China Resources could be planning further inroads into Hong Kong with executive’s promotion, analysts say

Wang Cuijun, 55, takes over as the general manager of state-owned China Resources (Holdings)

Wang’s experience in Hong Kong will immensely help China Resources if the company plans to boost its presence here, says analyst Kenny Ng

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Published: 6:50pm, 2 Jun 2022

State-owned conglomerate China Resources (Holdings) is expected to raise its profile in Hong Kong following the elevation of an executive with intricate knowledge of doing business in the city, analysts say.

Wang Cuijun, 55, was last week named as the general manager of the company which controls a large number of publicly traded units in Hong Kong, including Hang Seng Index constituents CR Beer and CR Land.

Wang joined China Resources, which is under the stewardship of China’s State-owned Assets Supervision & Administration Commission (SASAC) in 2021, serving as deputy secretary of the party committee and director.

The senior engineer previously worked with China Merchants Group. The 150-year-old state enterprise founded and headquartered in Hong Kong, which started off in shipping, later branched out into real estate, banking and insurance among other businesses.

Wang Cuijun, 55, has been named as the general manager of state-owned conglomerate China Resources (Holdings). Photo: Weibo

“Wang’s background definitely gives him a better understanding of Hong Kong as well as the business operating style here,” said Kenny Ng Lai-yin, a strategist at Everbright Sun Hung Kai Securities. “That would help greatly if the company boosts its presence here, which is what the market is expecting.”

China Resources was established as Liow & Co in Hong Kong in 1938 by Yang Lianan, with the backing of Zhou Enlai and Chen Yun – two of the Communist Party’s eight elders. Its original purpose was to use funds raised from the public to procure material to support Chinese resistance against the Japanese in the Second World War.