The hottest foreign investment has led to domestic

On July 1, 2011, the gate of Qiantang synthetic new materials Co., Ltd. (hereinafter referred to as' Lanxi Qiantang ') located in Lanxi City, Zhejiang Province was closed. Through the gate, you can see that the factory is still in normal production

this is a factory affiliated to Jiangsu Sinorgchem Technology Co., Ltd. (hereinafter referred to as' Jiangsu Sinorgchem '), which produces catalyst products exclusively for the antioxidant production base under the group

at this time, it has been 15 days since the board of directors of the company made a resolution to dismiss Gu Yong, general manager of Lanxi Qiantang on June 15. During this period, Jiangsu Sinorgchem executives, including Cai Zhengqi, CEO and CFO of Jiangsu Sinorgchem, and Ma Lizhi, the new general manager of Lanxi Qiantang appointed by the board of directors, went to Lanxi several times, but they did not complete the handover, and were firmly blocked by the 'factory protection team' composed of workers, who had not yet stepped into the company

the name Sinorgchem once became the protagonist of a controversial acquisition with Carlyle investment group (hereinafter referred to as' Carlyle ') in 2008. The complexity of this case also lies in many cases, such as the equity dispute between Liu Jing (Jin Yueyi), the chairman of its predecessor Shanghai Sinorgchem Industrial (Group) Co., Ltd., and Shi Guangqiang, the founder of the company

the 32nd issue of outlook Oriental weekly in 2010 reported this with "the phantom of a champion enterprise's' high-ranking children 'and" Carlyle's acquisition of Sinorgchem case investigation "

why did Lanxi Qiantang fall into today's deadlock just because of the change of general manager

factories that cannot be taken over

on June 15, 2011, four people, including gaoshiming, vice president of Jiangsu Sinorgchem, and Li Xu, chief financial officer, held an interim Board of directors and announced that Ma Lizhi would replace Gu Yong as general manager of Lanxi Qiantang

in the morning of June 16, Ma Lizhi and other senior executives of Jiangsu Sinorgchem rushed to Qiantang, Lanxi to take over, and were stopped by workers outside the door. On the same day, Ma Lizhi stood at the door holding the resolution of the board of directors and announced: 'Gu Yong has been dismissed', shouting 'open the door', but no one paid attention

'Ma Lizhi is the project engineering director, and he has the construction of two factories in Caoxian and Taizhou to watch. Why should he be sent to take over Lanxi Qiantang at this time?' Gu Yong believed that Ma Lizhi was sent to 'steal' the Lanxi factory. 'as early as 2009, when I was sent to Lanxi, the senior management told me to finish the factory after the situation in Lanxi was settled.'

the main function of this factory, which settled in Lanxi, Zhejiang Province in 2001, is to provide a raw material catalyst for the antioxidant products of Sinorgchem. In those years, it was the core technology exclusively owned by Sinorgchem. In order to prevent technology leakage, Sinorgchem deliberately divided the production line into two parts, which were placed in Cao County, Shandong Province and Lanxi, Zhejiang Province. Nowadays, there are substitutes for this kind of catalyst in the market

since it was a welfare enterprise at the beginning of its establishment, Lanxi Qiantang took in some disabled workers, so it has received preferential policies from the government. At present, it is also a large local taxpayer. The government obviously does not want such enterprises to evacuate

'what will the workers do if there is no factory? Most of them are local farmers. Many of them stayed in the factory ten years ago. The place here is small, and there are few working machines that should be repaired or replaced in time. How to arrange them? If the factory is forcibly closed, mass incidents may be triggered. " An official in Lanxi told this newspaper

