Zhitong Finance App learned that on September 24, Yongsheng Service (01995) issued a board change announcement. According to the announcement, Mr. Lin Zhong officially resigned as Chairman of the Board of Directors and Executive Director of Yongsheng Services. After his resignation, Mr. Lin Zhong will no longer participate in the daily operations of Yongsheng Services and will only provide strategic advice and support for Yongsheng's continued and stable development in the form of a senior strategic consultant.
The board of directors also announced that Mr. Lin Zhubo, the current executive director and president of the company, took over as chairman of the board of directors, Mr. Liu Guohong was appointed as an executive director, and Mr. Ge Ming was appointed as a non-executive director.
The founder handed over the deal, and Lin Zhong fully invested in Xuhui Chemical's bonds and transformation
A person familiar with the matter told reporters that working as chairman of the board of directors of Xuhui Holdings (00884) and Yongsheng Service companies at the same time is increasing for Lin Zhong, who is 58 years old. The core of this resignation from the property is to invest more energy and time into Xuhui's debt conversion and strategic transformation. The goal is to completely resolve the debt problem at the level of listed companies.
The weight of this sentence can only be truly understood by combining Lin Zhong's experience over the past four years. Since Xuhui initiated overseas debt restructuring in November 2022, Lin Zhong has been frequently traveling between Shanghai and Hong Kong to personally interview creditors, repeatedly communicate, seek understanding, and continue to push forward the debt conversion process. It is also this resilient investment that enabled Xuhui to successively complete voting on domestic debt restructuring plans and the entry into force of overseas restructuring plans at the end of 2025, making it one of the few private housing enterprises that have completed domestic and overseas restructuring.
However, after only half a year since the overseas restructuring plan came into effect, Xuhui was unable to pay the second cash payment due in June 2026 due to London property sales falling short of expectations, and had to start optimizing the overseas debt restructuring plan.
Perhaps it was in this situation that Lin Zhong finally made up his mind. He chose to resign as the chairman of Yongsheng Service's board of directors, to withdraw from Yongsheng's specific affairs and invest his limited time and energy in the most critical and difficult part of Xuhui's overall transformation: on the one hand, promoting the implementation of overseas restructuring and optimization plans; on the other hand, opening up space for Xuhui's long-term transformation. Debt conversion and transformation, one is about the bottom line of survival, and the other determines the path of development. Both must not be relaxed, and the latter obviously requires investment and patience for a longer period of time.
Professional managers took over, and Yongsheng completed changes in system governance
With the post-80s Lin Zhubo taking over as the chairman of the board of directors, Yongsheng Service completed the handover between the “founder” and the “professional manager” between the old and the new. This change is also yet another step in corporate governance since LMR took a share.
Lin Zhubo has been the president and executive director of Yongsheng since September 2025. Moving from real estate to property, his first step was to break into the front line. After taking up his new job for half a year, he conducted field research on about 50 projects and completed full-coverage discussions with regional and city managers. In addition, he also took the lead in revising Yongsheng Services' “25 Strategy” and presided over the completion of the 2026 business plan and resource allocation. He stressed that a property is an operations-driven organization. What is needed is “farmer-style” intensive farming, pursuing compound interest growth, and relying on the continuous accumulation of customer base, satisfaction, and penetration rate. “Wanting to understand and go far is far better than working fast.”
This set of thinking was validated in the 2026 interim results. In the first half of the year, Yongsheng Service achieved revenue of 3.61 billion yuan, an increase of 4.2% over the previous year; net profit to mother was 215 million yuan, an increase of 0.6% over the previous year, achieving a steady increase under pressure on the industry. Under Lin Zhubo's leadership, Yongsheng Services worked simultaneously on both sides of “development” and “management” to exit projects with poor quality in an orderly manner, continuously optimize the revenue structure, and promote lean management on the business management side to improve efficiency and effectiveness. After taking office for more than a year, Lin Zhubo won high recognition from the board of directors and shareholders with his practical actions and achievements, and it was only natural that he was promoted to the position of chairman of the board of directors.
Another post-80s promotion, Liu Guohong, shows that Yongsheng Service attaches great importance to operations. According to reports, Liu Guohong is a veteran. He joined the property industry in 2003. Before joining Yongsheng, he worked for Vanke Property, Shenzhen Huaye Property, and Longhu Property. He grew from project manager to operation director, and was the general manager of the listed company Lingyue Property from 2017 to 2019. At Yongsheng, Liu Guohong has been responsible for the western and northern branches, and has been the head of Yongsheng's newly established large operation center since September 2025. People familiar with the matter said that over the past year, he has steadfastly promoted Yongsheng's lean management and promoted operational quality and efficiency through human-robot collaboration, integration of multiple positions, and process re-engineering.
Ge Ming's return, a clear sign of Xuhui's asset-light transformation
At the same time, the announcement also announced the appointment of Mr. Ge Ming as the non-executive director of Yongsheng Services. In fact, he is not a new face of airborne — when Yongsheng Services went public in 2018, Ge Ming was a non-executive director of the company until he stepped down in early 2020. At the time, his status was the vice president of Xuhui Holdings and the general manager of the Human Resources Development Center. He was the core builder of Xuhui's human resources system in the process of moving from 10 billion to 100 billion dollars.
Now that he has returned to Yongsheng's board of directors after a lapse of six years, his status has quietly changed. According to people familiar with the matter, Ge Ming returned to Xuhui in July this year to assist Lin Zhong on a full-time basis in promoting multi-business collaboration and asset-light strategic transformation.
At present, Xuhui has built an asset-light matrix composed of construction, property, leasing, commerce, and asset management. Each business line has both the ability to run independently and has formed a close collaborative chain. As the only mature sector in this matrix to be independently listed, Yongsheng Services has Ge Ming as a non-executive director, which is a perfect fit. He has rich experience in human resources management and enterprise strategy implementation, which will provide strong help to Yongsheng in dealing with current industry challenges, and will also further implement Xuhui's overall asset-light transformation strategy.
For Yongsheng, founder Lin Zhong's transformation is not just an adjustment in energy allocation; it essentially pushes Yongsheng to complete a transformation from a “family business” to an “institutionalized enterprise.” Meanwhile, Lin Zhubo and Liu Guohong, a group of post-80s managers went to the front of the stage, and Ge Ming returned to escort them as non-executive directors. Between progress and retreat, the path of succession and professional division of labor between old and new was already clear.
2026 is the beginning of the “15th Five-Year Plan”, and “improving the quality of property services” is being promoted in an integrated manner at the national strategic level. Under the policy trend, Yongsheng Services welcomed a brand new, younger and more dynamic executive team. It is worth looking forward to what kind of future this young team will lead Yongsheng to.