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seizing seals and certificates, "snatching" old employees, fighting for control... the conflict between the new and old management teams of gengxing co., ltd. (600753.sh, share price 5.14 yuan, market value 1.184 billion yuan) is becoming increasingly fierce.

on the evening of september 4, gengxing co., ltd. announced that the company has noticed media reports that the company's former management personnel still keep the company's seals and certificates in the office. at the same time, the company learned that the fuzhou municipal market supervision administration received a statement that the company's seals and certificates had never been lost.

gengxing shares stated in the announcement: "as of now, the company's former management personnel have not yet handed over the company's seals and certificates to the company's current management personnel.the company seal, certificate and license information are out of control, which has had a lasting adverse impact on the normal operations of the company."

the conflict between the new and old teams of gengxing co., ltd. has attracted the attention of regulators.the shanghai stock exchange issued a regulatory work letter to gengxing co., ltd. regarding matters related to official seals and licenses, requiring the company to clarify regulatory requirements on relevant matters. the subjects involved are listed companies, directors, supervisors and senior management personnel.。

at the close of trading on september 4, gengxing shares fell 2.1%. since 2024, the company's stock price has fallen by more than 50%.

the original management team repeatedly “made trouble”

the dispute between the new and old teams of gengxing co., ltd. over official seals and certificate information began on the evening of august 28.

according to the first report by the daily economic news on the evening of august 29, on the evening of august 28, the new management team of gengxing co., ltd. had a conflict with tang yonglu, the former general manager of gengxing co., ltd., when handing over seals and other documents. the incident ended with the latter withholding seals of about 20 subsidiaries.

that night, because the official seal and certificate information of the listed company were not seen in person, zhejiang haixin energy co., ltd. (hereinafter referred to as zhejiang haixin), the current controlling shareholder of gengxing shares, led the listed company to issue an announcement announcing that the relevant information was lost.

on the afternoon of august 29, tang yonglu told reporters that the company's official seals and licenses were all there and had not been lost. "we have reported to the shanghai stock exchange and the china securities regulatory commission that the official seals and licenses are all there and are well preserved in the company." (for details, see "the general manager was stopped outside the company on the second day after taking office. the internal fight of gengxing shares intensified and the current management team: "we are completely blocked from the system")

image source: photo by huang hai, reporter of meijing

the original management team of gengxing co., ltd. verbally expressed their hope for a smooth handover many times, but the official seal and license documents were never handed over. when asked about the reasons behind this, tang yonglu once told the reporter of the "daily economic news" that he had two demands: first, he hoped that zhejiang haixin would come up with a plan to reasonably compensate and resettle employees; second, the new and old controllers of the company would meet and communicate.

however, on the evening of september 4, tang yonglu told reporters via wechat that zhejiang haixin had not communicated with him regarding the two demands he had raised.

at the same time, the second largest shareholder of gengxing co., ltd. is also "challenging" zhejiang haixin. on the evening of september 2, gengxing co., ltd. announced that the changle district people's court of fuzhou city has accepted the case filed by fujian ruishan technology co., ltd. (hereinafter referred to as fujian ruishan) against the company's resolution revocation dispute.

it is reported that fujian ruishan requested to revoke the resolution of the third extraordinary general meeting of shareholders of the listed company in 2024. at this general meeting of shareholders, all relevant directors of the original management team were "out".

new and old teams "compete for employees of listed companies"

in the latest announcement, gengxing co., ltd. stated that from august 29, 2024 to the present, relevant personnel of the company's current management have not been able to enter the original office premises normally. in order to reduce the adverse impact of this matter on the company's daily operations and ensure that the company's communication channels with relevant parties and investors are unobstructed, the company has changed its office address and investor contact information.

in addition to the official seal,the new and old management teams also started a "competition" for the old employees of the listed company.。

according to a previous report by the daily economic news, zhejiang haixin issued a notice in the wechat group of gengxing shares employees on the morning of august 29, as it was unable to enter the original office location of the listed company, suggesting that employees go to the designated office location to work, but the wechat group was immediately disbanded by the personnel manager appointed by the original management team.

however, the news was still known to more than half of the employees. according to the secretary of the board of directors of gengxing co., ltd., on the day after the notice was issued (august 30), half of the employees had gone to the designated location of zhejiang haixin to work.

zhejiang haixin's move caused dissatisfaction among the original management team. on september 2, the original management team issued a notice using the remaining official seals in their hands, requiring employees to return to their original offices. employees who did not return to work would be considered absent from work by the original team.

in a notice sent to reporters by tang yonglu, the former management team stated that if an employee is absent from work without reason, the fixed salary and performance salary will be deducted according to the actual number of days of absence. if an employee is absent from work for three or more consecutive days or has accumulated seven days of absence in a year, it will be regarded as a serious violation of discipline. the employee will be terminated in accordance with the labor contract and all benefits and subsidies for the month of absence will be cancelled, and no notice period or any financial compensation will be required.

in this regard, on the evening of september 4, the secretary of the board of directors of gengxing co., ltd. told reporters that the above notice was the content of an email sent by the former general manager on monday (september 2). "since there was a corresponding document within the company before that dismissed the former general manager from all his duties, the employees were not affected by these emails. about 80% of the employees who originally worked in shanghai have already started working in the new office."

in the announcement, gengxing co., ltd. stated that the company has sought help and support from local governments, public security organs, and industrial and commercial administrative authorities, and will actively take relevant legal measures in the future and continue to use various legal and compliant methods to recover or reissue the company's relevant seals, certificates and documents.