Source | Mustang Finance

But in three years, Wan Hongjian, the eldest son of Shuanghui Empire, was “kicked” out of the core power circle by his father, Bandung. His second son, Wan Hongwei, had a play?

Recently, Wanzhou International (0288.HK), the world’s largest pork processing company, suddenly announced that it intends to remove Wan Hongjian from the positions of executive director and vice president, with immediate effect.

The reason for the recall was that Wan Hongjian had recently committed an “improper attack” to the company’s property, making the company believe that he was “unable to perform his responsibilities as a director, prudence and diligence.”

▲ Picture source: Wanzhou International Announcement As soon as the announcement came out, there was an uproar. Wan Hongjian is the eldest son of Wanlong, the founder of Wanzhou International, and has been in the company for many years. . It is worth noting that the inscription of this dismissal announcement is: “Bandung, Chairman and Chief Executive Officer of Wanzhou International Co., Ltd. by order of the board of directors”, which means that this is a “recall order” signed by Bandung himself. What happened between the 81-year-old founder and the 52-year-old eldest son? How will Wanzhou International’s scepter handover plan follow up? Only 16 days have passed since the high vote was elected In China’s pork products industry, no one can match Shuanghui. Under Bandung’s iron fist, Shuanghui has grown from a small meat factory on the verge of bankruptcy to a multinational giant with an annual sales revenue of more than 20 billion U.S. dollars. Bandung is also known as the “king of pigs” and “the world’s number one butcher”. . Bandung, now in its elder age, still owns two listed companies, Shuanghui Development (000895.SZ) and Wanzhou International, with a total market value of more than RMB 190 billion. ▲Image source of Bandung: the company’s official website Wan Hongjian, the eldest son of Bandung, was once regarded as the successor of the “Pork Empire”. Public information shows that Wan Hongjian was born in 1969. From 1990 to 2010, he started as a front-line worker in the deli workshop, and then successively served as the sales director of the Beijing office of the sales department of Shuanghui Group and the deputy director of the foreign trade department. Since February 2012, he has served as Deputy General Manager, Director of International Trade Department, and Vice President of Rotex, the parent company of Shuanghui Development. In 2018, Wan Hongjian was elected as the executive director of Wanzhou International and entered the core decision-making level. At the Wanzhou International Shareholders’ Meeting on June 1, 2021, Wan Hongjian had just been re-elected as an executive director, with 91.1% of the votes in favor, which was even higher than the 75.2% of his father, Bandung. At this time, there are still 16 days before he is removed… ▲Image source: Wanzhou International Announcement After this vote, Wanzhou International immediately announced its intention to repurchase 1.917 billion shares at a price of HK$7.8 per share, involving a capital of HK$14.95 billion. The purpose is to optimize the company’s capital structure, increase the earnings per share of the shares, and reduce the group’s capital cost. Generally speaking, if the stock repurchase plan from public shareholders goes well, the shareholding of listed companies will increase, and the corresponding right to speak will be even greater. As the eldest son, Wan Hongjian is not associated with many companies under the Shuanghui Department. According to Tianyan, he only worked in Guangzhou Shuanghui Commercial Chain Co., Ltd. (hereinafter referred to as “Guangzhou Shuanghui”), Qingyuan Shuanghui Commercial Investment Co., Ltd. (hereinafter referred to as “Qingyuan Shuanghui”), and Wuhu Shuanghui Import and Export Trade Co., Ltd. (hereinafter referred to as “Wuhu”). Shuanghui”) has served as a shareholder and executive. In addition, he has served as the legal representative of Luohe Industrial Investment. Among them, Wan Hongjian is the largest shareholder of Qingyuan Shuanghui. Through this