The equipment that Jinxi Chemical Machinery once produced in those years
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Jinxi Chemical Machinery Factory has gone bankrupt! At 9 a.m. on November 23, the second creditors’ meeting regarding the bankruptcy reorganization of AVIC Liming Jinxi Chemical Machinery (Group) Co., Ltd. (hereinafter referred to as Jinhua Machinery Company) was held in Court Room 3 of the Municipal Intermediate People’s Court. The meeting completed all required agenda items and voted to approve the \"Reorganization Plan Draft\". After Jinhua Machinery Company entered bankruptcy reorganization proceedings, the Municipal Intermediate Court fulfilled its judicial duties to the fullest extent; President Wang Shuli served as the presiding judge and took charge of the case, actively promoting the bankruptcy reorganization process for this enterprise. Before the second creditors’ meeting was held, the collegial panel made careful arrangements in light of the large number of creditors and the complexity of their claims associated with the bankrupt enterprise. It also strengthened communication and coordination with the administrator to ensure that every procedure and step was carried out in an orderly manner in accordance with the law.
This established state-owned enterprise, founded in 1939 and thus having a history of 80 years, was once a key driver of economic growth in Huludao City and a leader in the chemical machinery industry; yet it now faces bankruptcy reorganization, which is indeed regrettable. Jinxi Chemical Machinery Factory was reorganized in 2009 with AVIC Shenyang Liming Aero-Engine Group, and was later renamed AVIC Liming Jinxi Chemical Machinery Co., Ltd. Guardian Blue, a high-end headhunting firm, has had the privilege of meeting several of the company’s senior executives and key technical personnel. Their achievements in fields such as casting, pressure vessel manufacturing, and machinery production are truly outstanding; they possess numerous technologies that are at the forefront in China. Over 100 of their products have won national and provincial/municipal-level awards, and the company holds more than 50 invention and utility model patents. What is also impressive is its team of highly skilled professionals, which is envied in the industry; many competitors have hired headhunters to try and poach talent from Huludao. Yet even such a powerful company, after decades of ups and downs in the market, was unable to escape the fate of decline. When a company, despite having inherent advantages in terms of talent and technology, still cannot avoid bankruptcy, it is likely that there are problems with its development strategy and management philosophy.
This established state-owned enterprise, founded in 1939 and thus having a history of 80 years, was once a key driver of economic growth in Huludao City and a leader in the chemical machinery industry; yet it now faces bankruptcy reorganization, which is indeed regrettable. Jinxi Chemical Machinery Factory was reorganized in 2009 with AVIC Shenyang Liming Aero-Engine Group, and was later renamed AVIC Liming Jinxi Chemical Machinery Co., Ltd. Guardian Blue, a high-end headhunting firm, has had the privilege of meeting several of the company’s senior executives and key technical personnel. Their achievements in fields such as casting, pressure vessel manufacturing, and machinery production are truly outstanding; they possess numerous technologies that are at the forefront in China. Over 100 of their products have won national and provincial/municipal-level awards, and the company holds more than 50 invention and utility model patents. What is also impressive is its team of highly skilled professionals, which is envied in the industry; many competitors have hired headhunters to try and poach talent from Huludao. Yet even such a powerful company, after decades of ups and downs in the market, was unable to escape the fate of decline. When a company, despite having inherent advantages in terms of talent and technology, still cannot avoid bankruptcy, it is likely that there are problems with its development strategy and management philosophy.
This established state-owned enterprise, founded in 1939 and thus having a history of 80 years, was once a key driver of economic growth in Huludao City and a leader in the chemical machinery industry; yet it now faces bankruptcy reorganization, which is indeed regrettable. Jinxi Chemical Machinery Factory was reorganized in 2009 with AVIC Shenyang Liming Aero-Engine Group, and was later renamed AVIC Liming Jinxi Chemical Machinery Co., Ltd. Guardian Blue, a high-end headhunting firm, has had the privilege of meeting several of the company’s senior executives and key technical personnel. Their achievements in fields such as casting, pressure vessel manufacturing, and machinery production are truly outstanding; they possess numerous technologies that are at the forefront in China. Over 100 of their products have won national and provincial/municipal-level awards, and the company holds more than 50 invention and utility model patents. What is also impressive is its team of highly skilled professionals, which is envied in the industry; many competitors have hired headhunters to try and poach talent from Huludao. Yet even such a powerful company, after decades of ups and downs in the market, was unable to escape the fate of decline. When a company, despite having inherent advantages in terms of talent and technology, still cannot avoid bankruptcy, it is likely that there are problems with its development strategy and management philosophy.
Leading enterprise in Huludao goes bankrupt – how were 1,700 employees dealt with? This established state-owned enterprise, founded in 1939 and thus having a history of 80 years, was once a key driver of economic growth in Huludao City and a leader in the chemical machinery industry; yet it now faces bankruptcy reorganization, which is indeed regrettable.
When news of the bankruptcy of Jinxi Chemical Machinery Factory spread, some netizens on a social media platform exposed and condemned the factory’s serious management problems, such as prolonged and unreasonable overtime, failure to issue pay slips as required, and issues with the management team. Although the claims made by netizens need further verification, there were rumors as early as 2014 that the chemical machinery factory was in arrears with wages, and that a large number of management staff and technical professionals had left the company. In this way, without talented people, team cohesion is also lost; even those who were once outstanding will eventually be drained of their strength.
Some also attribute the decline of Jinxi Chemical Machinery Factory to serious mistakes in its development strategy. Some industry insiders believe that the decline of chemical machinery factories began in 2005, when a joint venture was established with Siemens. The full name of the company is Siemens Industrial Turbomachinery (Huludao) Co., Ltd.; Siemens Power Generation holds 70% of its shares, while Jinxī Chemical Machinery Group holds 30%. The company is mainly engaged in the production of new turbomachinery and compressors, as well as providing maintenance services. Turbo machinery is precisely one of the core products of Jinxi Chemical Machinery Factory; it was once a key scientific and technological research project, and its products have won numerous provincial, ministerial, and national awards for scientific and technological progress. After the joint venture began operations, it significantly improved Siemens’ service quality and speed in the domestic compressor and turbine industries, enabling Siemens to make substantial progress in the Chinese market. The joint venture seems to be doing very well, but the other branches of Jinxi Chemical Machinery Factory are not faring as well, suffering from losses year after year. Some insiders at the chemical machinery factory believe that after the joint venture, German Siemens not only took away the company’s sources of profit but also its most competitive core technology in turbomachinery.
Heavy industry is the foundation of a nation; it can vanish in an instant
It’s tragic and lamentable – such a good hand was ruined
Many state-owned enterprises with a long history in the Northeast simply disappeared over time.