Chen Qi, the public relations manager of Jiangsu Sinorgchem, replied to this magazine: he was unaware of the confrontation of Lanxi Qiantang company, and the takeover work is going smoothly at present. Others were not explained

since June 16, senior executives of Jiangsu Sinorgchem, including Ma Lizhi, have come to Lanxi every week to try to promote the takeover, and asked relevant leaders of Lanxi City and Majian town government for coordination. Caizhengqi also appeared in person, but there was no progress at all. Until the publication of this journal, none of the above-mentioned Jiangsu Sinorgchem executives have set foot in Lanxi Qiantang factory

until June, Lanxi Qiantang still supplied products to Jiangsu Sinorgchem. On June 29, 2011, Cai Zhengqi sent an email to the financial directors of Jiangsu Sinorgchem, Anhui Sinorgchem, Carlyle Sinorgchem, and Tai'an Sinorgchem, saying: 'without my permission, no funds shall be transferred to Lanxi Qiantang.'

for the production bases under the saint Olympics in Jiangsu Province, due to the headquarters' suspension of supply and demand exchanges with Lanxi Qiantang, they had to purchase catalysts externally, resulting in a sharp rise in costs

circuitous change of ownership

the face-to-face confrontation failed, and Jiangsu Saint Olympics adopted circuitous tactics

on June 22, 2011, Ma Lizhi found Jinhua and said that the business license and all official seals of Lanxi Qiantang company were lost. He was entrusted by Gu Yong to publish a lost and invalid statement, which was published on June 23

after the lost statement was published in the newspaper, Ma Lizhi went to the Lanxi Public Security Bureau to ask for a replacement of the official seal. Lanxi and the estimated profit margin of the group in the third quarter of 2018 was 15%. Tong Fang, the legal adviser of Qiantang and a lawyer of Zhejiang Danxi law firm, told outlook Oriental weekly: in their subsequent investigation, the handling personnel of Lanxi Public Security Bureau said that at that time, it was necessary to issue the business license of Lanxi Qiantang, and Ma Lizhi, who had not even entered the gate, of course, could not hand it in, saying that it was lost. On the grounds that the company was very busy in production and operation and was in urgent need of official seal, It is requested to engrave the official seal first, and then hand in the business license

after obtaining the official seal, Ma Lizhi took the new official seal and the resolution of the board of directors to Lanxi Administration for Industry and commerce to reissue the business license and complete the change of the representative of the legal person to improve the overall profitability of the business. Finally, Ma Lizhi submitted a copy of the new company's business license to the Public Security Bureau

so far, Lanxi Qiantang has completed the master change procedure

'when we just bought Jinhua at more than 10 a.m., all the change procedures had been completed.' Gu Yong said that Lanxi Qiantang had reported the case to Lanxi Public Security Bureau

the loophole is that Lanxi Qiantang is a hazardous chemical enterprise. According to the regulations on the safety management of hazardous chemicals, the establishment of a hazardous chemical enterprise should first apply to the relevant local departments, submit safety evaluation reports and other documents, and obtain the approval from the local safety supervision and administration department before going through the registration procedures with the industrial and commercial department with the approval

'similarly, the change of the legal representative also requires the pre-approval of the relevant departments, including the change of the person in charge on the safety production license of dangerous chemicals and the approval certificate for the production and storage of dangerous chemicals. At the same time, the person in charge must obtain the certificate of safety production management training. " Hu Pingping, deputy director of Lanxi Safety Supervision Bureau and chief of the dangerous chemical section, told outlook Oriental weekly

as of the time of publication of this journal, Hu Pingping said that the safety supervision bureau had never received an application for changing the legal representative of Lanxi Qiantang and any information

jinzhanmin, the deputy director of Lanxi Administration for Industry and Commerce in charge of enterprise registration, was repeatedly contacted by this newspaper, but he Xianming, the other deputy director, made it clear that Lanxi Qiantang company was known to be a dangerous chemical enterprise when asked by this newspaper, so he could print the report, but he was not responsible for enterprise registration, so he was not in the house

