Shanshui cement, a listed company in Hong Kong stock market(HK:00691) the protracted battle for equity has entered a critical moment. A reporter from the Securities Daily learned on September 28 that one of the 10 "loan agreement disputes" put forward by Henan entrepreneur Chen Hongqing will issue a ruling on October 17, and the remaining nine will usher in the adjudication date on November 13. At that time, Chen Hongqing and employee stock purchase representatives signed the "loan agreement" for the purchase of landscape investment equity entrustment contract will also usher in the final conclusion.

According to public data, Shanshui cement was listed on the Hong Kong Stock Exchange in 2008. Shandong Shanshui cement Group Co., Ltd., a wholly-owned subsidiary of the company and the only entity of the company, whose core business is located in Jinan, Shandong Province, is a large enterprise group with the production of cement and clinker as the leading industry and the production and sales of mixing, piping, plastic weaving and heavy industry as one.

At the beginning of listing, the largest shareholder of Shanshui cement is Shanshui Investment, which is the shareholding platform of nearly 4000 employees of Shandong Shanshui cement Group Co., Ltd.

According to public reports, at the end of 2013 and the beginning of 2014, a "equity battle" broke out between Zhang Caikui, former chairman of Shanshui cement, and some executives and employees of Shanshui cement against Shanshui cement and Shanshui investment. By 2015, Chen Hongqing, with the assistance of 11 stock purchase representatives of Shanshui cement employees, spent more than 1 billion yuan to acquire Shanshui investment shares owned by employees, but it was this setting of indirect stock purchase that laid the groundwork for employee stock purchase representatives to deny Chen Hongqing's stock purchase. By the end of 2016 and early 2017, there was a dispute between the employee stock purchase representative and Chen Hongqing over the nature of the above-mentioned "loan agreement": the employee stock purchase representative called it a "loan contract", while Chen Hongqing called it an "entrusted equity acquisition contract". Chen Hongqing then filed an arbitration application against the above-mentioned employee stock purchase representatives at the China International Economic and Trade Arbitration Commission on September 22 of that year.

It is reported that the above 10 arbitration cases were put on file by the China International Economic and Trade Arbitration Commission in September 2017. After two hearings on March 21, 2018 and June 23, 2018, the trial procedures have all been concluded. According to the rules of procedure, the arbitration tribunal should make an award within 6 months after the formation of the tribunal, that is, before August 28, 2018, but the arbitration tribunal in this case has not made an award, and the hearing has been postponed and suspended 12 times, during which the presiding arbitrator has even been replaced. In response to the above situation, the reporter called Wang Chengjie, Secretary General of Trade Zhong and President of the Arbitration Court, but the phone could not be connected.

Zhao Ming, a partner at Zhongtong Law firm in Beijing, told the Securities Daily that "which arbitration commission to choose is generally agreed upon in the agreement signed between the two parties." However, it is true that the above 12 deferrals are not common, but the arbitration rules do not provide for the number of adjournment and the upper limit. According to the arbitration rules, the arbitration commission may replace arbitrators during the hearing. Both postponement and replacement require written reasons. "

"I hope the China International Economic and Trade Arbitration Commission can give me a fair ruling on October 17," Chen Hongqing told the Securities Daily on September 28. "