Qingdao Xiyingmen Group has decided to sell assets for 400 million yuan, involving two brands of Xiyingmen and Double Camel, Junling industrial park, a factory, a shopping mall and a property.
Rumors said the company’s bankruptcy is connected to a corrupt official, Li Xuehai, who was head of the Chengyang district of Qingdao city and was arrested in October 2016.
Xiyingmen Group, founded in 1992, has developed into a trans-industry conglomerate engaged in businesses of home textiles, tires, cigarette packing materials, finance and services after more than 10 years of fast growth.
Since the beginning of the 21st century, the conglomerate has achieved an average annual growth rate of 30 percent and annual sales of more than 3 billion yuan, becoming one of the fastest growing company in Shandong province of China.
Qingdao Xiyingmen Double Camel Tyre Co., the tire manufacturer under the conglomerate, produces tires for motorcycle, agricultural vehicles and trucks of nearly 500 varieties for over 150 specifications.
The tire maker has an annual capacity of 10 million sets of motorcycle tires and 2 million sets of truck tires.
Ji Yujun, president of Xiyingmen Group, was once a NPC deputy for up to 24 years, one of the longest in history.
The last time Ji appeared on a public occasion was during the two conferences of NPC and CPPCC in 2012.
Xiyingmen has not released any reason for its bankruptcy by the release of this article.