company, he controls 14.67% of Guangzhou Shuanghui’s shares, but both companies have been cancelled. Wuhu Shuanghui, where he served as an executive, is still in existence and is controlled by Rotex. Who will take over? With Wan Hongjian’s sudden dismissal, the succession issue of the Shuanghui system will become complicated and confusing again. Regarding the issue of succession, Bandung said in an interview with CBN in March 2015 that it had already considered ten years ago that it must be resolved through mechanisms. When the succession team matures in 2017, they will withdraw. “I will solve this problem first from the mechanism. The first is to quantify the standards, and the corresponding levels must meet the corresponding standards, that is, to bear the corresponding responsibilities; the second is to compete for posts. All managers at all levels are competing for posts, and A special assessment mechanism is required to be assessed every month and every year. It is precisely because of this set of methods that successors and management teams must rely on this mechanism to generate them.” Bandung said. In March 2018, Wanzhou International announced that the vice president Wan Hongjian was appointed as an executive director. Only a few months later, Wan Hongjian was promoted to vice chairman of the board of directors and held multiple positions at the same time. While Wan Hongjian was entrusted with the important task, Wan Hongwei’s second son Wan Hongwei was also nominated as a non-independent director candidate for the board of directors of Shuanghui Development. According to the data, Wan Hongwei was born in 1973, has a bachelor’s degree, and is a Hong Kong resident. In his early years, he was the director of the Hong Kong branch of Shuanghui Group, the deputy manager of Shuanghui Group Import and Export Company, and the secretary to the chairman of Shuanghui Group. This also means that both Bandung sons have entered the core management of Wanzhou and Shuanghui, which is interpreted by the media as Bandung is preparing for retirement. At the beginning of 2019, Shuanghui Development announced that it intends to issue shares to Rotex, the sole shareholder of the controlling shareholder Shuanghui Group, and rarely adopts the acquisition method of absorbing and merging the parent company by subsidiaries, with the intention of realizing the overall listing of Shuanghui Group. This is also another major capital operation undertaken by Bandung after the acquisition of Smithfield and the promotion of the listing of Wanzhou International. Public information shows that the shareholding structure of Shuanghui Development is quite complicated. Its ultimate actual controller is Xingtai Group Co., Ltd. (hereinafter referred to as “Xingtai Group”) registered in the British Virgin Islands. Its specific shareholding structure is: Xingtai Group holds Xiongyu Investment holds 100% of the shares. Xiongyu Investment is the largest shareholder of Wanzhou International listed in Hong Kong. Wanzhou International holds 100% of Rotex through its wholly-owned subsidiary, Glorious Link, and Rotex holds 100% of Shuanghui Group. % Equity, Shuanghui Group holds Shuanghui Development. Exploring all the way down, from Xingtai Group to Shuanghui Development, its shareholding structure has as many as seven layers. A financial person familiar with Shuanghui told Yema Finance, The overall listing of Shuanghui Group through mergers and acquisitions is an optimization of the equity relationship between Shuanghui Development, Wanzhou International and Xingtai Group by Bandung for its succession plan, which is conducive to strengthening its family’s control over Shuanghui Group. ▲Photo by Yema Finance After Wan Hongjian’s related positions were removed, Wanzhou International currently has only four executive directors: Bandung, Guo Lijun (CFO), Dennis Pat Rick Organ (President and Chief Executive Officer of Smithfield Foods), and Ma Xiangjie (Henan Shuanghui Investment Development) President of the company limited by shares). Wanlong’s second son, Wan Hongwei, also served as an assistant to the chairman of Wanzhou International, but was not a member