21st Century Business Herald reporter Zhu Yiyi reported from Hangzhou
“The former secretary of the board of directors resigned, the financial director resigned, the general manager resigned, the director resigned, the representative resigned, can the board office perform its duties normally?”
On December 23, *ST Park City (600766.SH) was tortured by investors, and the company only used the understatement “The current board office is performing its duties normally.” Please stay tuned to the company’s announcement” replied.
In the past year, *ST Yuancheng encountered the departure of five people, including former board secretary Liu Changxi, chief accountant Xu Jiafang, vice chairman, director and general manager Hao Zhouming, director Lin Hai, and Zhendai Xiao Liyuan, which could not help but make people question the company’s operation.
*ST Park City is just a microcosm.
According to incomplete statistics from Wind data, the 21st Century Business Herald reporter found that in the past year (January 1, 2021 – December 23, 2021), there were 4,672 announcements on the resignation of directors, supervisors and senior executives of A-share listed companies. From 2019 to 2020, there were 3,748 and 4,071 “resignation” announcements of directors, supervisors and senior officers respectively.
In the past three months (September 23, 2021 – December 23, 2021), A-share directors and supervisors left 1,157 resignation announcements, and near the end of the year, there was no lack of chairmen, general managers and financial directors resigned.
In the past three months, 1,157 announcements pointed to the resignation of Dong Jiangao
The 21st Century Business Herald reporter checked 1157 announcements in the past three months, and the resignation body involved 107 of the chairman and vice chairman.
For example, on December 17, Shanxi Fenjiu (600809. SH) Chairman Li Qiuxi retired at an age and applied to resign as the company’s chairman, director, chairman of the strategy committee of the board of directors, and member of the nomination committee. In addition, Hangzhou Oxygen Co., Ltd. (002430. SZ) Chairman Jiang Ming, Zhongyuan Environmental Protection (000544. SZ) chairman Li Jianping resigned because he had reached the legal retirement age.
Another more common type of chairman resignation reason is “due to job changes/adjustments”, such as on December 3, China Resources Sanjiu (000999. SZ) Chairman Wang Chuncheng submitted to resign as chairman and director of the company due to job changes. In addition, Starlight Agricultural Machinery (603789. SH) Chairman Gu Yifeng and Kazai Xi (600436. SH) Chairman Pan Jie also resigned for this reason.
In addition, among the 1,157 announcements, 169 items involving the resignation of the general manager and deputy general manager included “personal reasons” and “job adjustments”, and many of the reasons for resignation were “to devote more time and energy to other duties”.
Just on December 23, Huarong shares (603855. SH) General Manager Hu Zhirong and Deputy General Manager Li Miaohua both submitted resignation reports, announcing that General Manager Hu Zhirong will continue to serve as chairman and chairman of the strategy committee of the board of directors after his resignation; In order to devote more time and energy to the operation and management of Huarong Lighting Co., Ltd. and Huarong Optoelectronics Technology Co., Ltd., Li Miaohua, deputy general manager, will continue to serve as a director of the company and a member of the remuneration and assessment committee of the board of directors after his resignation.
On December 14, another listed company, China Super Holdings (002471. SZ) general manager Huo Zhenping officially announced his resignation, “in order to focus more on the work of the chairman of the relevant subsidiary”, after his resignation, he still served as vice chairman of the listed company, chairman of Jiangsu Changfeng Cable Co., Ltd. and chairman of Changzhou Zhongchao Graphene Power Technology Co., Ltd.
In addition, there are 45 cases involving the resignation of the CFO, and since December alone, ST Senyuan (002358.SZ), Shouxiangu (603896. SH), Camellia Shares (603615. SH), Western Gold (601069. SH) and other financial directors of 12 listed companies resigned.
In addition to ST Senyuan, it is worth mentioning that the financial directors of many “star and hat” companies such as *ST Changdong, *ST Boxin, *ST Bangxun, ST Kao, ST Rongtai, *ST Cloud City and many other “stars and hats” have also left.
In this process, there were many cases where the CFO of a listed company concurrently served as the secretary of the board of directors and both resigned from both positions.
For example, on September 30, Shi Yunqi, director, chief financial officer and secretary of the board of directors of ST Shengda (002259.SZ), resigned from the above three positions due to personal work reasons.
