Exchange for New Experience, Mutual Promotion for Further Development

    On November 20, Zhou Jiang, Chairman of the Board, Party Secretary and President of Jiangsu Fasten Group (hereinafter referred to as Fasten), Deputy Secretary of the Party Committee, Vice President Liu Lihua, Liu Yin, Vice President Deng Feng, Chen Mingjun, together with Zhang Yue, Chairman of the Board of Jiangsu Fasten Co., Ltd. and Ji Fangyu, Deputy Secretary of the Party Committee and Secretary of Commission for Discipline Inspection of Fasten, led more than 150 middle and senior executives of its company to visit Far East for exchange. Attendees of the activity include Zhou Zhongping, Deputy Secretary of Yixing Municipal Party Committee, Zhou Feng, Director of Municipal Party Committee Office, Zhou Xueqiang, Head of Gaocheng Town, Jiang Bo, Deputy Party Secretary. The delegation was received by Jiang Xipei, Founder, Chairman of the Board of Directors and Party Secretary of Far East Holding Group Co., Ltd., Jiang Huajun, Deputy Secretary of the Party Committee, Vice Chairman and CEO of Far East Smarter Energy Co., Ltd. (hereinafter referred to as Smarter Energy, stock code: 600869), Zhou Dongjiao, investor, Party Committee member, Assistant President and CAO, Chen Haiping, investor, Smarter Energy Senior Director and Assistant to General Manager of Far East Cable, and Li Jianfeng, investor, Smarter Energy Marketing Director and Senior Director of Far East Cable.

Zhou Zhongping Makes his Speech

　　Zhou Dongjiao presided over the exchange meeting. Commissioned by Shen Jian, Secretary of Yixing Municipal Party Committee, Zhou Zhongping delivered a speech on behalf of Yixing Municipal Party Committee and the Municipal Government. He pointed out that Yixing and Jiangyin are the two wings of the development of Wuxi. Fasten is a great enterprise that has made remarkable contributions to the economic and social development of Jiangyin and Wuxi. It is a model for people in Yixing business sector. As a modern enterprise which is the first-class in China and leading in the world, Far East Holding Group Co., Ltd. is a banner of industrial economy in Yixing. It has trained a large number of outstanding talents for the economic and social development of Yixing City. Fasten visited Yixing this time to share their valuable experience, hoping that the two sides would actively communicate management experience and development ideas, promote and make more outstanding contributions to the local economic and social development.

Zhou Jiang Makes his Speech at the Meeting

　　Zhou Jiang praised Far East as an enterprise developing at the call of the times. He said that Far East presents high level in both stationary positioning at the production site and strategic orientation for the future development of the industry. The learning experience at Far East will deliver a profound impact on the future development of Fasten. He pointed out that Wuxi boasts numerous manufacturing enterprises. In such a complex and volatile international environment and under the great domestic pressure, how to achieve transformation and development is a major task for every manufacturing enterprise to think about. Far East Holding Group Co., Ltd. has realized great leap in the field of smart energy industry and is advancing toward high end manufacturing; in terms of investment, it has also achieved remarkable results by combining traditional manufacturing and capital. Zhou Jiang hopes that Fasten employees carefully study the experience of Far East to facilitate the transformation and development of Fasten.

Jiang Xipei Makes his Speech at the Meeting

Zhou Dongjiao Presides Over the Exchange Meeting

    Jiang Xipei expressed gratitude for the recognition and encouragement of the Municipal Party Committee, the Municipal Government and Chairman Zhou Jiang. He pointed out that this is a great era for private enterprises. In the past decades, private enterprises have made contributions to the social and economic development of our country. As an outstanding representative of the private enterprise, achievements of Fasten in the last fifty years didn’t come easily. Jiangyin’s industry development experience is worth learning for Yixing. Since the arrival of Secretary Shen Jian, some of Jiangyin’s outstanding industrial development experience has been brought to Yixing. We believe that under the leadership of the Municipal Party Committee and the Municipal Government led by Secretary Shen Jian, Yixing will create brilliant future.

　　Jiang Xipei shared the development strategies of Far East from aspects like “main business + investment”, shareholder structure and distribution mechanism.

　　Main Business: “World-Leading Smart Energy and Smart City System Service Provider”

　　Far East started its business from wire and cable. It has been a leading enterprise in the industry for 19 consecutive years. Its strategy has developed from the single wire and cable industry to the current “main business + investment”. In 2009, Far East implemented its strategy of transformation. In term of the main business, Far East has been committed to becoming the “world-leading smart energy and smart city system service provider”. While maintaining the good momentum of wire and cable business, the listed company implemented concentric diversified development based on the positioning of “smart energy” strategy. In recent years, the listed company has acquired a series of enterprises including Intelligence Power, SEMEUREKA and Far East First. Under the principle of “mutual benefit and win-win outcomes”, Far East has realized the leap forward development of M&A subsidiaries.

　　Investment: “Global Investment Management Expert”

　　As of the end of October, Far East has invested in 329 companies, realized listing of 84 companies in total (including 27 of the New Three Board Stock). The annualized rate return on investment keeps stable above 30%. In the current economic situation, good capital, good projects and good companies are very rare. Our country encourages “mass innovation and entrepreneurship”, but starting businesses is still happening among a small group of people. Even though only a very small number of people can succeed, everyone should have the entrepreneurial spirit. Far East and Fasten share many ideas. Far East hopes to advance the implementation of its strategy of “main business + investment”. However, to be able to land a good strategy, it has to learn from a benchmark, aim at the truly outstanding enterprises at home and abroad, pay attention to their ideas, practices and learn from their announcements, resolutions and other relevant information. At the same time, it needs to consider its actual environment and conditions for constant innovation.

　　Shareholder Structure

　　During its development, Far East has attached great importance to its shareholder structure, i.e. “founder team + business partner team”. Every time when Far East establishes a company, it considers what kind of people to work with, which determines how far the company can go. Far East developed its institutional arrangement of business partners since the early stage of entrepreneurship. From every employee can become a shareholder to the current “incentive of stock ownership for core employees”, Far East brought the concept “people orientation” to a higher level. It established a concept of “excellent employees orientation”. Through the 361 performance evaluation system, it created the environment of positive selection, improved the internal competitiveness, and effectively promoted the development and progress of the enterprise.

　　Distribution Mechanism

　　The ultimate development of an enterprise is facilitated by its staff. Far East has always taken remuneration system as its No. 1 document. The salary of Far East staff is consisted of post salary, annual performance pay, academic salary or title salary and allowances. It is connected with individual performance coefficient and company profit. In addition to salary, insurance and housing fund, Far East also developed the Discount System for Buying Far East Real Estate. Employees enjoy up to 35% off of the real estate cost. At Far East, you can become a shareholder or even a real estate owner without being rich.

Q&A and Exchange

　　Jiang Xipei also introduced Far East education, philanthropy, Far East Trading Pay and Far East Material Trading Center, etc. and communicated with the visiting guests on Far East investment model and the positioning and structure of Far East University.

Discussion and Exchange at the Meeting

　　Accompanied by Jiang Xipei, the visiting guests and leaders visited the MV Cable Factory of Smart Energy, Marine Equipment Cable Factory and Science Museum of Smart Energy.

Visit to MV Cable Factory

Visit to Science Museum of Smart Energy