of the board of directors. The eldest son is frustrated, will the second son Wan Hongwei be pushed to the front? China Food Industry Analyst Zhu Danpeng told Yema Finance, Bandung is more cautious and suspicious. Wan Hongjian’s dismissal is not just about performance, but also some deep-seated problems, including strategy and business philosophy. “So I think Bandung’s youngest son will go to the front of the stage. .” In addition, there are also reports that Wan Zihao, the grandson of Bandung, had served in Shuanghui as early as the vice president of Shuanghui Development. Tianyancha shows that a person named Wan Zihao serves as a director in all seven companies under Shuanghui. However, in the Shuanghui Development Announcement, Wan Zihao’s name was not retrieved. The chairman of the board of directors is still controlled by Bandung, and the “successor candidate” seems unclear. It’s not uncommon to “destroy the long and raise the young” Fathers start their own businesses, and there are many “family succession” paths passed down by their children, and it is not uncommon for second sons to succeed. Linyuan Group is the largest private enterprise group in Taiwan. It was founded by well-known Taiwanese entrepreneur Cai Wanlin. Its predecessor and core company is Cathay Life Insurance. The “Cai Family” represented by Cai Wanlin is Taiwan’s top consortium and Taiwan’s leading financial capital. In July 1995, the US “Forbes” announced the world’s top ten richest people. Cai Wanlin ranked sixth in the world with 8.5 billion US dollars, and was once the world’s richest Chinese. On September 27, 2004, Cai Wanlin unfortunately passed away at the age of 81. Linyuan Group is now succeeded by Cai Hongtu, the second son of Cai Wanlin. According to the data, Cai Hongtu is 69 years old this year, graduated from the Department of Law of National Taiwan University, and later went to the United States for further study. At the age of 28, he obtained a doctor of law and returned to China. At the age of 38, he formally took over the post of chairman of Cathay Life Insurance from his father Cai Wanlin. Cai Hongtu is not the only “second generation” who was born with a golden spoon, studied abroad, and returned to the country to inherit his father’s career. Recently, the China Securities Regulatory Commission’s “Advance Notice of Administrative Penalties and Market Banning” has brought Yihua Life, a listed furniture company and the Chaoshan wealthy Liu Shaoxi family behind it, to the attention of the public. According to the “Administrative Punishment Letter”, after investigation, the China Securities Regulatory Commission determined that Yihua Life’s periodic reports from 2016 to 2019 contained serious false records, and the former chairman Liu Shaoxi was prohibited from entering the securities market for life. Liu Shaoxi is a Chaoshan capital boss. He was born in woodworking in his early years. With the enthusiasm of Chaoshan people to “work hard to win” for many years, Yihua Life has been transformed from a small furniture factory into the first private enterprise in Shantou. It is understood that in Chenghai District, Shantou, there is a jingle, “Chenghai Sanmo die (in dialect, meaning can’t die), Xuemin, must filial piety, Liu Shaoxi.” It means that the three people, including Liu Shaoxi, are in this small place in Chenghai. Turn your hands for the clouds and cover your hands for the rain, and you can’t die. Yihua Life is a typical Chaoshan family business. Many companies under the “Yihua Department” have Liu Shaoxi’s family. Liu Shaoxi’s eldest son Liu Zhuangqing is responsible for the health and capital sectors of the “Yihua Department”; Liu Shaoxi’s second son Liu Zhuangchao takes over Yihua Wood; Liu Shaosheng, the younger brother of Liu Shaoxi, once took over the real estate sector of the “Yihua Department”. Among them, the second son, Liu Zhuangchao, inherited the life in Yihua, the origin of the “Yihua family”. According to data, Liu Zhuangchao went to study in the United States when he was 16 years old. After graduating in 2010, he was only 22 years old and joined the Yihua Life management team. In 2017, Liu Zhuangchao was