It is one of the top 500 environmental protection companies in the world. Nowadays, it can't pay wages, and the boss has become a Lao Lai with constant lawsuits.2019-04-01 11:24:37 348 ℃
Editor | Lao Cat
Shenwu Science and Technology Group was once the leading enterprise in the field of energy conservation and environmental protection in China. Two listed companies under Shenwu Environment Protection and Shenwu Energy Conservation are called "Shenwu Shuangxiong" in China's environmental protection industry. As the only group president with two large environmental listed companies in China, Wu Daohong has vowed to increase the company's market value by 100 billion yuan and build the world's top 500 of China's first environmental protection enterprises.
However, as soon as the voice came to the ground, the 10 billion-dollar market value group fell into multiple crises, and was exposed successively in arrears of employees'wages, involved in multiple lawsuits, and the company's accusers became old dependants.
Recently, the company has launched a new moth! On March 27, the court announced that Beijing Shenwu Electric Power, a subsidiary of Shenwu Science and Technology Group, was classified as Lao Lai for refusing to fulfill the property publicity obligation in the judgment. Not long ago, the group has just experienced a "battle for official seals", which can be said to be "continuous good play". On March 27, the court issued an announcement that Shenwu Power, a subsidiary of Shenwu Science and Technology Group, was once again listed as Lao Lai. According to China's implementation of the Open Information Network information, Shenwu Electric Power was classified as a breach of trust in the specific circumstances: the ability to perform and refuse to fulfill the obligations established by the effective legal documents, violating the property reporting system. If the subsidiary company is in trouble, the group will naturally start to rescue. But the reality is that the group has been too busy. Tian Eye Check information shows that the parent company Shenwu Science and Technology Group has been listed as the executed 29 times and the discredited executed 15 times. Wu Daohong, the group's president, has more than one hundred lawsuits and disputes, involving more than one billion yuan.
What happened to good-end companies? According to the industry, the main reason for this is blind expansion, which leads to liquidity crisis. Since its establishment in 1999, Shenwu has been honestly engaged in environmental protection business. But founder Wu Daohong suspects that traditional business is too slow to make money; since 2014, Shenwu Group has held nine investment management institutions in the hope of developing investment business through these companies.
Through a series of mergers and acquisitions, Shenwu Environmental Protection was listed in 2014 and Shenwu Energy Conservation was listed in 2016. As a result of good performance, Shenwu Environmental Protection's share price has risen steadily; in March 2017, the company's total market value has reached 37.9 billion yuan, an increase of more than seven times. Shenwu Energy Conservation has also risen to about 30 billion yuan, with the market value of the two companies totalling more than 66.6 billion yuan. Wu Daohong himself is full of confidence in holding two billion market capitalization companies. He claims to build 100 billion market capitalization companies and bring the group to the top 500 in the world. Two months after
made this bold statement, the Shenwu thunderstorm broke out in May 2017.
According to several media reports, Shenwu Group is suspected of fraudulent sales data, and the company has achieved performance and stock price soaring through transactions with affiliated companies, while the actual business situation is deteriorating. On the day of the news, the two companies both fell and stopped, and their market value evaporated nearly 5.7 billion yuan in one day. Shortly after
, Shenwu Environmental Protection was exposed to debt default, failing to pay the principal and interest of the 2016 non-public issuance company bonds as scheduled. In April of the same year, the group was found to be in arrears for more than four months, and the company has been completely depressed since then. In order to face such a crisis, Shenwu Group began to seek foreign aid. In April 2018, Shenwu Group announced substantial progress in introducing strategic investors. Shenwu Group signed an agreement with Shanghai Tushi Investment Management Center (Limited Partnership) of Jinshajiang Capital Holding Company. Shenwu Group will receive 1.5 billion yuan strategic investment from Shanghai Tushi, including 350 million yuan equity and 1.150 billion yuan investment in Shenwu Technology Promotion and Business.
This marriage, which seemed to be a charcoal-giving marriage at that time, was called by Wu Daohong a year later as a way to bring wolves into the house.
On the evening of March 19, Shenwu Energy Conservation announced that the company and its wholly-owned subsidiary Jiangsu Metallurgical Design Institute Limited (hereinafter referred to as "Jiangsu Academy") seal and other items were illegally possessed and transferred by Ling Mou, the company's chief administrative personnel officer, which may affect the normal disclosure of the annual report. In the announcement, Ling took advantage of his position to privately possess and control the company's bank account opening license and two bank account information, which seriously threatened the company's capital and operation safety. Wu Daohong suspected that Ling Mou was directed by the capital of Jinsha River. Ling Mou was originally an employee of Jinsha River Capital. After the introduction of Jinsha River Capital, many employees of Ling Mou and other Jinsha River entered Shenwu Energy Conservation Executives System and managed part of their business. After the Spring Festival of 2019, when the contradiction between Jinsha River Capital and Shenwu Group deepened, the people of Jinsha River Capital no longer went to the original Shenwu Energy-saving Nanjing office. < p > < p > The capital relationship between Shenwu Group and Jinshajiang River has deteriorated due to different opinions on capital issues. In mid-February 2019, the board of directors of Shenwu Energy Conservation was elected ahead of schedule, and all the staff of Jinsha River Capital were dismissed.
A Shenwu energy-saving employee disclosed to Fenghuang Finance and Economics that Ling was in charge of administrative personnel, and the official seal was originally kept by him. "The people of Jinsha River Capital took away their official seals, materials and business licenses during the Spring Festival and returned to the headquarters of Jinsha River Capital in Shanghai." Many former Shenwu energy-saving employees believe that Shenwu Energy-saving Annual Report "dystocia" is only an excuse.
Some lawyers also said that the official seal and other information can be lost, and the supplementary work will be very fast and the cycle is not long, so the logic of Shenwu Group's delayed disclosure of annual reports is not very convincing.
On the evening of March 28, Shenwu Energy Conservation issued a public announcement that the company's former Chief Executive and Personnel Officer had handed over the official seal to the company, and the company would speed up the audit process to ensure the timely disclosure of the 2018 annual report. The interesting thing about
is that just as the company gets its official seal, the salary problem that employees have been in arrears for a long time before seems to be taking a turn for the better. Before the publication, former employees of Nanjing Shenwu Energy-saving Jiangsu Metallurgical Design Institute Co., Ltd. told the city boundary that on March 29, Shenwu Group paid three months'salary arrears at the end of December 2017 to him.
"I was owed more than three months, not only me, but everyone in our department got it today." The respondent said excitedly.
If you want to explore more interesting capital stories, you can also pay attention to the public sector (ID: ishijie 2018)
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