Mandatory measures have been taken against the two high pressure pipes! The management of Sichuan Road and Bridge underwent a major overhaul, and the chairman was ousted
Appointment and removal of directors and change of senior management personnel at Sichuan Road and Bridge.
On September 13th, Sichuan Road and Bridge Construction Group Co., Ltd. issued a notice on the appointment and removal of directors and the change of senior management personnel, stating that due to the fact that the company's director and chairman Xiong Guobin are currently undergoing disciplinary review and supervisory investigation by the Sichuan Provincial Commission for Discipline Inspection and Supervision, the company's director, vice chairman, general manager Chen Liangchun, and deputy general manager Zhang Jianming have been taken compulsory measures by the public security organs in accordance with the law. Currently, the three individuals are unable to perform their duties normally.
The announcement states that the company's board of directors has agreed to dismiss Xiong Guobin as a director, chairman, and special committee member, as well as Chen Liangchun as a director, vice chairman, and special committee member. After review by the Nomination Committee of the Board of Directors, the Board of Directors has nominated Zhou Fenggang and Sun Li as candidates for the 8th Board of Directors of the Company, with the same term as the current Board of Directors.
The board of directors of the company agrees to dismiss Chen Liangchun from the position of general manager and Zhang Jianming from the position of deputy general manager, and appoint Mr. Sun Licheng as the general manager of the company for the same term as the current board of directors.
According to the resume, Zhou Fenggang was born in January 1967. He has held various positions including Manager of Investment Management Department of Sichuan Chengyu Expressway Co., Ltd., Deputy Director of Investment Development Department of Sichuan Transportation Investment Group Co., Ltd., Chief Economist of Sichuan Expressway Construction and Development General Company, Party Committee Member and Deputy General Manager of Sichuan Expressway Construction and Development Group Co., Ltd., Minister of Investment Development Department, Deputy Chief Economist, and Director of Investment Review Committee of Sichuan Transportation Investment Group Co., Ltd., Minister of Investment Development Department, Deputy Chief Economist, and Deputy General Manager of Shudao Investment Group Co., Ltd. The current Deputy General Manager of Shudao Investment Group Co., Ltd.
Sun Licheng was born in May 1975. He has served as the Deputy Director and Deputy General Manager of the Production and Operation Department of the Highway First Branch of Sichuan Highway and Bridge Construction Group Co., Ltd., Executive Director of Sichuan Railway Construction Co., Ltd., Party Committee Member and General Manager of the Highway Tunnel Branch of Sichuan Highway and Bridge Construction Group Co., Ltd., Party Committee Member and Deputy General Manager of Sichuan Railway Group Co., Ltd., and Deputy Secretary, Vice Chairman, and General Manager of the Party Committee of Sichuan Shudao Railway Investment Group Co., Ltd.
On September 3, Sichuan Road and Bridge announced that on September 3, 2023, it was learned from the family members of Vice Chairman and General Manager Chen Liangchun and Vice General Manager Zhang Jianming that Chen Liangchun and Zhang Jianming had been taken compulsory measures by the public security organs in accordance with the law for suspected "failure to report or false reporting of safety accidents" in the "8.21" mountain flood disaster in Jinyang County, Liangshan Prefecture. At present, the responsibilities of the above senior executives are delegated to other management levels and are not expected to have a significant impact on the company's production and operation. The JN1 section of the Yangtze River Expressway project undertaken by the company started construction in October 2020, and has completed about 80% of the progress. The project contract amount is about 1.6 billion yuan, which accounts for a small proportion of the company's overall revenue. The remaining projects of the company are progressing normally while conducting comprehensive safety inspections.
On September 4th, the website of the Sichuan Provincial Commission for Discipline Inspection and Supervision announced that Xiong Guobin, Secretary of the Party Committee and Chairman of Sichuan Road and Bridge Construction Group Co., Ltd., Song Junjie, Minister of Safety, Environmental Protection and Emergency Management Department of Shudao Investment Group, and Liu Wen, Secretary of the Party Committee and Chairman of the Panning Expressway Co., Ltd. along the Yangtze River, were under review and investigation. Shudao Investment Group Co., Ltd. is the controlling shareholder of Sichuan Road and Bridge.
According to the official website, Sichuan Road and Bridge was established in 1999 and listed for trading on the Shanghai Stock Exchange in 2003. Mainly engaged in investment, development, construction, and operation of industries such as engineering construction, mining and new materials, clean energy, etc., it has 15 directly affiliated enterprises, more than 100 affiliated enterprises, and more than 16000 employees. It has 4 special level qualifications for general contracting of highway engineering construction, as well as more than 20 first level qualifications for general contracting of highways, municipal engineering, housing construction, ports and navigation. The market scope covers 29 provinces, cities, autonomous regions in China and more than 20 overseas countries and regions.
As of the close on September 13th, Sichuan Road and Bridge rose 0.76% to 7.91 yuan per share.