elected as the chairman of the new board of directors of Yihua Life. At that time, Liu Zhuangchao took the top position of the “Yihua Department” at the age of 29. The “second generation” of Chaoshan family businesses and the real estate company Hesheng Chuangzhan. Zhu Jurong, 32, is the jewel in the hands of Zhu Mengyi, founder of Hopson International. Zhu Jurong started working as an assistant to the president in the company as early as 2009, when he was 20 years old. In 2012, she was appointed as executive director and executive vice president, and was promoted to vice chairman of the board of directors in 2013. On January 10, 2020, Zhu Jurong took over the burden of Zhu Mengyi and became the new chairman of the board of directors of Hopson Chuangzhan. It is understood that Zhu Jurong has two older brothers, both of whom are also working hard in the family business. Some analysis pointed out that Chaoshan people have a tradition of “preferring boys to girls”. Zhu Mengyi’s ability to hand over important listed real estate companies in the hands of young women is evident in his preference for his daughters and Zhu Jurong’s strength. The quasi “post-85” born in finance did not disappoint his fathers. In the first year at the helm, he handed over a beautiful report card in equity investment, which is a typical “one generation engaged in industry and the second generation invested.” Hesheng Chuangzhan, which she is in charge, bought shares of Ping An Insurance, Xiaomi Group, Ping An Health, HSBC Holdings, and China Mobile. As of November 19 last year, except for China Mobile’s loss of HK$186 million, all other stocks have achieved profitability. It brought a book profit of over 3.7 billion Hong Kong dollars for Hopson Development, or about 3.1 billion yuan. For comparison, in the first half of 2020, Hopson Development’s net profit was HK$5.1 billion. If we take HK$3.7 billion as the net profit yardstick for real estate companies, only 22 real estate companies outperform Hopson Chuangzhan, but their revenue is much higher than Hopson Chuangzhan. But not all private companies will choose family members to succeed, compared to how to enjoy the Midea Group, which has a market value of more than 500 billion yuan. Although the sons, daughters, and daughters-in-law of the He family are all talents, the business of Midea mainly relies on the team of professional manager Fang Hongbo. Midea Group’s 2020 semi-annual report data shows that Fang Hongbo, chairman and president, will receive 9.63 million yuan of pre-tax remuneration from the company in 2020; vice presidents Yin Bitong, Gu Yanmin, and Zhu Fengtao will be 7.65 million yuan, 3.48 million yuan, and 4.94 million yuan respectively. yuan. “Sharing” may be the most important secret of “beauty”. ▲He Xiangjian Picture Source: Midea’s official website Li Delin, the well-known financial big V and the founder of Delin News, told Yema Finance, The most critical aspect of Midea’s succession issue is to “manage one’s own power and make good use of the people who can use it.” The He family has mastered the equity and control rights, and made good use of a team of professional managers like Fang Hongbo. And the most important question under the diversified expansion of the United States is whether it can find the second and third Fang Hongbo. Midea Group may be the most adept at using professional managers in the entire A-share listed company, and family members have built a huge “Midea Department” through investment and collaboration. According to incomplete statistics from Yema Finance, the He family members currently control 8 listed companies, including 6 A-shares, 1 Hong Kong stocks, 1 Germany, and 1 NEEQ company. They have also participated in more than 10 financial companies. Institutions spanning manufacturing, automotive, medical, real estate, environmental protection, film and television, finance and other industries, and are still expanding… This model also brings enlightenment to many family-owned private enterprises facing inheritance problems in the A-share market ! Which succession model is most suitable for family-owned private enterprises? Welcome to leave comments.

