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on the evening of september 4, gengxing co., ltd. announced that the company's seals, certificates and documents were out of control, causing a continuous adverse impact on the company's normal operations.

on the evening of the same day, the shanghai stock exchange issued a regulatory work letter to gengxing co., ltd. the reason for handling the matter was "clarifying regulatory requirements on matters related to the company's official seal and license documents", and the subjects involved were listed companies, directors, supervisors and senior management.

dispute whether the seal is lost

according to the latest announcement from gengxing co., ltd., there are different opinions on whether its seals and certificates were lost.

on september 4, gengxing co., ltd. noticed that some media reported that relevant personnel of the company's former management still kept the company seals and certificates in the office.

at the same time, gengxing co., ltd. learned that the fuzhou municipal market supervision administration received a statement that the company's seals and certificates had never been lost.

at present, the original management personnel of gengxing co., ltd. have not yet handed over the company seals and certificates to the current management personnel.

gengxing shares announced that the company's seals, certificates and documents are out of control, which has had an adverse impact on the company's governance and operations. the company will pursue the legal responsibilities of the relevant responsible persons in accordance with the law and investigate all losses caused to the company.

at the same time, gengxing co., ltd. 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 its relevant seals, certificates and documents.

gengxing co., ltd. stated that during the period when the company's relevant seals and certificate information were out of control, the company would not recognize any contracts, agreements, documents of a contractual nature or other written documents signed by anyone using the above seals, and all legal consequences and responsibilities arising therefrom had nothing to do with the company.

infighting between the old and new management continues

in its latest announcement, gengxing co., ltd. detailed the process from the loss of its seals and certificates to its loss of control.

on the evening of august 28, gengxing co., ltd. announced that the relevant personnel of the company's original management should take inventory of the company's seals, certificates and documents, and hand them over to the relevant personnel of the current management. however, as of that day, the relevant personnel of the company said that the company's seals, certificates and documents had been lost and the relevant transfer procedures could not be completed.

at the same time, relevant personnel of gengxing co., ltd.'s current management have not been able to enter the original office space normally since august 29.

gengxing co., ltd. announced that in order to reduce the adverse impact of the above-mentioned matters on the company's daily operations and ensure smooth communication channels between the company and relevant parties and investors, the company changed its office address and investor contact information.

from the above information, it can be seen that the loss and loss of control of gengxing co., ltd.'s seals and certificates and documents highlight that the infighting between its new and old management is still ongoing.

looking back, gengxing co., ltd. changed its controlling shareholder to zhejiang haixin in march this year, and completed a major reshuffle of directors, supervisors and senior managers from june to august. however, during the above-mentioned change process, it encountered doubts from relevant personnel of its original management team, and eventually problems such as loss of control of seals, certificates and documents occurred.

at present, gengxing co., ltd. operates around bulk commodity trading business, mainly focusing on coal, coke and other coal chemical products. in the first half of 2024, it achieved revenue of 223 million yuan, a year-on-year increase of 6.70%; net profit attributable to shareholders was -36.5884 million yuan, compared with -19.7412 million yuan in the same period last year.

pictured: some financial data of gengxing shares' 2024 semi-annual report

however, when the board of directors of gengxing co., ltd. was deliberating on the proposal for its 2024 semi-annual report, its independent director yu lixin cast an abstention vote on the grounds that the company's 2024 semi-annual report could not be guaranteed to be true, accurate, and complete.

in response to this, the shanghai stock exchange issued a regulatory work letter on the evening of august 28, stating that the reason for handling the matter was that "some independent directors clearly stated regulatory requirements regarding the non-authenticity of the 2024 semi-annual report."

now, the shanghai stock exchange has once again issued a regulatory work letter regarding the loss of control of seals, certificates and documents of gengxing co., ltd.

as of the close of september 4, the total market value of gengxing co., ltd. was 1.184 billion yuan, down more than 50% from the beginning of 2024.