Equity Structure of Chongqing General Trading Group “Changed”

The Board of Directors of Chongqing Department Store Co., Ltd. published announcement on April 3, stating that its controlling shareholder Chongqing General Trading Group Co., Ltd. completed industrial and commercial change registration and Tianjin Wu Mart and Better Life Retail increased the capital to become shareholders.

The industrial and commercial registration data show that the equity structure of Chongqing General Trading Group has changed from Chongqing State-owned Assets Supervision and Administration Commission’s holding 100% equity into Chongqing State-owned Assets Supervision and Administration Commission’s holding 45% equity, Tianjin Wu Mart’s holding 45% equity and Better Life Retail’s holding 10% equity. The registered capital of Chongqing General Trading Group was changed from 845 Million Yuan to be 1878 Million Yuan after capital increase.

Founded in 1996, the operation of Chongqing General Trading Group covers the fields such as department store, supermarket, appliance, automobile, import and export trade, consumer finance, supply chain finance and quality test. Its wholly-owned subsidiary Chongqing General Trading Chemical Co., Ltd. is one of the largest rubber plantation, processing and trading companies in China, which has direct cooperation with many large tire enterprises.

On September 27, 2019, Pang Qingjun, chairman of Chongqing General Trading Chemical Co., Ltd., was suspected to go missing, which shocked the tire industry in China and even Southeast Asia. On that day, Chongqing General Trading Group published the Letter of Explanation to the suppliers and announced to immediately suspend all businesses externally. Nowadays, half a year has passed, the control power of Chongqing General Trading Group significantly changed, and there is no single actual controller, whether the losses suffered by the tire enterprises before can be made up or not remains to be seen.