Huawei is an excellent company. The rapid development in recent years has also attracted the jealousy of some countries. These countries are also unscrupulous in order to prevent the development of Huawei. This also shows that Huawei is powerful. Although these methods are infuriating, they also let us know that only by working hard and being self-reliant can we finally get out of this predicament.

As the world’s leading communications company, Huawei was established in 1987. This company has a very wide range of businesses. There are many businesses that we don’t usually have access to. Most of them are familiar with Huawei because of the company’s terminal products, such as Routers and mobile phones, in fact, its main business is still derived from communication technology solutions. In layman’s terms, it is to solve the place with a lot of human traffic and ensure that the network in this area is normal. Its customers are mainly operators such as China Mobile.

A company full of wolfish culture

This company is one of the few unlisted Fortune 500 companies in the world. It used to be a small company that was not well-known. After many hardships, it achieved its current achievements. The leader of this company is also an excellent Ren Zhengfei is also a legendary person like this legendary company. He has seen many worlds. His legendary life begins with the founding of Huawei. It is also after a series of battles. Huawei, a company full of wolfish culture.

And if such a large company wants to do well, it must have some unusual capabilities. Facts have proved that Ren Zhengfei has these abilities, which is why today’s Huawei has grown stronger and stronger. However, an interesting incident happened at Huawei. At that time, Huawei recruited a university student who graduated from Peking University. After many selections, he finally entered the company and became an intern. To a certain extent, this shows that he also has a little ability, and this college student once did a behavior that surprised many people. Two months after he took office, he wrote a letter to Ren Zhengfei.

This letter has tens of thousands of words, and its content is about the shortcomings of the company and some shortcomings in many aspects. And he also put forward his own improvement ideas at the end. He originally intended to be reused by his boss, and then he could go further in the company, but things did not develop in the direction he wanted. When the letter was sent to Ren Zhengfei, Ren Zhengfei did not show any expression at the time. , Just said lightly: “If this person is mentally ill, please send it to the hospital for treatment as soon as possible, if not, please dismiss it as soon as possible. ”

A self-righteous college student

So this Peking University student was dismissed. Naturally, this person was not mentally ill, just because of his arrogance and he paid a price for it. Many people are wondering that this college student has put forward some opinions. Although there is his own little nine in it, it is undeniable that the essence is also for the good of the company, so why was he dismissed? So many netizens at that time did not agree with Ren Zhengfei’s approach. “Han Feizi · The Foreign Reserve Says Upper Left” once said: “The husband’s good medicine suffers from the mouth, but the wise man persuades and drinks it, knowing that it enters but he is sick; the faithful word is blown to the ear, and the master listens to it,” People are uncomfortable, but it does help the company’s development.

But in fact this is not the case. As mentioned above, this Peking University student has only been in Huawei for two months, and his position is still an intern. He thinks that he has understood all the company’s situation and wrote like this. A 4D letter is hoped to attract Ren Zhengfei’s attention and be reused. However, two months was not enough for him to learn about this Fortune 500 company, let alone that he was just an intern at the time.

This company has grown from a small switch company to a large global company. Naturally, there are more or less problems. He thought that what he saw was all of the company, so he wrote a 4D letter to Ren Zhengfei. Perhaps this college student was a positive and capable student when he was in school. Over time, he instinctively developed a sense of superiority over others, and this so-called sense of superiority will be given to him after he enters the society. He brought very big troubles, such as his 4D letter.

There are no outstanding young people, only young people

Maybe he really did it for the good of the company and wanted to prove his own ability. However, after all, it was because of his youth, which resulted in the current result. There are no outstanding young people in this world, there are only young people, as long as they are young people. Make mistakes. Isn’t Ren Zhengfei aware of the problems he described? Does it need to be proposed by a new employee who has just come to the company for less than two months? For some company problems raised by this college student, perhaps some problems really exist, but this kind of problem must have been formed long ago.

How can such a huge company have no problems at all? If these problems are solved, some other problems will inevitably be involved. And this company is like a high-speed train, if only for a few minor problems, But if the teachers are mobilized, the company will definitely stop, and the consequences will be very serious. Therefore, the solution of these problems requires a long process, rather than being solved at once. The college student did not investigate clearly.He didn’t even have a deep understanding. After coming to this company in February, he rashly wrote a letter of ten thousand words and raised questions to the company without embarrassment. In the end, he still paid a huge amount of money.

end

So when we do anything, we should not be arrogant and self-righteous. We have known this truth since ancient times, but there are not many that can really do it. Some people feel a little good about themselves because of their ability. Some people feel superior because of wealth. But this kind of superiority does not always exist by your side. He will make you pay a huge price in a certain period of time. Because of ignorance, this kind of superiority will bring people endless troubles.

references:

“Han Feizi · Foreign Reserve Says Upper Left”

When Mourinho became the head coach of Tottenham 17 months ago, he seemed to bring a new future for North London.

“I am very happy to join a club with such a great tradition and such enthusiastic fans.” In November 2019, Mourinho became the head coach of Bai Lily. At this time, his prospects for Tottenham are bright.

“The strength of the club’s first team and youth training makes me very excited. Being able to work with these players is what attracts me to coach here.”

