Wang Jianming, former chairman of Guangxi Yuchai’s stock company known as “the king of powerâ€, held a three-year-old company under control of Yangzhong Co., Ltd. in Jiangbei, a small town in northern Jiangsu province. However, he not only failed to build one here. The "Yuchai mythology" was instead plunged into a quagmire in various conflicts until personal freedom was lost. At noon on December 15th, Wang Jianming, who had lost 35 days of freedom, finally met his wife Li Gongzuo. The latter told the Southern Weekend reporter after meeting that the Jiangyan municipal government will continue to “protect†Wang Jianming because the government believes that the king is seeking to raise debt. Suppliers may have excessive behavior. Wang Jianming holds 59.5% of the shares of the company, the largest company in the country. It is reported that the Jiangyan city government allowed the Wang Family and Wang Jianming to meet in order to promote the company's equity transfer. Since Wang Jianming was restricted from personal freedom on November 10, he urged other shareholders to move away from Jiang Hao, and the transfer of shares of the company was forced to shelve. Wang Jianming, former chairman and chief executive officer of Yuchai Corporation, once created “Yuchai mythologyâ€â€”a local small factory that is remotely located and unknown, and has become the “China’s largest internal combustion engine production base†and became the second The Chinese companies listed on the New York Stock Exchange won the title of "king of power." However, the “king of power†has not only failed to promote glory and rejuvenation, but has also caused the company, which was highly hoped by the local government, to enter a production stoppage. The company’s liabilities have soared by three times when the king took over, resulting in the company’s staff blocking the road. Paying compensation, alerted the four parties. In the past three years, what did Wang Jianming and Wang’s partners actually do to allow Wang to sit down as a “prisoner†and become an object of controversy? Good start In April 2005, Wang Jianming, chairman of Yuchai, signed an agreement with Yuchai’s foreign shareholders without the approval of the Yulin municipal government, which resulted in severe criticism from the government. Six months later, the Yulin municipal government removed the chairman of Wang Jianming Yuchai. Originally, Wang's term of office should end on October 21, 2009. Although Wang Jianming, who had just gone away, is 59 years old, he is still ambitious to do a new job in the internal combustion engine industry. Soon afterwards, Wang Jianming met under the auspices of the old leader of an industry association, Ge Lanqing, president of Yangdong Co., Ltd., Ge was trying to withdraw from the internal-combustion engine industry to be more familiar with real estate, and he was in tune with the king. According to public reports, Ge Jianqing took the initiative to find Wang Jianming. He gave Wang a surprise after a mouthful: “You say it, how can you come to us! If you want to buy shares, I will transfer all of your shares to you! If you want annual salary, 10 million, 20 million, or 30 million, you say a few." “Ge Lanqing’s attitude is very sincere, and even asked Gao Jiming, the party secretary of the time, to come forward, so Wang Jianming is still more grateful for his personal brand recognition Li Gongzu said to the Southern Weekend reporter. On December 26, 2005, the two parties signed an equity transfer agreement and Wang invested 10 million in holdings. This 10 million is not cash, but is gradually paid by the king in the future dividends raised. On the same day, Wang Ge and two also signed a supplementary agreement, Wang will transfer all commercial land raised at a low price to Changgong Group (Ge's enterprise in Wuxi) or a third party designated by Ge. In this equity transfer, the Wang, Ge, and Jiangyan municipal governments have completed their respective interests. Wang got a good platform that could continue to realize the ideals of the industry. Ge Ru was willing to withdraw from the internal combustion engine industry and got resources to enter the real estate industry. Jiangyan City Government found a star entrepreneur for the largest company in the area. However, the above-mentioned supplementary agreement has buried the endless disasters in the future. After the Spring Festival in 2006, Wang Jianming started his second venture in Yangchen. At the beginning of his term, he let his subordinates marvel at the predictability and authority of his market. Discontinue production of engines that do not meet Euro II standards, and use “quality differentiation†to achieve product price increases. In particular, the price increase reflected his courage. "The 2006 multi-cylinder Xiaochai was all lowering prices, and light-card users were very sensitive to prices," said Kang Yong, the head of Yang's marketing company, who told the Southern Weekend reporter. "Our marketing company is not sure about this price increase." However, Wang Jianming strongly implemented the requirement of an average increase of 10% -12%. From June 1, 2006, the three models with the largest production and sales volume were all suspended from supply, and they were only able to sell the "blue machine" with rising prices. The end result is that the market has recognized Wang Jianming's price rises in this contrarian, and even led to the prices of other manufacturers. “Wang’s decision to save the multi-cylinder Xiaochai industry, which was then cut to the verge of collapse, is not an exaggeration to say so.