Founded in July 2003, Qinghai Soda Industry with a registered capital of 1.453 billion yuan is experiencing a change of control. The Qinghai Soda Industry Co., Ltd., originally owned by Zhejiang Glass, was taken over by the Haixi Prefecture Government of Qinghai Province due to huge debts.
“We have no way of knowing whether the Qinghai Soda Industry, which has been taken over by the Haixi Prefecture government of Qinghai Province, will be returned to Zhejiang Glass.†On November 16, the Deputy Director of the Office of the Government of Shaoxing County, the Director of the County Listing Office and the County “Zhejiang Glass Solutions†The working group coordination team leader, "Chang Shulin told the China Business News," that since Zhejiang Glass has already shouldered more than RMB 5 billion in debt, Zhejiang Glass is incapable of doing enough for the Qinghai Soda Industry, but the governments of Qinghai Province and Haixi Prefecture directly The measures for the forced takeover of private assets are obviously not in conformity with legal principles and are debatable.
As of this press release, the reporter received the latest news that the three-level governments of Zhejiang Province, Shaoxing City, and Shaoxing County are moving to establish a higher-level “Zhejiang Glass Relief Work Groupâ€. A game between the Zhejiang government and the governments of Qinghai, Haixi, and Delingha is beginning to open.
Zheng Changshan sits "Qinghai Alkali Industry Management Committee"
From October 1st onwards, Zheng Changshan, the current chairman of Potash Fertilizer in Qinghai Salt Lake, received a new position, director of the “Qinghai Alkali Industry Management Committeeâ€. Zheng Changshan told reporters that he was entrusted by the government and assigned to enter the Qinghai Soda Industry, and he will do everything in his power to ensure the latter's normal production and operation and help the government manage this asset.
"I was sent by the government. Of course, it represents the government. It has nothing to do with the Salt Lake Group or Salt Lake Potash." Zheng Changshan, a long-sleeved dancer in the capital market, once served as the financial director of the Salt Lake Group.
“The task that the government has given me is to ensure the normal production and operation of the Qinghai Soda Industry during the debt treatment and maintain the stability of the existing cadre and staff team. I will take the lead to lead the existing team,†Zheng said.
It is reported that at present the "Qinghai Alkali Industry Management Committee" is mainly composed of government management personnel, experts and the original enterprise management team. Zheng Changshan stated that the government is negotiating with the Salt Lake Group, China National Salt Corporation, or other companies for the reorganization or acquisition of Qinghai Soda Industry. These tasks are not related to the "Qinghai Alkali Industry Management Committee."
The reporter was informed through multiple channels that Qing Xiang Alkali Industry Management Committee, headed by Zheng Changshan, and deputy director of the company, Xiang Xiangrui, also came from the Salt Lake Group. The original Qinghai Alkali industry’s core management directors Dong Ligang (general manager) and Feng Mufu (operator) only served as managers. Advisory Committee. Xu Guanfu (party secretary) and Chen Chungang (production vice president) in the original management team served as deputy directors or members of the management committee.
The Salt Lake Group sent at least more than 10 staff members (including Qi Xiangrui, Long Siqing, Shi Chunlei, Fan Jizhou, Dong Jun, Zhang Shoubin, Duan Wenji, etc.) to serve in the Qinghai Alkali Industry Management Committee. The positions include many key positions such as finance, sales, production, human resources, raw material procurement, and synthesis.
“Not to mention Dong Ligang, Xu Guanfu and others have no power. Since Zheng Changshan officially entered the committee in late October, several officials including the Standing Committee of the Provincial Party Committee of Qinghai Province, Vice Governor Luo Yulin and the Haixi government have made several trips. Qinghai Alkali Industry has publicly stated that all assets and personnel of the Qinghai Alkali Industry must be unconditionally accept the leadership of the Management Committee, said informed sources.
Why did Qinghai Soda Enterprise, Zhejiang Glass Co., Ltd. spend so much money in 2003, be forcibly taken over by the government?
According to the data, Qinghai Alkali Industry is located in Delingha Industrial Park, Haixi, Qinghai Province. The company's first-phase production capacity of 890,000 tons of soda ash production line was put into production on September 28, 2005. In 2006, the output was 617,000 tons. Sixth in the same industry in the country, it achieved a total industrial output value of 59.633 million yuan, ranking 16th in Qinghai Province, achieving a sales income of 800 million yuan, and paying taxes of 58 million yuan.
