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Just now, the unfortunate news came!
After the close this afternoon, Longbai Group announced that it had received notification from the family of Xu Gang, the company's controlling shareholder, actual controller and honorary chairman, that Xu Gang died on May 20, 2024, at the age of 61.
According to the announcement, Xu Gang directly holds 626515969 shares of the company, accounting for 26% of the total shares of the company.Freejokerpoker.25% is the controlling shareholder and actual controller of the company. The company shares held by Xu Gang will go through the succession procedures in accordance with laws and regulations, and the company will fulfill the obligation of information disclosure in time according to the progress of follow-up matters.
According to public data, Xu Gang was born in April 1963 and lives in Jiaozuo, Henan Province, with a graduate degree. He once served as secretary of the Youth League Committee, deputy section chief of sales and deputy director of operation of Jiaozuo Chemical General Plant. After the joint-stock cooperative system of Jiaozuo Chemical General Plant was Jiaozuo Haoke Chemical Co., Ltd., he served as chairman and general manager. On March 17, 2022, Xu Gang ranked 1230th on the Global Rich list of 2022 Wine Hoogewerf with a wealth of 18 billion yuan.
Xu Gang passed away
This afternoon, the board of directors of Longbai Group Co., Ltd. (hereinafter referred to as "the company") announced that it had received notice from the family of Xu Gang, the company's controlling shareholder, actual controller and honorary chairman. Xu Gang died on May 20, 2024, at the age of 61.
Xu Gang directly holds 626515969 shares of the company, accounting for 26.25% of the total shares of the company, and is the controlling shareholder and actual controller of the company. The company shares held by Xu Gang will go through the succession procedures in accordance with laws and regulations, and the company will fulfill the obligation of information disclosure in time according to the progress of follow-up matters.
According to the announcement, Xu Gang has always adhered to the task of revitalizing the national titanium industry, consciously fulfilling the mission of "creating a beautiful life in titanium and being a respected enterprise", with a far-sighted vision for development, excellent leadership and unique personality charism. lead the company to seize the opportunities of the development of the times, correct innovation, so that the company has an industry influence, the world's leading new materials enterprise group. As the main founder of the company, Xu Gang has been conscientious, conscientious and conscientious for more than 40 years. He has devoted all his efforts to the development of the company and made irreplaceable contributions. He is an outstanding representative of private entrepreneurs who have emerged after China's reform and opening up. Under the excellent leadership and positive promotion of Xu Gang, the company continues to optimize its governance structure, promote "replacement and continuous development of the old and the new", build a young and innovative entrepreneur team, gather talents, and lay a solid foundation for the long-term development of the company.
All the directors, supervisors, senior managers and staff of the company extend the highest respect and heartfelt thanks to Xu Gang for his hard work and outstanding contribution to the company, and express deep condolences and deep remembrance for Xu Gang's death. I also extend my deep condolences to Xu Gang's family.
Xu Gang is the honorary chairman of the company. Xu Gang's death does not affect the composition and number of the eighth board of directors of the company.
At present, the company's board of directors, board of supervisors and senior management team members perform their duties normally, and the company's business is carried out normally. The company's directors, supervisors, senior managers and all staff will continue to be diligent and committed to the sustained and steady development of the company.
My daughter has become vice chairman.
The announcement of the general election of the board of directors issued by Longbai Group on March 30 last year showed that Xu Gang, the actual controller and chairman of the group, stepped down from the post of chairman, and his post-90s daughter Xu ran joined the eighth board of directors.
According to the announcement at that time, according to the provisions of the articles of Association of the Company Law, the company's controlling shareholder, actual controller and chairman Xu Gang nominated and ran, Xu ran, Wu Pengsen, Shen Qingfei, Chen Jian and Wang Xudong were candidates for non-independent directors of the eighth board of directors. After checking with the nominees and nominees, Xu Gang has the subject qualification to nominate non-independent director candidates, and each nominee has the non-independent director qualification stipulated in the Company Law and other relevant laws and regulations and the articles of Association.
According to the data released by the company, Xu ran, born in 1990, has Chinese nationality, has no permanent residence abroad and has a master's degree. He has been the business manager of the company from October 2014 to March 2017, the director of Bailian (Europe) since November 2014, the director of Bailian (America) since May 2015, the assistant president of the company since March 2017, the vice president of Jiaozuo Young Generation Private Entrepreneur Federation since April 2021, the director of Image Resources from June 2022 to the announcement date, and the vice chairman of Jiaozuo Federation of Industry and Commerce since July 2022.
Xu ran does not hold shares in the company, has a father-daughter relationship with the company's controlling shareholder, actual controller and chairman Xu Gang, and has no relationship with other directors, supervisors, senior managers and other shareholders who hold more than 5% of the company's equity.
According to the latest information, Xu ran has become vice chairman of the company. On March 31 last year, Xu Gang said that his daughter Xu ran's appointment to the board of directors could also represent some of his ideas. Therefore, this adjustment is only positive, and the members of the new board of directors are younger, more educated and more professional.
The Road of Longbai Group
Longbai Group, formerly known as Jiaozuo General Chemical Plant, Xu Gang also started from here, from an ordinary machine repair workshop fitter, gradually become the enterprise leader.
In 1998, under the leadership of Xu Gang, the General Chemical Plant began the restructuring of joint-stock enterprises. In 2002, Henan Baililian Chemical Co., Ltd. was officially established. With the great-leap-forward growth in the production and sales of titanium dioxide, the company's performance has also taken off. Longbai Group (renamed "Baili Lianlian") successfully landed in the capital market in 2011.
In 2016, Xu Gang led Baililian, which had a market capitalization of only more than 10 billion yuan at that time, successfully raised more than 10 billion yuan, acquired the industry leader Sichuan Dragon Python Titanium Co., Ltd., and staged a typical case of "snake swallowing elephants" in the capital market. the market capitalization successfully jumped to more than 40 billion yuan, establishing the position of the number one in the industry.
In 2023, the company will actively promote the two core projects of "Joint Development of Two Mines in Hongge North Kuangqu Mining Area" and "Xujiagou Iron Mine Development", and is committed to improving its own resource supply capabilities. The company has successively acquired Sichuan Longgang Titanium Industry Co., Ltd., Yunnan Metallurgical Xinli Titanium Industry Co., Ltd., Jinchuan Group Co., Ltd. titanium plant assets, Hunan Dongfang Scandium Industry Co., Ltd., etc. At the same time, the company has successively invested in the construction of an annual output of 400,000 tons of chlorinated titanium dioxide production line, a 500,000 tons of Panxi titanium concentrate upgrading and conversion of titanium chloride slag project, and an annual output of 300,000 tons of sulfur-chlorine coupled titanium materials green manufacturing project.
Haitong International estimates that the company's parent net profit from 2024-2026 will be 3.795 billion yuan, 4.376 billion yuan and 4.960 billion yuan, and EPS will be 1.59 yuan, 1.83 and 2.08 yuan. Referring to companies in the same industry,freejokerpokerWe believe that the reasonable valuation is 17 times the 2024 PE, and the target price is 27.03 yuan.
As of today's close, the stock was trading at 22.47 yuan.