'there are two people in a company, the industrial and commercial legal person and the work safety license. Who is responsible for the problem? As the person in charge of safety, I cannot allow others to disrupt production. " Gu Yong said

the stalemate remains

payroll leaks

Sinorgchem was famous for its Carlyle acquisition in 2008 and a series of equity disputes caused by its leader Liu Jing (Jin Yueyi) in 2009. Many people learned from this that it is the invisible champion of the domestic antioxidant industry

in 2008, Carlyle acquired 40% of the shares of Sinorgchem, and after a number of asset transfers, it established a joint venture with Sinorgchem's Chinese shareholders, Jiangsu Sinorgchem, which owns most of the assets of the original Sinorgchem

the entry of Carlyle once brought the dream of listing to the people of Sinorgchem. Moreover, Wang nongyue, one of the founders of Sinorgchem, told this magazine that according to international practice, the proportion of equity transferred by introducing strategic investors is generally 15%? 20%。 The reason why Carlyle agreed to sell 40% of its equity is that it promised to provide bridge funds (about US $300million) to acquire its competitor fulex company of the United States. Liu Jing has repeatedly stated in the shareholders' meeting and the board of directors that Carlyle's commitment is in her hands

3 years have passed, and these visions have not been realized. Saint Olympics has experienced a series of Turbulence: the founding fathers Shi Guangqiang and Wang nongyue have been out; Liu Jing (Jin Yueyi), the former controller of Sinorgchem group, is on probation for three years; Wang Hao, the chairman of Jiangsu Sinorgchem entrusted by Liu Jing, was unable to return home due to criminal problems

caizhengqi, the CEO appointed by Carlyle, was questioned by insiders of the company because he came from the financial department and did not understand the chemical industry

a payroll of Jiangsu Sinorgchem's employees in 2010 was circulated and caused dissatisfaction among employees. For example, the salary difference of the same position (such as department director and general manager of subsidiaries) is half, and the income of some non operational positions is equal to that of the general manager

'in Saint Austria, wages are absolutely confidential. After the disclosure of this payroll, it can be clearly seen that the senior management's income distribution to the new and old Sinorgchem management and employees is obviously unfair, and the salary of new employees is much higher than that of the old. " An insider of Jiangsu Sinorgchem, who declined to be named, said

'the new management doesn't like the old Sinorgchem people, and even hates everything about the old Sinorgchem. To some extent, it is understandable, but the history of Sinorgchem is too complex. The old people know more about the operation of Sinorgchem and the industry. The company needs these people. So the attitude of the current management is very contradictory. " An executive of Jiangsu Sinorgchem told

when will it return to its peak?

this magazine reported in the 32 issue of 2010 that: on August 11, 2009, the China Chemical Industry Association submitted a report to the Ministry of public security, the Ministry of Commerce, and the State Administration for Industry and Commerce on the saint Olympics incident: if the saint Olympics incident is not taken seriously, 'it will have a devastating impact on China's rubber antioxidant industry, and directly affect the economic security of China's rubber and tire industry.'

China is the world's largest demand country for rubber raw materials. As the only company in the industry that has its own intellectual property technology, Sinorgchem's antioxidant is irreplaceable for tire manufacturers. If there is no antioxidant, the service life of the tire will not exceed 1 month, while the use of antioxidant produced by Sinorgchem can be extended to 3? 4 years

therefore, at the time of M & A, the old Sinorgchem employees were worried about the loss of technology and worried that someone would be sent to the production system to master the production process in the next step

according to public data, since Sinorgchem successfully developed the new antioxidant process in 2001, the growth rate is amazing. From 2002 to 2005, the output value doubled for three consecutive years, and the sales revenue reached 1billion yuan. In 2008, the sales revenue reached 3billion yuan, and the profit and tax was nearly 1billion yuan. In 2009, the sales revenue was 2.2 billion yuan

an executive told this magazine in 2010 that in 2009, driven by the unprecedented prosperity of China's automobile manufacturing industry, the average growth rate of the rubber industry was 23%? 24%, but the sales growth rate of Sinorgchem group is only 20%, less than the industry average. The profit is only 60% of that in 2008

according to the main automobile data in 2010, China's annual sales volume was 18.06 million, with a year-on-year increase of 32.37%, driving the tire and its upstream industry rubber additives. However, the pace of San Ao, the eldest brother of antioxidant, can't keep up

'although 2008 was the global financial crisis, the company's sales in this year