The investing party is Zhejiang Glass in Yangshuoqiao Industrial Development Zone (National Comprehensive Development Experimental Zone) in Shaoxing County, Zhejiang Province. It is the first private company listed in Hong Kong and specializes in float glass manufacturing, processing and sales.
From the perspective of industrial relations, soda ash is the main raw material for the production of flat glass, and its consumption accounts for 33% of the production cost of flat glass. Zhejiang Glass invests in the western region and implements a cross-regional development strategy to achieve the extension of the industrial chain. It seems that it can ensure the supply of raw materials and increase its own strength.
Huge debt forced Zhejiang Glass?
"I can only tell you that there are a lot of debts, and it's amazing." Zheng Changshan has been in the Qinghai Soda Industry for more than a month. As the helmer, the first thing after he took charge is to cooperate with the government's assets and flow of Qinghai Soda Industry. Capital, product inventory, historical debt, etc. are verified and implemented.
Although no specific number was disclosed, Zheng Changshan's statement undoubtedly confirmed the social rumors that huge debts have forced Zhejiang Glass to go away.
"According to our understanding, bank borrowing debt occupies 90% of the scale, such as arrears to the Agricultural Bank of more than 1 billion yuan, but the money is obviously not from the Qinghai Province or the Haixi State Government, nor is it from the Delingha City Government. We do not It is clear that the debt problem between the enterprise and the bank could have been solved through legal channels, and it was suddenly taken over by the local government. "Chang Shulin of the Shaoxing County government did not deny the fact that the Qinghai alkali industry was highly indebted.
Cheng Shulin stated that huge amounts of debt forced Zhejiang Glass to leave, but in terms of how to pay for debt, in recent years, a number of chemical companies, including Tangshan Sanyou Chemicals, China Building Materials, and Shanghai Chlor-Alkali Chemicals, have purchased Green Glass's alkali industry from Zhejiang Glass. The issue was negotiated.
A staff member of the Zhejiang Glass Securities Department also stated that “although all the commercial negotiations ended in failure, Zhejiang Glass, as an investor, has been actively admitting the relevant debts and confirming that it will eventually be returned.†It was also unexpected that the industry encountered mandatory government takeovers in Qinghai Province.
It is understood that the "Zhejiang Glass Relief Work Group" formed by Shaoxing County, Shaoxing City, and even the relevant government departments of Zhejiang Province was established in early September 2010. Afterwards, the working group had communicated and communicated with the Qinghai Province several times on how to deal with the debt of the Qinghai Alkali Industry.
"We still did not expect that Qinghai Province suddenly decided to take over the management in mid-October." Cheng Shulin said that if it was previously huge debts that forced Zhejiang Glass to sell Qinghai Soda Industry to repay its debts, then after compulsory takeover, It means that Zhejiang Glass, as the first investor and major shareholder, was swept out of the local government.
Who will reorganize Qinghai Soda Industry?
At 4 a.m. on November 18th, I remembered that as soon as I walked out of the Delingha City Railway Station, I saw far-sighted that Qinghai Alkali Factory, which covers an area of ​​nearly 10,000 mu, was brightly lit. “I heard that the Salt Lake Group will restructure the Qinghai Soda Industry in the next step. Before the reorganization, the existing companies will be bankrupted, and the employees will be required to collectively buy out their jobs and then compete for jobs. This will become a subsidiary of the Salt Lake Group.†Qinghai Alkali employees said that many people now want to be reorganized and afraid of being laid off.
Salt Lake Group, Salt Lake Potash Securities Office officials all told reporters that the Salt Lake Department will not restructure the Qinghai Soda Industry. However, Zheng Changshan said that including his own assignment to the Qinghai Soda Industry is a government intention. As for what the government wants to do, whether the next step will require the Salt Lake Group to start collecting the Qinghai Soda Industry, and it is unaware of it.
The reporter obtained confirmation from the Public Security Department of Qinghai Province that the Qinghai Soda Industry was forcibly taken over by the Hercynian government. On the other hand, the company’s debt case involving the case has been classified as an economic case by the Public Security Department of Qinghai Province.
“Because of the high asking price of Zhejiang Glass during the early negotiations, we can be sure that Sanyou Chemical, China Building Materials, and Shanghai Chlor-Alkali Chemical have lost interest in the Qinghai Soda Industry.†said a Haixi state government, who declined to be named. Officials said that at present, in addition to the rumor that the Salt Lake Group may collect Qinghai Soda Industry, the local government is still in negotiations with China National Salt Corporation.
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