After a disastrous season for Manchester United, the 58-year-old “most special” coach seems to be reborn. In Manchester United’s last season, his conflict with the Red Devils players Luke Shaw and Pogba ruined the halo of honor he had brought to the club. While coaching Manchester United, he led the team to win the English Football League Cup and the Europa League, and in his first season in office, he led the Red Devils to the Premier League runner-up.

Mourinho is a star in the Tottenham documentary “Desperate”, and his winning mentality aroused the enthusiasm of the fans. However, just like his past coaching experience, he was dissatisfied with the team’s management style to some players. In the Tottenham documentary, he focused on the quarrel with player Danny Rose.

When the fans’ favorite player Ali became the marginal figure of the team, the Portuguese coach began to be attacked by the fans.

Therefore, we analyzed in depth the reasons for Mourinho’s failure at Tottenham:

1. A very controversial coach appointment

From the beginning, Tottenham fans have been skeptical of the club’s decision to appoint a head coach that is already somewhat outdated in football.

Bai Lily’s former coach, Pochettino, is very popular among the fans. He not only led the team to the top four of the Premier League (the Premier League ranked ahead of North London’s arch-rival Arsenal), but also led the team to the Champions League final.

Although Tottenham had a terrible start to the 2018-19 season, it seems unlikely to fire the Argentine coach. But unfortunately, in the end Pochettino was forced to dismiss get out of class, and then Mourinho took office as the new coach of Tottenham.

During Mourinho’s tenure as Manchester United coach and when he was in charge of Chelsea, his tactics were more biased towards defensive counterattacks, and the current mainstream trend in football is offensive football. Under such circumstances, Tottenham fans have to wonder whether the club’s hiring Mourinho was a wrong decision.

2. Conflicts in the dressing room

This is a classic strategy used by Mourinho to manage the team. He requires players to work hard for him on and off the court. This may be a means to inspire the stars to perform at their best.

When coaching Chelsea, Mourinho had conflicts with Joe Cole and Hazard, and when he was the coach of Real Madrid, Ronaldo had also been criticized by Mourinho. Mourinho asked the Portuguese stars to play. China must withdraw to help the team defend. Not to mention Pogba, the Manchester United midfielder said in a recent interview that he has been severely treated by Mourinho in the past.

Mourinho’s player management model has been continued in Tottenham. When Tottenham defender Rose was excluded from the team’s roster, he went to Mourinho’s office to find out why, but the communication between the two eventually ended in a quarrel.

Another notable example is Ali. In the first training session after Mourinho took office, Mourinho asked the England midfielder, “Are you Ali or Ali’s brother?” Because Mourinho thought he didn’t see Ali put out a Premier League first-class The state a star should have.

In Mourinho’s first eight games with Tottenham, Ali scored eight goals, but then his state began to decline, so he was also excluded from the team’s roster. The “lazy” Ali never got a chance again. At the transfer window in January, he even had a scandal with Ligue 1 hegemon Paris Saint-Germain.

The conflict between Ali and Mourinho may be the most concerned by the outside world, but the fact is that players such as Auriye, Ndombele, Bale, Alder Verel and others have had conflicts with Mourinho.

“The Sun” exclusively disclosed that before Mourinho was fired, some players ran to Levi to complain about Mourinho.

3. Disagreements with the club’s senior management

When Mourinho first became the Tottenham coach, we can see how interesting he and Levi got along.

In the club he has coached before, Mourinho has a lot of disposable funds in the transfer window, but Levi is known for his caution in the transfer market. In the transfer window last summer, the relationship between the two began to crack. According to reports, Mourinho wanted to bring in Thomas Meunier, the Belgian right-back of Paris Saint-Germain, but the “Team Daily” revealed that Levi had different opinions on this, and Meunier joined the Bundesliga with a free transfer. Giants Dortmund.

It is reported that Mourinho does not want to loan Bale, he prefers the club to spend money to sign a central defender.

