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china fund news reporter niu siruo

the dispute over seats on the board of directors of gengxing co., ltd. is becoming increasingly tense.

after the eight original directors were dismissed, zhao chenchen took office as the new chairman of gengxing co., ltd.gengxing co., ltd. issued an announcement stating that it had dismissed former general manager tang yonglu and three other senior executives.

at the time of a "major reshuffle" in the management, relevant personnel of gengxing co., ltd. stated that the company's seals, certificates and documents had been lost and the relevant transfer procedures could not be completed.

the day before, the company's independent director had just cast an abstention vote on its semi-annual report, stating that he could not guarantee the truthfulness, accuracy and completeness of the company's semi-annual report this year.

when the old and new forces alternate

loss of official seal and certificate information

on august 28, gengxing co., ltd. announced that the company's eighth board of directorstang yonglu was dismissed from his position as general manager, li xiuxin from his position as board secretary, and liang mingmei from her position as deputy general manager., and all three no longer hold any other positions in the company.

on july 31, gengxing co., ltd. held an interim shareholders meeting on its own. zhejiang haixin, the current controlling shareholder, as the initiator, successfully dismissed eight members of the original board of directors and elected new board members. after that, the competition for seats on the board of directors of gengxing co., ltd. escalated again.

according to the announcement, in terms of appointment,jiang binbin was appointed as the company's general manager and vice chairman, xu peng was appointed as the company's financial director, and tang fengfeng was appointed as the company's board secretary.prior to this, gengxing co., ltd. issued an announcement on august 1st, saying that the board of directors recently held a meeting to review and approve the relevant proposals.chairman changed to zhao chenchen。

it is reported that zhao chenchen, jiang binbin and xu peng all hold important positions in companies owned by zhong renhai, the actual controller of zhejiang haixin. so far, the board of directors of gengxin shares has undergone a "major reshuffle".

it is worth noting that on august 28, gengxing co., ltd. stated that as of now,relevant personnel of the company stated that the company seal, certificates and documents had been lost and the relevant transfer procedures could not be completed.

in response, gengxing co., ltd. stated: "during the above-mentioned risk period, any contract, agreement, document of a contractual nature or other written document signed by anyone using the above-mentioned seal will not be recognized by the company, and the relevant responsible persons will be held legally responsible and all losses caused to the company will be investigated in accordance with the law."

performance continues to decline

independent directors cannot guarantee the authenticity of the semi-annual report

on august 27, the semi-annual performance report released by gengxing co., ltd. showed that in the first half of 2024, the company achieved revenue of 223.4 million yuan, a year-on-year increase of 6.7%; net loss of 36.59 million yuan, a year-on-year decrease of 85.34%; operating cash flow net outflow of 11.9338 million yuan, compared with a net inflow of 78.01 million yuan in the same period last year.

gengxing shares stated that in the first half of 2024, due to market factors such as the decline in coking coal prices and insufficient downstream effective demand, the scale of the company's commodity supply chain business has declined. at the same time, the company has steadily promoted the gradual transformation from traditional old energy to new energy, and this business is still in the orderly advancement stage.

on the same day, gengxing shares announced thatindependent director of the company yu lixinthere is no guarantee that the company's 2024 semi-annual report is true, accurate and complete. at the board of directors meeting held on august 26, the board of directors abstained from voting on the proposal to approve the company's "2024 semi-annual report (full text and summary)".

yu lixin stated that in 2023, zhongshen zhonghuan accounting firm issued a qualified audit report regarding the large amount of overdue accounts receivable resulting from related transactions between gengxing co., ltd. and its affiliates ningxia weizhong energy technology co., ltd. and shaanxi weitian tengda technology co., ltd., as it was unable to obtain sufficient and appropriate audit evidence on the credit risk assessment of the accounts receivable and whether the provision for credit impairment was reasonable.