2024-08-14
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
Zhejiang capital tycoon Fang Nengbin was detained!
On the evening of August 13, Zhejiang packaging industry leader Dashengda (603687.SH) announced that the company received a notice from the family of Fang Nengbin, the actual controller and chairman of the company, on August 13, 2024. Fang Nengbin's family recently received a notice issued by the Luoyang Xigong District Supervisory Committee.Notice of detention and investigation of Mr. Fang Nengbin.
The picture shows a screenshot of the announcement released by Dashengda
As a celebrity in Zhejiang's capital circle, Fang Nengbin, 55, has rich experience in capital operations. He promoted Dashengda to be listed on the U.S. stock market in 2010 and was the first domestic paper packaging company to be listed in the United States. After switching to the A-share market in 2019, the company's business scope expanded to tobacco and alcohol packaging, perovskite and other fields.
Dashengda stated in the announcement that the company has properly arranged the relevant work. The company has a sound governance structure and internal control mechanism, and will operate in accordance with the Company Law, Shanghai Stock Exchange Stock Listing Rules, Listed Company Governance Guidelines and Company Articles of Association and other laws, regulations and relevant systems.
As of the date of disclosure of this announcement, the company's other directors, senior management and supervisors are performing their duties normally, the company's board of directors is operating normally, and the company's financial and production and operation management are normal.
Dashengda said that as of the date of disclosure of the announcement, the company has not yet been informed of the progress and conclusion of the above matters. The company will continue to pay attention to the follow-up situation, and strictly follow the provisions and requirements of relevant laws and regulations, promptly fulfill its information disclosure obligations and remind of related risks.
According to the 2023 annual report, Fang Nengbin was born in March 1969, has a postgraduate degree, is a senior economist, is the vice president of the 8th Council of the China Packaging Federation, and is the vice president of the China Youth Entrepreneurs Association. Since June 1997, he has served as vice chairman, general manager, and chairman of the board of directors of Shengda Group Co., Ltd.; since April 1999, he has served as director and general manager of Hangzhou Xinshengda Investment Co., Ltd.; from November 2004 to May 2011, he served as a director of Zhejiang Dashengda Packaging Co., Ltd., and from May 2011 to December 2016, he served as chairman of Zhejiang Dashengda Packaging Co., Ltd.; since December 2016, he has served as chairman of Zhejiang Dashengda Packaging Co., Ltd.
On the official WeChat public account of Shengda Group, Fang Nengbin attended the Shengda Enterprise 2024 Half-Year Work Summary Conference on July 20 and delivered a speech. He analyzed the domestic and foreign economic situation, summarized the work of various industries and departments in the first half of 2024 based on Shengda’s actual situation, and pointed out the work requirements for the second half of the year.
Fang Nengbin also attended the Shengda Enterprise 2024 Half-Year Work Summary Conference on July 20 and delivered a speech
According to Dashengda's official website, the company was founded in November 2004 and is headquartered in Hangzhou. It was formerly known as Zhejiang Dashengda Packaging Co., Ltd. and completed its shareholding reform in 2016. The company has established more than 10 subsidiaries in Xiaoshan, Suzhou, Yancheng, Chengdu, Wuhan and other places, and established a design service company integrating "design and marketing" overseas. According to the information, Dashengda is mainly engaged in the research and development, production, printing and sales of paper packaging products. It is a leading paper packaging company in China. Its main products include corrugated boxes, paperboards, high-end wine packages, boutique cigarette packages, biodegradable pulp and environmentally friendly tableware, etc.
According to Cailianshe, Dashengda is a typical family business. The Fang family holds three seats on the board of directors and holds 49.56% of the company's shares through Hangzhou Xinshengda Investment, firmly controlling the listed company. Among them, Fang Wuxiao, 75, serves as a director, and Fang Congyi, 47, is the company's director and president. Judging from the position arrangement, Chairman Fang Nengbin is undoubtedly the core of the management team. The impact of this sudden detention on the company is self-evident.
Dashengda is a typical family business. The picture shows the company's job positions.
Looking at Dashengda's investment map, its main investments are concentrated in Zhejiang Province, and its business revolves around the upstream and downstream of paper packaging. Its core subsidiaries include Zhejiang Aider, a cigarette packaging company, Sichuan Dashengda Zhongfei, a wine packaging company, and Hainan Dashengda, a pulp molding company. On this basis, Dashengda acquired 100% of the shares of Fornax BV in the Netherlands in October 2023, crossed over into the perovskite field, and completed the equity transfer in January 2024, which was included in the company's consolidated financial statements. Fornax BV's business mainly focuses on the field of thin-film photovoltaics, including cadmium telluride thin films and perovskites. Through epitaxial mergers and acquisitions, the company's revenue scale has increased in recent years, but the overall profit is not optimistic due to cost squeeze.
In terms of finance, in 2023, the company achieved operating income of 2.014 billion yuan, a year-on-year decrease of 2.16%; the net profit attributable to shareholders of the listed company was 88.5499 million yuan, a year-on-year decrease of 15.94%; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 64.6552 million yuan, a year-on-year decrease of 13.98%. Dashengda said that the company's operating income and net profit both declined in 2023, mainly due to weak market consumption and intensified competition, which led to a decline in the unit price of corrugated paper packaging and a decline in gross profit margin.
In the first quarter of 2024, Dashengda achieved operating income of 467 million yuan, a year-on-year increase of 4.56%; net profit attributable to shareholders of listed companies was 17.7835 million yuan, a year-on-year decrease of 10.07%.
Previously, the company had attracted market attention due to the postponement of its fundraising and investment projects.
On the evening of June 24, Dashengda issued an announcement stating that it plans to postpone the date of the "Pulp Molded Environmentally Friendly Tableware Intelligent R&D and Production Base Project" (hereinafter referred to as the "Environmentally Friendly Tableware Project") reaching the scheduled usable state to June 2025. This is the second postponement of the project.
At that time, Dashengda stated that as of now, the first phase of the environmentally friendly tableware project has been basically completed and put into operation, the construction of the second phase factory workshops and other main projects has been completed, and the procurement progress of major equipment and auxiliary equipment has slowed down compared to the original plan.
At the 2023 performance briefing held on June 4, in response to investors' questions about whether the environmentally friendly tableware business can get on track this year, the company stated that it has formed export and domestic sales teams based on domestic and foreign market conditions, actively participated in foreign exhibitions, and developed diversified sales channels for products. It has recently completed relevant certifications such as the US FDA and the EU LFGB, and is continuing to handle other qualification certifications to prepare for subsequent customer factory inspections and product exports.
In the secondary market, on August 13, Dashengda fluctuated throughout the day and closed up 0.45% at 6.63 yuan, with the latest market value of 3.6 billion yuan.
As of March 31, 2024, the number of Dashengda shareholders was 12,600.
Dashengda currently has 12,600 shareholders
edit|||Cheng Peng Gai Yuanyuan
Proofreading|He Xiaotao
Daily Economic News is compiled from company announcements, China News Service, Cailianshe, and China Securities Journal