OCT(SZ:000069) Zhong Guo Jing Ying Bao·2025-09-06 03:51Core Viewpoint - The recent leadership changes at China Overseas Chinese Town Group (OCT Group) reflect a strategic shift as the company faces ongoing financial challenges and seeks to stabilize its operations under new management [1][5]. Group 1: Leadership Changes - Wu Bingqi has been appointed as the Deputy Secretary of the Party Committee and Director of OCT Group, and is nominated as the candidate for General Manager [1]. - Zhang Zhenggao has been relieved of his positions as Secretary of the Party Committee, Chairman, and Director of OCT Group, and is retiring [1]. - Liu Fengxi has also been removed from his roles as Deputy Secretary of the Party Committee and Director, and is no longer serving as General Manager [1]. Group 2: Background of Wu Bingqi - Wu Bingqi, born in 1971, has over 30 years of experience in the real estate industry and previously held significant positions at China Resources Land [3][4]. - He has a proven track record, having led the Western China region of China Resources Land to achieve a sales growth of 37.8% from 2019 to 2020, reaching 27.5 billion yuan [4]. - Wu Bingqi's recent roles include being a member of the Party Group and Deputy General Manager at China State Construction Engineering Corporation before joining OCT Group [1][4]. Group 3: Financial Performance of OCT Group - OCT Group has faced financial difficulties, reporting a revenue of approximately 18.3 billion yuan and a net loss of about 4.6 billion yuan in the first half of the year [5]. - The group's main listed company, OCT A, has also struggled, with a projected revenue of about 54.4 billion yuan for 2024, a decrease of 2.4% year-on-year, and a net loss of approximately 8.7 billion yuan, down 33.42% [5]. - The company is undergoing a transformation phase, with management emphasizing the need for deep reforms to return to a healthy development trajectory [6].