Foshan Leading Enterprise Oriental Plastics Collapse

Foshan Dongfang Plastic Products Co., Ltd., a leading manufacturer of the injection molding industry in Guangdong, recently disappeared due to the collective disappearance of its owner Kong Yongzhi’s entire family and caused the court to shut down its fixed assets and crashed. More than 1,100 employees were unemployed. At the time of writing, the reporter learned that three or four companies have revealed their intention to acquire Oriental Plastics.

At 3 pm on August 19th, the equipment in operation at Dongfang Plastic Products Co., Ltd., located in Shishan Town, Nanhai, Foshan, suddenly encountered a blackout. The employees saw the court seal the factory. The Foshan Intermediate People's Court, according to the Yanbu Credit Counsel's allegations, frozen the assets of Dongfang Plastics, the company legal person Kong Yongqi and their relatives worth more than RMB 93.59 million; the Nanhai District People’s Court has frozen the East according to the complaint from the China Merchants Bank Foshan Pingzhou Sub-branch. Plastic all property.

Oriental Plastics was founded in 1989 and is the largest plastic product production base in Foshan. It has a modern garden-style factory with an investment of 120 million yuan. It covers an area of ​​120 mu and has a building area of ​​more than 53,000 square meters. It is equipped with more than 100 computer-controlled injection molding machines with different clamping force, and a large number of precision instruments and auxiliary equipment. Its own mold shop, has a strong product development capabilities. For many years, the company has been operating well and has large customers such as Toshiba, Panasonic and Midea. The company has more than 1,000 employees. Someone once collectively jumped from Japanese companies to this private enterprise.

An executive of the company told the reporter that until the boss “evaporates”, the company’s production and operations have no abnormal signs. On the evening of August 12, the company also held a banquet for the 22nd anniversary celebration. Until the factory was black out on the 19th and the company was seized, everyone knew that Kong Yongzhi had borrowed 140 million yuan from the bank, of which Yanbu Rural Credit Cooperative had more than 90 million yuan.

In order to solve the re-employment problem of more than 1,100 employees in Eastern Plastics, 61 companies have already been recruited by the government of the Shishan Town Government or spontaneously sent to Dongfang Plastics to provide about 1,500 jobs. According to preliminary understanding, most employees have initially reached employment intentions.

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