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China’s ‘king of software’, Wang Wenjing, steps down as president of enterprise management systems firm Yonyou amid mounting losses

  • Tech billionaire Wang, 60, will remain in his roles as Yonyou chairman and chief executive, overseeing corporate strategy and product development
  • The senior management shuffle at Yonyou reflects the firm’s effort to turn around its business after about two years of stagnant revenue growth

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Yonyou Network Technology founder Wang Wenjing retains his roles as chairman and chief executive at the Beijing-based enterprise management systems company. Photo: Weibo
Ben Jiangin Beijing
Tech billionaire Wang Wenjing, who was once known as China’s “king of software”, has stepped down as president of enterprise management systems provider Yonyou Network Technology, as the company he founded in 1988 continues to struggle with sluggish sales and mounting losses amid the mainland’s weak post-pandemic economic recovery.
Wang had tendered his resignation with immediate effect, according to Yonyou’s filing with the Shanghai Stock Exchange on Wednesday. “The company’s board expresses its sincere gratitude to Wang for his contribution,” the Beijing-based firm said.

The 60-year-old Wang – with a net worth of US$3.1 billion as of January 5, according to Forbes – will remain in his roles as Yonyou chairman and chief executive, overseeing corporate strategy and product development, according to a separate statement released by the firm.

Veteran Yonyou executive Chen Qiangbin, 48, takes over as company president, with a focus on operations and management, according to the company. After joining Yonyou in 2000, Chen was involved in software development, sales and then served as general manager at the firm’s branch offices in Beijing, northern Hebei province and southwestern Sichuan province.

Yonyou Network Technology, formerly known as Ufida, has been mainland China’s largest enterprise management software provider for many years. Photo: Shutterstock
Yonyou Network Technology, formerly known as Ufida, has been mainland China’s largest enterprise management software provider for many years. Photo: Shutterstock

Yonyou, ranked by research firm Gartner as one of the world’s top 10 enterprise resource planning (ERP) software providers, saw its shares close down 2.48 per cent to 16.49 yuan (US$2.32) on Friday.

ERP refers to software designed to automate business processes, as well as provide insights and internal controls, often in real time. It manages operations including accounting and finance, procurement, supply chain, manufacturing, human resources and collaboration.

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