†Dai Wenzhong, the first general manager of Changjian Group after Wang Jianming took over, told the Southern Weekend reporter. At the time, some engines were promoted by some auto makers in an exclusive announcement, implying that some of the models were monopolized in the market. [next] Capital trap There are indications that the product being raised does not sell back. The move stopped production in September this year because of a break in the capital chain, seeing that "machines can make money when they turn up, but there is no money to buy raw materials," Jiang Lingguo, general manager assistant of Marketing Promotion, told the Southern Weekend reporter. Shortly after taking up the post, Wang Jianming found out that the funds raised were already running short. One of the things he did the most over the past three years was to "find money." Prior to 2008, he had always made his son Wang Zheying the chairman of the board. Hu Yuhong, who came from Yuchai, was the general manager. He only used foreign capital as a major shareholder to attract foreign capital: to increase capital and expand stocks, persuading former Yuchai dealer partners Hu Xiaohu and Fu Zhicai. Invested 30 million, and has been looking for investment in international investment banks. Several of the employees who were interviewed by the Southern Weekend reporter mentioned Wang Jianming. They used the metaphor of "Dragon told the end but no end" and there were employees who said: The Jiangshan country where the Yang was raised was "The Grand Father went outside to open up the rift, and the little emperor was at home. Sitting on Jiangshan, Guangxi's prime minister assisted." This alienation and separation obviously does not contribute to the healthy operation of the company. Fu Zhicai is currently the second largest shareholder of Yangdong with 17.9% shares. He recalls that when he entered the campaign in September 2006, the corporate debt data he got was an astonishing 3 billion yuan, and the king took over. The debt data is only one billion yuan. It is hard to understand that the debt will increase by 200 million in more than half a year. Wang Jianming’s explanation is that Ge Lanqing’s withdrawal of more than 60 million shares of principal plus arrears of 156 million yuan in land transfer money directly led to the dangerous state of the capital chain that has been on the verge of breaking for two years. Liabilities have been increasing. On November 24, Yan Liming, spokesperson of Jiangyan City's stationing investigation team, told the Southern Weekend reporter, “The net debt is 425 million, which is 320 million more than Wang Jianming took over in early 2006.†Here we must return to the supplementary agreement signed by Wang Jianming and Ge Lanqing three years ago. In that year, the most valuable asset to raise was 303 acres of commercial land. According to the agreement, in May 2006, the shareholders’ meeting was approved to be transferred to Changgong Group at a low price of RMB 850,000 yuan per mu, with a total value of RMB 246 million. The two parties also agreed that “the extent to which the factory is relocated,†and to what extent the corresponding land price will be paid,†and that the 303-mu land will provide more than 100 mu of land for the mortgage of 144 million bank loans. “The mortgage has not been lifted. In the absence of relocation of the factory, the corresponding land price does not have to be paid." Therefore, Yang Jin only received nearly 90 million yuan of land from Changgong. Why did Wang Jianming sign such an apparently unequal agreement? An insider of the Wuxi Changgong Group disclosed to the Southern Weekend reporter that “in view of the assets and brand effect of the campaign, if Wang Jianming does not have 10 million, he can take debts and take stocks.†The Wang family explained that the land shortage was due to Wang Jianming’s relatively weak legal awareness when he signed the transfer agreement, and he had not carried out asset assessment and legal consultation beforehand. However, the Changgong Group publicly stated after the outbreak of the conflict that the procedures for land transfer were completely legal. Friends of the enemy In the case of foreign investment, the bank interest must be paid every month. Wang Jianming began to ask Ge Lanqing to return all interests of the government during the reform of the system in 2002. The biggest benefit is of course 303 acres of industrial land converted to commercial land. Ge Lanqing pointed out that this is an unreasonable requirement because all legal procedures for the