Actively responding to national strategies
Empowering real industries with data
Recently, Hailiang, as the first private enterprise in Zhejiang to sign an agreement, officially listed on the Shanghai Data Exchange and completed its first day of trading. This signifies Hailiang as the first non-ferrous metal processing enterprise in China to complete data trading on the Shanghai Data Exchange.
This data product trading in the non-ferrous metal processing industry is a vivid example of Hailiang’s digital transformation. In May 2023, Feng Luming, a member of Hailiang Group’s board of directors and the president of Hailiang, led a delegation to visit the Shanghai Data Exchange in the company of the Pudong New Area Business Commission. During the visit, they engaged in discussions and exchanges with key leaders of the Shanghai Data Exchange on topics such as how to promote data productization in the manufacturing industry and explore practical applications of data commodities.
Hailiang, driven by digital reform, is shaping new development momentum. In the earlier stages, substantial data resources were accumulated through digital transformation. It actively responded to the national digital economy strategy and, through this transaction, transitioned its data from internal use to external use, further unlocking the value of data assets and laying a solid foundation for the release of “secondary value”.
A new era of “digital assets”
Data trading leading the future
Since the 18th National Congress of the Communist Party of China, the Party Central Committee with Comrade Xi Jinping at its core has attached great importance to the development of the digital economy, elevating it to a national strategic priority. General Secretary Xi pointed out, “Promoting the efficient flow and utilization of data, empowering the real economy,” and emphasized the need to “build a digital economy with data as a key element.”
On October 25, the National Bureau of Statistics was officially established, tasked with coordinating and advancing the construction of data infrastructure, overseeing the integration, sharing, and utilization of data resources, and coordinating the planning and development of the digital China, digital economy, and digital society.
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The Interim Provisions on Accounting Treatment of Enterprise Data Resources issued by the Ministry of Finance marks a significant moment in the development of the digital economy. Starting from January 1, 2024, data resources will be officially recorded on the balance sheet, which formally establishes the inclusion of various data resources owned by enterprises in accounting and treats them as a new asset. This not only signifies China’s formal entry into a “digital asset” era but also has profound and positive influence on improving the measurement system of the digital economy, stimulating the vitality of data elements, and promoting the development of the digital economy, fully harnessing the immense value of data resources.
Hailiang Group’s digital transformation
Sailing towards new horizons
Under the guidance of the “Eight Strategies”, Zhejiang Province regards the high-quality development of the digital economy as a key driver for advancing common prosperity and regional modernization. It vigorously promotes the development of the digital economy, aiming to create internationally competitive digital industry clusters. Hailiang Group seizes the opportunity of digital economic development and collaborates with leading domestic and international partners such as Huawei, ByteDance, Ernst & Young, SAP, and others. They work together to advance process reengineering, enhance precision management, and improve collaborative efficiency in various application scenarios such as smart factories, intelligent supply chains, retail, and digital campuses, aiming at building multi-scenario intelligent solutions.
Within one year, Hailiang Group achieved 100% cloud migration for its core systems and brought all critical systems into a digital environment, marking its official entry into the cloud era. Within two years, several shared projects, including HR, finance, and procurement, were successfully implemented and completed comprehensive improvements in management efficiency. Digital projects like the “Hailiang Brain” Digital Operation Center, Lark office collaboration, comprehensive data governance, and information security systems will further enhance the Hailiang’s data governance capabilities, contribute to closed-loop management between strategy and execution, and strengthen the core competitiveness for the future.
In the future, Hailiang Group will accelerate the industry’s digitization and digital industrialization, with the aims of achieving data-assisted decision-making and precision management, deepening the application of smart scenarios in areas such as production and manufacturing, education, and ecological agriculture. It will collaborate with partners to explore new opportunities for the integration of data and intelligence and initiate a new era of digital development.