IT'S A FIRST for a S-chip: The executive chairman of Yangzijiang Shipbuilding, Mr Ren Yuanlin, has emerged as Ernst & Young Entrepreneur Of The Year China 2011.
He will represent China at the E&Y World Entrepreneur of the Year competition next year in Monte Carlo, Monaco.
The China award, presented on Nov 4, came hot on the heels of the Singapore award, which was won by Richard Eu, CEO of Eu Yan Sang International.
Recognized globally, the awards honour the most outstanding entrepreneurs who inspire others with their vision, leadership and achievement.
Created in the United States in 1986, the awards program has grown to cover more than 140 cities in 50 countries and territories.
Last year, in a first for Singapore, the E&Y World Entrepreneur award went to Olivia Lum, CEO of Hyflux, a water-treatment company.
The E&Y Entrepreneur Of The Year China award honours bold entrepreneurs who achieve success by combining ability and opportunity. The program rewards business people with their ideas, vision and energy to create positive changes in the Chinese economy, such as developing new markets, creating employment and improving the competitiveness in their respective industries.
The China award this year could enhance not only Yangzijiang's image but also the 'good S-chips' which have been suffering from the fallout of scandals of their lesser peers.
Mr Ren has over 30 years of experience in the shipbuilding industry, and has worked in the Group and the Group’s predecessors since the 1970s.
He started as a worker, and has transformed Yangzijiang as a force to be reckoned with in the Chinese and global shipbuilding industry.
His vision was simply to evolve Yangzijiang to be the best shipbuilder in China. Yangzijiang has gone through two major shipping down cycles and come out stronger.
Yangzijiang currently is one of the largest S-Chips listed on the Singapore Stock Exchange, both in terms of profitability (RMB1.9 billion in 1H2011) and market capitalization (currently S$3.7 billion). Its order book comprises 126 vessels worth US$5.5 billion as at 30 June 2011.
When the Economic Cooperation Framework Agreement came into effect in 2010 between China and Taiwan, Yangzijiang became the first mainland company to successfully list in Taiwan through Taiwan Depository Receipts.
Mr Ren also stays well ahead of the curve when it comes to reading the changing industry dynamics. He has emphasised on R&D at Yangzijiang so it develops bigger and more fuel efficient vessels.
As a result, Yangzijiang is the first Chinese shipyard to win orders of large 10,000 TEU container vessels. With continuous innovation, Yangzijiang not only helps the Chinese shipbuilding industry but also does its part in moving towards more environment friendly vessels.
“It is my privilege and honour to have received this award and I would like to sincerely thank Ernst & Young and the panel of judges for bestowing it on me," said Mr Ren.
"I would also like to thank the entire team at Yangzijiang for believing in me over these years. This award is dedicated to the entire Yangzijiang workforce because without your support Yangzijiang would not have achieved its current glory. The Group has come a long way from its humble beginning and we believe that we are still growing and progressing towards building Yangzijiang into a large and diversified marine group.”