Qiu Yibo, the son of Qiu Jianlin, the actual controller of Hengyi Group, has emerged.
On the evening of January 16, Hengyi Petrochemical announced that due to the company’s strategic development needs, according to the decision of the tenth session of the board of directors of the company, At the 36th meeting, the “Proposal on the Election of Chairman and Vice Chairman of the Company” was reviewed and approved, and Qiu Yibo was elected as the chairman of the company, and Fang Xianshui was elected as the vice chairman of the company.
According to relevant regulations, the above-mentioned job arrangements will take effect from the date of the resolution of the 36th meeting of the 10th board of directors of the company, and the term of office will end until the expiration of the current board of directors.
It is worth noting that the current chairman of Hengyi Petrochemical is Fang Xianshui, a veteran of Hengyi.
Fang Xianshui’s resume shows that he was born in March 1964. He has more than 20 years of production management experience in the petrochemical and chemical fiber industry. He once served as the general manager of Hangzhou Hengyi Industrial Corporation and Hangzhou Hengyi Chemical Fiber Co., Ltd. General Manager, General Manager of Zhejiang Hengyi Group Co., Ltd.
In addition, Fang Xianshui is one of the important shareholders of the company’s controlling shareholder Zhejiang Hengyi Group Co., Ltd. As of the date of this announcement, Fang Xianshui directly holds 3.675 million shares of the company, accounting for 0.13 of the company’s total share capital. %.
Qiu Yibo is relatively young. His resume shows that Qiu Yibo was born in December 1987. He has a bachelor’s degree. He once worked at the East China Branch of Sinopec Chemical Sales Co., Ltd. and is currently the vice chairman and vice president of Hengyi Petrochemical Co., Ltd.
As of the announcement date, Qiu Yibo held 1.05 million shares of the company, accounting for 0.04% of the company’s total share capital.
Compared with this meager share, Qiu Yibo’s other identity is the son of Qiu Jianlin.
Hengyi Petrochemical disclosed that the independent directors believe that after reviewing the resumes and other relevant information of Qiu Yibo and Fang Xianshui provided by the board of directors, we believe that their educational background, work experience, professional abilities and professional qualities are in line with the company’s qualifications and ability to perform duties. The independent directors unanimously agreed to the above personnel and job arrangements.
Hengyi Group was founded in 1974 and has developed into a modern large-scale private enterprise specializing in the production of petrochemicals and chemical fiber raw materials. It has more than 20,000 employees and total assets of nearly 100 billion yuan. , joining the ranks of the “100-billion-dollar army” with an output value, and its founder is Qiu Jianlin.
Compared with the prominent wealth empire, Qiu Yibo’s family is not happy.
Hengyi Petrochemical (then known as *ST Guanghua) announced in April 2011 that based on the divorce dispute between Hengyi Group shareholder Qiu Jianlin and his spouse Zhu Danfeng, the Hangzhou Xiaoshan District People’s Court made a civil In the judgment ((2009) Hang Xiao Min Chu Zi No. 4599), the first instance ruled that Qiu Jianlin and Zhu Danfeng should divorce, and also ruled that Qiu Jianlin’s equity in Hengyi Group should be shared equally by Qiu Jianlin and Zhu Danfeng.
On December 24, 2011, Hengyi Petrochemical announced again that Zhu Danfeng donated all 26.1888% of the equity he held in Hengyi Group to his son Qiu Yibo, resulting in an equity change.
The announcement shows that before this equity donation, Zhu Danfeng and Qiu Jianlin did not form a concerted action relationship. After this equity donation, Qiu Yibo entrusted Zhu Danfeng to exercise his voting rights on the donated equity. Therefore, Qiu Yibo’s gift of equity and Qiu Jianlin did not constitute a concerted action relationship.
In recent years, young Qiu Yibo appears at public events from time to time.
The official website of Hengyi Group published an article in January 2018. The donation ceremony of Hengyi Group Co., Ltd. to the Education Foundation of Hangzhou Normal University was held in the A118 lecture hall of the Academic Exchange Center of Cangqian Campus. Qiu Yibo served as Hengyi The vice chairman and vice president of Petrochemical Co., Ltd. attended and witnessed the donation ceremony.
The official website of Hengyi Group introduces that it was founded in 1974 and has now developed into a modern large-scale private enterprise specializing in the production of petrochemicals and chemical fiber raw materials. It has more than 20,000 employees and ranks among the ” Hundreds of billions of troops” ranks. It is also a giant in the industry, but in the first half of 2019, Hengyi Group’s total liabilities reached 62.160 billion yuan, an increase of 15.34% compared to the end of the previous quarter; the asset-liability ratio was 69.27%, an increase of 6.93 percentage points compared to the end of the previous quarter.
While Hengyi Group’s debt is rising, the debt ratio of its subsidiary Hengyi Petrochemical is also rising.
The Beijing News reporter reviewed Hengyi Petrochemical’s financial reports over the years and showed that Hengyi Petrochemical’s debt ratio has been rising since the third quarter of 2017. At the end of the third quarter of 2017, the company’s debt ratio was only 48.89 %, reaching 52.35% by the end of 2017. In the first quarter of 2018, Hengyi Petrochemical’s debt ratio was 55.98%, which rose to 62.56% by the end of the year. As of the first half of 2019, Hengyi Petrochemical’s debt ratio reached 63.74%.
Hengyi Petrochemical’s 2019 interim report shows that the company’s total liabilities reached 45.438 billion yuan, an increase from 39.010 billion yuan at the end of 2018. In the first half of 2019, Hengyi Petrochemical’s interest payable Reaching 82.8123 million yuan.
With leading development and increasing liabilities, Hengyi Group, as a giant in the industry, will be taken over by a new director. What changes will happen? stay tuned!
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