2020 is extraordinary, for it is such a difficult year with COVID-19 epidemic and once-in-a-hundred-year changes that most people could have never imagined. To survive is not just a company's goal but an unforgettable test for many individuals of the society to go through. Like every company waiting for the spring to come, Cedar has undergone development bottlenecks and unexpected twists and turns. Instead of buckling under the heavy snow, Cedar stands tall and remain green, shining through the thick mist.
Achievements made in an extremely difficult situation is invaluable. In the past 12 months, commodities business, as the core business of Cedar Holdings, plays a crucial role in ensuring supply chains safety, especially the overseas supply chains, which constitutes a key part of China's dual circulation strategy. To pursue self-reliance on technology through international cooperation remains the guideline for Cedar's new materials business to grow. That's why 2020 witnessed its efforts to fill gaps in China's chemical sector with several chemical facilities built and put into operation. Cedar also did a good job in industrial coordination. It has launched a group of urban renewal projects in order to promote industrial upgrade. As Cedar International Trust gradually repaid its debt as it promised, its business operation has basically returned to normal.
Moving into 2021, we want to live not just longer but better and be not just great but great for all. To this end, we have to stay true to our strategy and identify the right way to the future in spite of uncertainties. Simply speaking, looking forward, I suggest we choose the great way, stick with innovation and have a firm belief.
First and foremost, we need to choose "the Great Way" which shall lay the foundation of our efforts. "The Great Way" refers to Chinese national strategies and plans, as well as the trend of times. We should go the Great Way and create sustainable values for our country and society, which is a company exists for.
Behind Cedar's trillions of worth of commodities business is our choice of the Great Way. As we ride the wave of Chinese national strategies and the trend of times, grasp opportunities of development and tap into the potential of growth, we strive to play a key part in Chinese manufacturing sector and stand out from top companies. Without forward-looking planning and painstaking transformations, it is impossible for us to get aboard the express of Chinese market economy and go this far. From being great to being great for all, Cedar sticks to "the Great Way".
Second, we should stick with innovation as the driver of development. China needs to strengthen innovation more than ever. That means it is the most important task for us, a private company, to make an innovative business.
Innovation act not only motivation but also pressure. A faster runner and a less beaten track could easily become the target for suspicion and misunderstanding. GE, Apple, Google, Tesla... Not a single innovation power of each era grew without controversy. This is what an innovator and pioneer has to go through. As a saying goes, "The one who wants to wear the crown, must bear its weight". A hard worker who follows “the Great Way” shall emerge through trials and tribulations and make achievements.
As an innovation driven company, Cedar was bombarded with slews of controversies for its constant transformed and updated business model. The company distinguished itself from what it used to be after it acquired Zhongjiang Trust, the predecessor of Cedar International Trust in late 2018. As the majority stakeholder of Zhongjiang Trust, Cedar took over Zhongjiang Trust burden, threw its weight behind Zhongjiang Trust in solving the complicated problems of debt repayment while safeguarding the legitimate interests of Zhongjiang Trust's shareholders and investors. Because of that, Cedar unavoidably had fundamental interests’ conflicts with these shareholders and vested interest groups behind them. These vested interest groups falsely accused us and spread defamatory rumors about us on reports. We came under a variety of malicious attacks that keep escalating, which were entirely different from the controversies we suffered before.
As an ancient Chinese saying goes: "It takes a harsh winter to reveal the perseverance and steadfastness of pines and bamboos." Cedar never wavered in its efforts to solve Zhongjiang Trust's legacy problems, for which Chinese financial regulators is clear about who should be accountable. Whether it is controversy and defamation, we must stay calm andrationally see them as the price we pay for exploring new grounds and pursue success. We have always been on "the Great Way", which is exactly the right way to go. There is no better proof than our sound reputation built up over the past two decades. From regulators, partners on the upstream and downstream of our supply chains, clients to our investors and stakeholders, they believed in our competency and sense of responsibility.
To move forward, we need to work hard. There is no alternative. Do our own thing, go our own way and the future will give you the best possible answer.
Third, we should have a firm belief, which is the guarantee. A company's success depends on its beliefs and convictions, rather than its strategies or tactics. What we need for the "Long March" of our business development is a firm belief and hard beats of our steps. We chose “the Great Way” to create values for our country and the society. With this firm belief in what we do, we are fearless and positive.
Only companies with firm beliefs can grow against all odds. Difficulties never frightened Cedar. It is difficulty that shape a nation's spirits, a society's resilience and strong characters of private companies like Cedar. We started up as a small local company with no power connections or shortcuts available. What we have achieved so far would not be possible without our firm beliefs, strong committment to our missions, effective execution and resilience. A company's spirit is precious legacy that cannot be missed at any time. When we talk about championing a can-do spirit for future development, we are saying that a can-do spirit is what it takes for a company to have a future.
China is finally on home stretch to achieve its first centenary goal - building a moderately prosperous society in all respects. On the basis of that, China has embarked on a new journey towards modernization. The 14th five-year plan proposing a new development pattern and self-reliance on technology strengthened our confidence on development. On the annual Central Economic Work Conference, the central government pledged to give priority to strengthening strategic technological innovation and ensuring the control of supply chains among the eight key tasks for 2021. These two are also what we have been working on for years and will stay on the top of our list in the coming days.
For years, Cedar has established a coordinated business landscape with the focus on commodities business. In 2021, we are set to power the corporate growth with commodities plus technology. In terms of commodities, we will adjust our development approaches to the strategic needs of the new development pattern. This involves reinforcing our commodities industrial chain while promoting coordination between our domestic business with overseas supply chain, which will better ensure raw materials supply for Chinese manufacturing sector and smooth trade flow. When it comes to technology, we will work on independent R&D and foreign technology introduction and investment, foster a new materials industrial cluster targeted at crucial technology breakthroughs and create more industrial value for Chinese innovation-centred modernization.
The world moves on in a never-ending process of the new replacing the old. We are moving into the new year, ready to embark on the next journey. Phoenix is the bird that stands the test of fire. Cedar is the pillar that stand the test of time. I would like to extend my gratitude to everyone in Cedar for sticking together to defend Cedar against unprecedented challenges and prepare to embrace possibly bigger ones ahead.
Our dream is definitely worth fighting for. Our future is bright, because the way we choose is right.
Wish you all a happy new year. Wish our dreams come true.
