On August 2, the WeChat public account "Zhejiang Yongzheng Holdings Co., Ltd. Manager" released a message: "Yongzheng Holdings Enters Bankruptcy Liquidation Procedures", the article said: Yongzheng Holdings and its affiliates have entered bankruptcy proceedings one after another. The main content of the original text is as follows:

On June 26, 2017, the Hangzhou Intermediate People's Court ruled to accept the bankruptcy liquidation application of Zhejiang Yongtai Paper Group Co., Ltd.; on July 14, the Fuyang District People's Court of Hangzhou City ruled to accept the bankruptcy liquidation application of Zhejiang Zhengda Holding Group Co., Ltd. In addition, the People's Court of Fuyang District, Hangzhou City respectively ruled to accept the bankruptcy liquidation applications of Zhejiang Yongzheng Holdings Co., Ltd. and many affiliated companies. The court appointed Zhejiang Jingheng Law Firm, Zhejiang Zhengda Accounting Firm Co., Ltd., Jiangsu Xintianlun Law Firm, and Zhejiang Yinxiang Accounting Firm Co., Ltd. as administrators for the series of bankruptcy cases of Yongzheng Holdings.

On the afternoon of July 28, 2017, the takeover meeting of Yongzheng Holdings series cases was held in the conference room on the 8th floor of Yongtai Group. The meeting was presided over by the People's Court of Fuyang District, which introduced the acceptance of bankruptcy cases and emphasized the relevant discipline of the debtor during the bankruptcy period; the heads of the four administrators made statements and promised to perform their duties in strict accordance with the law; the actual controller of the debtor Sun Baigui and Yang Shaojian expressed that they would cooperate with the government, the court, and administrators to advance the bankruptcy procedure; relevant leaders of the District Political and Legal Committee, the Government Office, the Human Resources and Social Security Bureau, the Procuratorate, the Public Security Bureau, and Chunjiang Street attended the meeting and made speeches, emphasizing the need to Promote various tasks in this case in a stable and orderly manner, comprehensively safeguard the rights and interests of creditors, and pay special attention to the protection of the rights and interests of employees. Relevant enterprise employee representatives and group representatives attended the meeting.

The management team took over Yongzheng Holdings and its affiliated companies. The scope of the takeover included corporate seals, certificates, financial information, funds, etc., and visited relevant factories to handle the handover procedures between the newly hired guards and the old guards. Due to the long history and huge size of Yongzheng Holdings and its affiliated companies, the current manager is gradually counting them in order to fully take over the company as soon as possible.

According to our reporter’s understanding, Zhejiang Zhengda Paper Group Co., Ltd., Hangzhou Yongli Paper Co., Ltd., and Hangzhou Guojia Paper Co., Ltd., which belong to Yongzheng Holdings, have ceased production and have been ruled bankrupt by the court. July 31 On the 1st, the manager received the employees of the three discontinued enterprises, and answered questions about the resettlement and compensation of the employees. The other enterprises of Yongzheng Holdings are still operating normally. However, since the relevant enterprises of Yongzheng Holdings have filed bankruptcy applications, it is expected that they may also face gradual shutdown in the later period. According to relevant sources, according to the planning of the Fuyang District Committee, the Chunjiang area where Yongzheng Holdings is located will no longer have paper-making enterprises within 5 years.

Zhejiang Yongzheng Holdings Co., Ltd. is the largest papermaking enterprise in Fuyang, a well-known packaging paper production base in my country. In March 2015, it was jointly established by Yongtai Paper Group and Chia Tai Holdings Group, the two largest leading papermaking enterprises in Fuyang at that time. The annual production capacity is about up to 1.5 million tons. According to the statistical reports of the China Paper Association and the Zhejiang Paper Industry Association, in 2016, Yongzheng Holdings ranked 21st in the country in terms of paper and paperboard output, and 4th in Zhejiang, with a main business income of nearly 3.5 billion yuan. The output value and tax paid are among the top 5 papermaking enterprises in Zhejiang. According to the report of the Zhejiang Paper Industry Association, in 2017, Yongzheng Holdings invested a total of more than 900 million yuan to build a packaging paper project with an annual production capacity of 500,000 tons. A kraft paper production line with an annual capacity of 200,000 tons was originally planned to be completed in December 2017.

Only two years after the merger and reorganization, Yongzheng Holdings, which was originally a powerful alliance, has embarked on the road of bankruptcy and liquidation. It is indeed unexpected. caused heated discussions. In the "China Paper Industry Circle" WeChat group organized by this magazine, some group members expressed their views:

This magazine will continue to pay attention to Yongzheng Holdings, a company with a historical tradition and a certain foundation, where it will go, how its projects under construction will be affected, and what impact it will have on Fuyang Paper Industry and even the national packaging paper industry.