interest-bearing debt of 128.83 billion yuan, remaining stable compared to the end of 2024, with a shift towards long-term borrowing, reducing short-term repayment pressure [3]. - The company has been cautious in land investments, with only 1.5 billion yuan and 6 billion yuan invested in 2022 and 2023 respectively, and no new land acquisitions planned for 2024 [3]. Strategic Direction - OCT has adopted a "dual-wheel drive" strategy focusing on enhancing its tourism and real estate sectors, aiming to improve core competitiveness while optimizing resources and product offerings in real estate [3][5]. - The previous management under Zhang Zhenggao shifted the company's strategy to focus on real estate development, while also divesting from underperforming assets [5][6]. Leadership Background - Wu Bingqi has extensive experience in the real estate sector, having previously held significant positions in China Resources Group and China State Construction, which aligns with OCT's business model [4][6]. - His leadership is anticipated to bring positive changes to OCT, especially given his past successes in driving sales growth in the Beijing market [4][6].