Similarly, Changfei Fiber (601869. SH), AVIC Optoelectronics (002179. SZ), Wolong Real Estate (600173. SH).
The post of board secretary, once considered a “high-risk occupation”, has 78 corresponding announcements in the past three months, which is even higher than the number of announcements of the resignation of the financial director.
It should be pointed out that after the resignation of many board secretaries, they still hold other positions in the company.
For example, on December 20, Haofeng Technology (300419. SZ) deputy general manager and secretary of the board of directors, Ning Yuzhuo, resigned, but continued to serve in the company after his departure.
Not only that, but the latitude of the mountain (688579. SH) Board Secretary Zhao Yongguang will continue to serve as a director and senior vice president of the Company after resigning as Board Secretary.
A special case is Huaxia Happiness (600340. SH) Board Secretary Lin Chenghong resigned as Board Secretary due to job transfer, but will continue to serve in the Company and continue to work with relevant departments of the Company to advance the Company’s debt restructuring plan.
In the past 3 months of the resignation of the board secretary, ST Ronghua, *ST Shenglai, *ST Weihai, *ST Fenghua, ST Yuntou, ST Baling and many other “star-wearing hat” companies have emerged behind it.
In addition, 54 of the 1157 announcements included the resignation of securities representatives.
Although there are various reasons for the departure of directors and supervisors of listed companies, the market has a different interpretation.
On December 24, a person with a second-level concern analyzed to the 21st Century Economic Herald reporter, “As the regulator increases the supervision of listed companies, the pressure on the executives of listed companies has been much heavier, whether from the perspective of responsibility or the information disclosure of equity reduction, there are higher requirements, and it is inevitable that there will be senior executives who resign.” ”
51 listed company INEDs left within a month
On November 12, Kangmei Pharmaceutical ruled that INEDs bear joint and several liability of hundreds of millions of yuan, which triggered a controversy over the performance of duties by A-share INEDs.
According to the previous statistics of the 21st Century Business Herald reporter, in just one week from November 12 to November 19, Sunwoda (300207. SZ), ST Huading (601113.SH), Guangtian Group (002482. SZ), Zhongma Transmission (603767. SH), Daheng Technology (600288. SH), Liaoning Chengda (600739. SH), Mu Linsen (002745. SZ), True Vision (002771. SZ), Fuchun Environmental Protection (002479. SZ) and nearly 20 independent directors of A-share listed companies have resigned one after another.
Extending the timeline, there have been 147 announcements about the resignation of independent directors in the past three months, and the situation of collective resignations is still spreading.
Among them, since November 12 (December 23), there have been 94 announcements on the resignation of independent directors. In December alone, 51 independent directors of A-share companies resigned.
The expiration of the term of office is a relatively common situation: *The two independent directors of ST Haichuang (600555.SH), Xu Linxiang and Fu Jinde, have served as independent directors of the company for six consecutive years as of December 23, 2021, so they resign at the expiration of their terms.
Similarly, Zhang Jianjun, independent director of Jieshun Technology (002609. SZ), who has been an independent director of the Company since December 21, 2015, has served for six years and therefore submitted its resignation on December 20, 2021.
Development of Zhangzhou(000753. SZ), Antai Technology (000969.SZ), Bank of Jiangsu (600919. SH), and other 10 listed companies, have expired their terms of office.
In addition, many independent directors have hurriedly submitted their resignations “for personal reasons”.
For example, on December 17, Shuangliang Energy Saving (600481. SH) independent director Wang Ruzhu applied to resign as an independent director of the company “due to university job management”.
In Hengtai Epp (300157. SZ) announced his resignation due to “due to personal job changes, he did not have enough time to participate in understanding the company’s operating conditions and attending various meetings of the company.”
In fact, there is also an implicit consideration of the balance between the rights and obligations of INEDs.
“Many independent directors of listed companies have their own professions, if they attend meetings once or twice a year, do not participate in the company’s operation and management, they do not understand some risk points in the company’s business activities, but only conduct formal review in law, and the risk of being an independent director is very large.” On December 23, an executive of a listed company in Shanghai made this analysis to the 21st Century Business Herald reporter.
