First Read: Greentown China Holdings "Change of Chairman and CEO" (Buy) Gong

Research evidence excerpt

First Read: Greentown China Holdings "Change of Chairman and CEO" (Buy) Gong

Global Research

24 July 2026ab

First Read

EquitiesGreentown China Holdings

Change of Chairman and CEO China

Real Estate

12-month rating Buy

What's new? Mr ZHAO Hui appointed as Chairman and CEO

On 23 July 2026, Greentown China announced that Mr ZHAO Hui, former Chairman of 12m price target HK$13.00

CCCC Real Estate and age 59, has been appointed as the Chairman of the Board and

the CEO, and Mr JIANG Feng, from CCCG and age 49, has been appointed as an

Price (23 Jul 2026) HK$7.47

executive Director and executive President. Meanwhile, Mr LIU Chengyun has resigned

as the Chairman of the Board and non-executive Director, and Mr GENG Zhongqiang RIC: 3900.HK BBG: 3900 HK

has resigned as the acting CEO but remains as an executive Director. Trading data and key metrics

52-wk range HK$11.55-6.41

Our View: Share price may react negatively

Market cap. HK$19.0b/US$2.42b

We expect the market to react negatively to the management changes. Mr ZHAO Hui

Shares o/s 2,540m (ORD)

was the former Chairman of CCCC Real Estate during 2018-2019 and then the general

Free float 41%

manager of the market development department of CCCG. He joined Greentown China

Avg. daily volume ('000) 10,758

in June 2025 and has served as executive President, ie., involved in company's strategy

and operations for one year. We expect investor concerns may focus on 1) his Avg. daily value (m) HK$91.1

background in CCCG's real estate restructuring, 2) his age is one year away to the Common s/h equity (12/26E) Rmb35.3b

retirement age. P/BV (12/26E) 0.5x

Net debt to EBITDA (12/26E) 5.8x

EPS (UBS, diluted) (Rmb)

UBS Cons.

12/26E 0.03 0.30

12/27E 0.37 0.52

12/28E 0.71 0.56

Vera Gong, CFA

Analyst

vera.gong@ubs.com

+852-2971 8950

John Lam, CFA