4. Unsightly games

It is easy to forget that Mourinho led Tottenham to the top of the Premier League standings in December last year. In the first 11 games, Tottenham beat Manchester United 6-1 and beat Manchester City and Arsenal 2-0. Although the start record is good, Mourinho is still criticized for his too pragmatic football style, he always let the team maintain possession of the ball, and then let Kane and Sun Xingmin give a fatal blow.

In this regard, Mourinho responded in an interview with Sky Sports: “If they don’t want to watch it, then don’t watch it. It’s that simple.”

“In the past few months, I have become an expert in this area. Even if I disagree with them, I will respect them.”

However, Tottenham’s over-dependence on Kane and Sun Xingmin eventually came back to the team.

Tottenham fell into a terrible state. In the Europa League knockout round, although Bai Lily achieved a 2-0 lead in the first leg, it was reversed 3-0 by Dinamo Zagreb in the second leg. After being eliminated, Mourinho’s coaching position is in jeopardy.

5. Condemnation from the fans

Although Mourinho led Tottenham to the League Cup final, and their last domestic final was in 2015, Tottenham fans still believe that they are right to ask for the dismissal of Mourinho.

Poor game results, conservative tactics…These are not what Tottenham should have, and the disgraceful elimination in the Europa League has caused Tottenham fans to start calling the club’s bosses and demanding the dismissal of the employer coach Mourinho.

Former Tottenham player Jamie O’Hara said in an interview with Sky Sports that a 0-3 loss to Dinamo Zagreb in the away game was enough for the club to fire Mourinho. His statement also angered Mourinho’s supporters.

In addition, he also added: “One game can save the season’s failure, they must beat Manchester City in the League Cup final.” Unfortunately, Mourinho has no such opportunity.

Right now, the former Tottenham youth team player Mason will lead the team to continue playing for the rest of the season. Next season, Tottenham hopes to hire Chris Powell as the team’s coach.

Now, Spurs need to be desperate for this season.

Author: Cheng Connaught Editor: small sister city

“Chinese Partners” said, “Don’t partner with a good friend to start a company.” It seems that entrepreneurial partners can only work together but not share sufferings.

16 years ago, they started a company in partnership; 16 years later, he was kicked out by himself. Even business partners who have been in partnership for many years are never reluctant to fight inwardly.

In more than 500 days, the founder Gong Dou was staged twice within the company, and the chairman and the president dismissed each other. The stock price has fallen all the way, and the cumulative decline has even exceeded 90%.

This company is known as Xunyou Technology, which provides acceleration services for Tencent’s “League of Legends”.

In 2015, Xunyou Technology successfully went public under the aura of “the first share of online game accelerator”. At the beginning of its listing, the stock price once crushed Moutai and became the veritable “strongest demon stock” that year.

On April 9th, at the extraordinary shareholders meeting of Xunyou Technology, the board of directors simultaneously carried out a proposal for the removal of directors from chairman Zhang Jianwei and president Yuan Xu. In the end, Chairman Zhang Jianwei was dismissed with a very high number of votes, and President Yuan Xu smoothly stayed on. At this point, Zhang Jianwei was completely out of this infighting!

▲Voting at the general meeting of shareholders

As the founder of the company, why is Zhang Jianwei so unpopular?

Zhang Jianwei founded Xunyou Technology’s predecessor-Lanyue Technology in 2005 as the founder.

Under his management, the company’s stock price soared by 567% in the early days of listing. As high as 297.3 yuan/share, it beat Maotai at that time.

But now, with the gradual passing of the end game era, the popularization of 4G and 5G technologies, the improvement of network facilities, and the improvement of game manufacturers’ own operation and maintenance capabilities, players’ demand for accelerators is gradually decreasing. The competition of major manufacturers such as NetEase UU accelerator and Tencent online game accelerator has made market competition increasingly fierce. Xunyou Technology has experienced skyrocketing and plummeting. For now, its stock price is 168 times different from Kweichow Moutai.