Lai Shen Tongling and Bandung Optoelectronics, who resigned collectively from executives, both faced a “change of owner”
Focusing on individual cases, on December 9 and December 21, Lai Shen channeled (603900. SH) has received resignation reports from three independent directors, Hu Xiaoming, Zhou Xiaohu and Huang Dechun.
In fact, this is the company’s fourth resignation announcement since December.
Before the collective departure of the three independent directors, on December 6, Shen Dongjun, chairman of Lai Shen Tongling, resigned as president of the company due to personal reasons, but still served as the company’s chairman and other positions.
In addition, on December 16, Chen Chuanming, a director of Lai Shen Tongling, also resigned as a director due to personal reasons.
Careful investors must have found that Lai Shen Tongling is playing a “battle” between old and new actual controllers.
Due to the divorce of the original actual controller Shen Dongjun and his wife Ma Qiao, the shares held by Ma Qiao were divided, and the brothers and sisters of Ma Qiao and Ma Jun, who held more shares, became the new actual controllers of the listed company, and the two parties fought for the company’s board seats.
Previously, on December 6, Ma Jun, the company’s new controlling shareholder, sent a letter to the company’s board of directors to convene an extraordinary general meeting, requesting that the removal of director Chen Chuanming, independent directors Zhou Xiaohu, Hu Xiaoming and Huang Dechun be deliberated, and new directors and independent directors be elected at the same time. Shen Dongjun, director Wang Zheng and three INEDs all voted against the request for “re-election” of the board of directors.
However, it did not take long for the directors and INEDs who were involved to choose to “turn passive into active” and collectively resign from the board.
From 2018 to 2020, its net profit fell for three consecutive years, falling by 32%, 27% and 32% respectively, and the net profit in 2020 was 100 million yuan, which was far from the peak of 300 million yuan in 2017.
At present, the market value of Lai Shen Tongling has shrunk to 2.5 billion yuan, and the market value of 10 billion yuan is no longer prosperous.
Another company on the cusp of the storm is Bandung Optoelectronics (300710. SZ）。
On December 14, the listed company also announced the resignation of Zheng Jing, secretary of the board of directors of Wanlong Optoelectronics, Shi Xiaoping, financial director and deputy general manager, Zhu Guotang, director and Lin Yifeng, deputy general manager.
On the same day that the four executives resigned en masse, the board of directors of Wanlong Optoelectronics also announced two personnel announcements, one of which was the appointment of Zhang Dongtao as the new financial director; The second is to nominate Lei Qianguo, Mao Jiangang and Ye Quan as new director candidates.
Behind the collective change of executives, Bandung Optoelectronics is also experiencing a “change of owner” power transfer.
According to the announcement on September 7, Xu Mengfei, one of the controlling shareholders and actual controllers of Wanlong Optoelectronics, intends to transfer 20% of the shares of the listed company to Hangzhou Qianquan Technology Partnership (limited partnership), Hainan Li’an Min Investment Partnership (limited partnership) and Fu Xiaotong, and signed the Supplementary Agreement to the Share Transfer Agreement with the above parties and Lei Qianguo.
If the transaction is completed, the actual controller of Bandung Optoelectronics will become Lei Qianguo.
Up to now, the above-mentioned share transfer is still pending the transfer registration procedures.
It is worth mentioning that this successor, Lei Qianguo, has just resigned from a listed company. Just a day ago, on the evening of September 6, Fangda Special Steel (600507. SH) announced that due to personal reasons, Lei Qianguo, director and vice chairman of the company, resigned.
However, Wanlong Optoelectronics, which is newly owned by Lei Qianguo, experienced a cliff-like decline in performance after its listing in 2017.
Wanlong Optoelectronics, which is mainly engaged in radio and television network equipment and data communication system business, deducted non-net profits of 38.16 million yuan, 44.04 million yuan and 41.38 million yuan from 2015 to 2017, respectively, but in the first year after listing, the performance “changed face” declined, in 2018 deducted non-net profit of only 2.99 million yuan, 2019-2020, deducted non-net profit are losses, respectively -6.42 million yuan and -6.76 million yuan.
For the decline in the company’s performance, on December 24, the 21st Century Business Herald reporter called Wanlong Optoelectronics, but the phone has not been answered.
As of the close of trading on December 24, the total market value of Wanlong Optoelectronics was only 3.9 billion yuan.
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