Auto parts maker, Minth, was established in 1992 by Taiwanese billionaire Chin Jong Hwa. The company based in the city of Ningbo, has plants in China, South East Asia and North America. It designs, manufactures, processes, develops, and sells automobile body parts and moulds of passenger cars to major carmakers such as Volkswagen, General Motors, Mazda and Honda. It was listed in Hong Kong in 2005 and Chin Jong Hwa, whose wealth is currently estimated at $1.26 billion, holds a 40% stake in the firm.
Last month, Minth’s Hong Kong-listed stock suffered a record 20% drop after authorities in the Chinese special administrative region’s Securities and Futures Commission said the company had made inaccurate disclosures over two recent acquisitions. The two acquired companies belonged to Chin Jong Hwa’s nephew and niece respectively. Hong Kong regulators have pressed charges amounting to millions of dollars over the disputed takeovers, and are seeking that Chin be banned from holding directorships and other senior roles at companies in Hong Kong.
Amidst these charges Chin Jong Hwa, 57, relinquished his role as head of the board. He however has retained his board position, and would serve as honorary chairman. His daughter Chin Chien Ya, 27, is being appointed an executive director of the Chinese-based company. She is currently working for Minth’s North American operations after joining the group in 2015. This premature passing of the baton has been necessitated due to regulatory concerns on the behaviour of the patriarch.
Source: CampdenFB