Recently, COFCO Technology issued an announcement that the board of directors recently received a written resignation report submitted by Mr. Li Bei, a director and general manager of the company, who applied to resign as a director and general manager of the company due to job transfer, and Mr. Li Bei had other arrangements for work after his resignation. In accordance with the provisions of the Company Law and the Articles of Association of the Company, the resignation report of Mr. Li Bei shall take effect from the date of delivery to the Board of Directors of the Company.
It is understood that Mr. Li Bei was born in 1963 and began to serve as a director of the company in 2007. After Li Bei left office, he served as the general manager of the company from January 2013 to January 2017, and after Li Bei left office, the general manager position was taken over by Mr. Zhang Dede for a three-year term. On August 2, 2019, Mr. Zhang Dede resigned as the general manager of the company in advance due to work reasons.
After Mr. Zhang Dede left his post, COFCO Biochemical (000930) held the fifth extraordinary meeting of the seventh board of directors in 2019. According to the announcement of the meeting, upon the nomination of Mr. Tong Yi, chairman of the board of directors of the company, the board of directors of the company agreed to appoint Mr. Li Bei as the general manager of the company. At the same time, upon the nomination of Mr. Li Bei, the general manager of the company, the board of directors of the company agreed to appoint Mr. Zhang Dede as the deputy general manager of the company and concurrently serve as the financial controller of the company.
It is worth noting that according to the information of Tianyancha, Li Bei served as a director of Huanglong Food Industry Co., Ltd. (hereinafter referred to as "Huanglong Company") from June 2005 to May 2013. In 2021, Huanglong Company was involved in 236 legal proceedings, all of which were related to labor disputes, and most of the demands were to require the company to pay back social security fees between 1990 and 2010. Large-scale labor disputes show that in the past year, Huanglong's production and operation have undergone major changes.
According to the data, Huanglong was acquired by COFCO Technology in 2018, which coincided with the departure of Li Bei and the tenure of Zhang Germany. The acquisition was a related party transaction under the same controller, and the transaction consideration at that time reached a high of $340 million. However, less than three years after the acquisition, Huanglong Company incurred a loss, and from January to September 2021, Huanglong Company's net profit loss reached 73.2452 million yuan.
In the face of losses, COFCO Technology intends to sell its indirectly held 59.43% stake in Huanglong at a low price of 179 million. In the transfer announcement, COFCO Technology said that in order to optimize the asset structure and industrial layout, the subsidiaries of COFCO Technology intend to transfer the 59.431% equity of Huanglong Company held by them through public listing, based on the appraisal value of Huanglong's net assets as of September 30, 2021. The 57.136% equity of Huanglong Company held by GREEN CHARM LIMITED will be publicly listed for transfer at 171.69974 million yuan, and the 2.295% equity of Huanglong Company held by COFCO Biochemical Energy (Gongzhuling) Co., Ltd. will be publicly listed and transferred for 6.89672 million yuan. The specific transaction price will be determined based on the results of the public listing auction.
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