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China Singapore Jingwei, May 21 - The titanium dioxide leader Longbai Group announced after hours on the 21st that Xu Gang, the controlling shareholder, actual controller and honorary chairman, died.
Longbai Group said that after receiving the notice from Xu Gang's family, Xu Gang died on May 20, 2024 at the age of 61 due to invalid medical treatment. Xu Gang directly holds 627 million shares of the Company, accounting for 26.25% of the total shares of the Company. He is the controlling shareholder and actual controller of the Company. The shares of the Company held by Xu Gang will be inherited in accordance with laws and regulations The Company will timely perform the obligation of information disclosure according to the progress of subsequent events.
"Mr. Xu Gang, as the main pioneer of the company, has been dedicated to his duties, diligence, and dedication for more than 40 years, and has devoted all his efforts to the development of the company, making irreplaceable contributions... Under the excellent leadership and active promotion of Mr. Xu Gang, the company has continuously optimized its governance structure, promoted the 'new old transition, continuous development', and created a young and innovative entrepreneur Team, gather excellent talents, and lay a solid foundation for the long-term development of the company. " Longbai Group wrote in the announcement.
Longbai Group also pointed out that, Xu Gang is the honorary chairman of the company. The death of Xu Gang does not affect the composition and number of members of the eighth board of directors of the company. At present, the members of the Board of Directors, the Board of Supervisors and the senior management team of the Company perform their duties normally, and the Company's business is carried out normally.
According to previous announcements, Xu Gang began to work in Jiaozuo General Chemical Plant, the predecessor of Longbai Group, in 1982. Since the completion of the joint-stock reform in 2002, he has been the chairman of the company and is the core leader of the company. Under the leadership of Xu Gang, Longbai Group successfully listed in Shenzhen Stock Exchange, promoted the determination of major strategic directions and the implementation of major projects such as chlorinated titanium dioxide, sponge titanium, new energy, and creatively carried out the business related to Huntsman TR52 titanium dioxide for printing ink, Sichuan Longmang Titanium Industry, Yunnan Xinli, Dongfang Zirconium Industry, Jinchuan Group sponge titanium assets, Dongfang Scandium Industry Revitalize a series of mergers and acquisitions such as mining.
In April 2023, due to his age and considering that the company has established a complete management system and cultural system, Xu Gang will no longer serve as a director of the company after the expiration of his tenure of the seventh board of directors. Later, Longbai Group appointed Xu Gang as the honorary chairman of the company and did not receive salary from the company. At that time, Longbai Group said that Xu Gang would provide support and assistance in the research and judgment of the company's industrial trends, development strategic planning, major decisions, etc.
As of press release, the official website of Longbai Group has turned grey.
(Zhongxin Jingwei APP)
