LONKEY, the Chinese old-established daily chemical announced its chairman Zhao Biqiu submitted a resignation report to the company’s board of directors due to reaching the statutory retirement age.
On of June 6th, LONKEY INDUSTRIAL CO., LTD.GUANGZHOU (hereinafter referred to as LONKEY) announced that Mr. Zhao Biqiu, Chairman of the company, submitted a resignation report to the company’s board of directors due to reaching the statutory retirement age.
He resigned from the positions of director and chairman of the 10th Board of Directors, as well as the positions in the strategic committee, remuneration and assessment committee, and nomination committee of the Board of Directors. However, he will still serve as the secretary of the company’s party committee.
LONKEY stated that since Mr. Zhao Biqiu became the chairman of the company in June 2019, he has been conscientious, prudent, and diligent in his duties. On the one hand, he has been committed to resolving the company’s major trade risk issues, promoting the company’s completion of the judicial reorganization, and putting LONKEY Company back on track.
On the other hand, he actively promoted the company’s private placement and asset replacement, strengthened the company’s high-quality development, and played a positive role in regulating the company’s corporate governance structure and improving the company’s governance level. He has made due contributions to the company’s operation and development with dedication and diligence.
LONKEY was founded in 1959 and was formerly known as Guangzhou Hard Oil Plant. It is one of the oldest detergent production enterprises in South China. The company’s products include fabric textile care, kitchen cleaning products, home care cleaning products, personal care products, and industrial cleaning products.
On May 13th, LONKEY announced in a statement that its controlling shareholder, Guangzhou Consumer Goods and Services Group Ltd, plans to exchange no less than 51% of the shares held directly or indirectly by Guangzhou Xinshicheng Enterprise Development Co., Ltd. (referred to as “Xinshicheng”) with LONKEY’s daily chemical assets, including the entire share capital of Guangzhou LONKEY Daily Necessities Co., Ltd, Shaoguan LONKEY Co., Ltd and Liaoning LONKEY Industrial Co., Ltd, as well as the 60% equity of Guangzhou Daily Chemical Industry Research Institute Co., Ltd.
After the completion of the transaction, LONKEY will hold a controlling stake in Xinshicheng, which operates several creative parks in Guangzhou, including T.I.T Creative Park, where WeChat’s headquarters is located. At the same time, LONKEY will completely divest its daily chemical business and focus on food, as well as park development and operation in the future.