The stock price plummeted and the continuous losses were the responsibility of the management. Chairman Zhang Jianwei became the target of public criticism. Therefore, in more than 500 days, Zhang Jianwei was asked to be removed from the chairmanship twice.

Summarizing the reasons for the two recalls, it was because other directors and shareholders of the company believed that Zhang Jianwei lacked a sensitive understanding of industry changes and an understanding of the company’s development strategy and other directions in the process of transforming from traditional interconnection to mobile and intelligent interconnection. explore.

The official sentence of Zhang Jianwei’s evaluation is very harsh. He is like a programmer over 35 years old. He has gone through a golden age, but he has been left behind by the era of rapid renewal. If you move forward, you will be disgusted; if you stop, you will be abandoned.

But about Zhang Jianwei’s “out”, some people think: in the final analysis, this is a struggle of people’s hearts. Everything on the board of directors is for the good “coat” of the company, and it is flooded with power and interests! And Zhang Jianwei is just the loser.

Is the former founder and chairman of the glorious period abandoned by the times or lost to the hearts of the people?

Disclaimer

This article relates to the content of listed companies. It is the author’s personal analysis and judgment based on the information publicly disclosed by listed companies in accordance with their legal obligations (including but not limited to temporary announcements, periodic reports, and official interactive platforms, etc.); the information or opinions in the article are not It constitutes any investment or other business advice, and Market Value Watch does not assume any responsibility for any actions resulting from the adoption of this article.

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Mr. Cao Thi Hien – Vice Chairman of the Provincial People’s Council presented the report on dismissal of the Deputy Head of the Economic – Budget Department, the XVII Provincial People’s Council to Mr. Dang Quang Hong. Photo: Thanh Duy

The Provincial People’s Council passed a Resolution confirming the dismissal of Deputy Head of the Economic – Budget Department of the Provincial People’s Council term XVII, term 2016 – 2021 for Mr. Dang Quang Hong.

Previously, on March 20, 2021, the Standing Committee of the Provincial Party Committee issued Decision No. 299-QD / TU, transferred and appointed Mr. Dang Quang Hong to join the Party Committee, the District Party Standing Committee and kept position of Standing Deputy Secretary of Dien Chau District Party Committee, term 2020 – 2025.

Mr. Nguyen Duc Trung – Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People’s Committee presented the Proposal for additional member of the Provincial People’s Committee, term 2016-2021.

The Provincial People’s Council also dismissed the member of the provincial People’s Committee for the term 2016-2021 for Mr. Vo Duy Viet – former Director of the Department of Natural Resources and Environment, and elected additional members of the Provincial People’s Committee, Term 2016 – 2021 for Mr. Hoang Quoc Viet – Member of Provincial Party Committee, Director of Department of Natural Resources and Environment, in charge of Natural Resources and Environment.

Provincial People’s Council members vote to vote for Provincial People’s Committee, term 2016 – 2021. Photo: Pham Bang

On March 11, 2021, the Chairman of People’s Committee of Nghe An province issued Decision No. 586 / QD-UBND on the transfer and appointment for a term of 5 years for Mr. Hoang Quoc Viet – Member of the Executive Committee of the Party Committee. Provincial, Deputy Secretary of District Party Committee, Chairman of Tan Ky District People’s Committee hold the position of Director of Department of Natural Resources and Environment./.

The delegates voted to approve the Resolution confirming the results of the additional election of the Provincial People’s Committee, term 2016 – 2021. Photo: Thanh Duy

Comrades: Nguyen Xuan Son – Chairman of the Provincial People’s Council and Nguyen Duc Trung – Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People’s Committee presented flowers to comrades: Hoang Quoc Viet, Dang Quang Hong. Photo: Thanh Duy

Comrade Hoang Quoc Viet

• Born on April 10, 1980.

Hometown: Nghi Huong ward, Cua Lo town, Nghe An province.

• Current address: Nghi Phu commune, Vinh city, Nghe An province.

• Educational level: 12/12.

Qualification: Law University; Master of Business Administration; PhD in Economic Management.

• Political level: Advanced.