transfer of land rights and interests are in place. Wang Jianming chose to enter the judicial process. Before that, he admitted to the government that there was a violation of the company law in the process of the equity transfer between Wang Ge and the two parties, and then asked “and Ge Lanqing to bear the liability for their respective faultsâ€. A paper similar to "Jade and Burning" first passed to the Taizhou Intermediate People's Court (Jiangyan City belongs to Taizhou), followed by the Jiangsu Provincial High Court. "Wang Jianming really lacks money, so he has to find a permanent job." An executive from the Changgong Group told the Southern Weekend reporter. Obviously, the equity transfer agreement at the end of 2005 was not that simple. The Southern Weekend reporter obtained a private report from Wang Jianming on May 4, 2009 to Taizhou City Politics and Law Commission. From this we can see that Wang Jianming had already regretted this agreement, and this agreement is not like the media reported after the outbreak of the campaign, as the king was duped and signed. The report revealed vaguely that the agreement in that year was the result of a compromise between the two interests. From Wang Jianming’s report to the Taizhou Politics and Law Commission, he accepted the “unequal treaties†at the time. On the one hand, he was more confident in his own financing capacity. Second, he also made some estimates. “As long as Ge Yunqing did not pump prematurely, Take the funds that were invested in the reforms in 2002 and pay the land money in time, it will still be able to make a living and achieve a win-win situation." Wang Jingming’s petition submitted to the Provincial High Court showed that Ge Lanqing’s withdrawal of all his share capital was in January 2006. Wang hoped that the court “ordered Ge Hao Qing to return to the original principal amount of RMB 61.58 million and calculated interest of RMB 11.744 million. ". [next] Lost City In the second half of 2008, Yang moved into semi-discontinued production. The Jiangyan municipal government began to consider Wang Jianming’s withdrawal from the campaign. However, “There are several aspects that are not settled, such as the transferee’s commitment to raising existing debts,†Li Gongzu told the Southern Weekend reporter. On the evening of November 4th, Wang Jianming received a telephone call from the general manager of the company Hu Yuhong at his Shanghai residence and went to Jiang Yan overnight. “Hu Yuhong called to inform him to attend the meeting the next morning, the Secretary of the Shanghai Municipal Economic Development Bureau, etc. With him, Li Gongzao recalled, "It's a strange phone call. Wang Jianming is the chairman of the board. I don't even know that I want to open such a meeting in advance!" On the morning of November 5, Yangzhou’s factory plant broke out with a large number of “unpaid wagesâ€. At 10 o'clock on the morning of November 10th, the Jiangyan City Commission for Discipline Inspection took Wang Jianming and his son. They dispatched a working group to promote the plant area on the same day to carry out a comprehensive audit of the financial income and expenditure, equity transfer, and land transfer during the equity transfer. As of December 17, Jiang Yan’s investigation of Wang Jianming has not yet reached a complete conclusion. According to the reporter’s understanding, Wang Jianming’s economic problems, which Jiang Yan’s official comparison confirmed, were a 16 million investment made by Wang’s decision. This kind of money may eventually give rise to a fatal capital chain that has already strained. one strike. In May 2006, a woman called Wang Lihua walked into the factory area and discussed with Wang Jianming a project that he was very excited about - a diesel engine project for passenger cars. In Europe, diesel engines and gasoline engines have achieved two points in the car market, but the technology of the car is still blank in the country. Wang Lihua's Italian husband, Mario, is willing to cooperate with China's powerful engine manufacturers to exchange this technology. Italians have technology. Wang Jianming has a conversion platform. It looks like everything is alive. Wang Jianming allocated 16 million to Italians from the campaign. “Wang Jianming’s use of the 16 million people has not been approved by the shareholders’ meeting and no technology has been introduced so far. We hope he can explain the whereabouts of the money.†November 26, spokesperson of Jiangyan Municipal Working Group and Jiangyan Municipal Government Yan Liming, director of the office, told this reporter. On November 21, the reporter went to the factory to raise the factory area. Apart from the abandoned factory building and the bleakness, only the occasional visible workers moved in twos and threes to discuss the future. "A large number of technical staff have been lost to competitors such as Quan Diesel, Weichai, and Xichai," said Xiao Dai, with a blank look at the mold shop. "The loss of technicians is the deadliest."
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