Baocai and Wei-ching Reach Major Reconciliation, Announce Joint Formation of Ching Fu Engineering's 'Most Optimal Board of Directors'
Ching Fu Engineering held a press conference where Baocai representative Zheng Sicong and Wei-ching Group representative Shen Qingguang jointly announced that following communication, past disputes have been 'turned over.' They will form the most optimal board of directors to implement corporate governance and work together to restore Ching Fu Engineering's reputation. However, both parties did not comment on seat allocation.
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- 📰 Published: April 20, 2026 at 18:16
- 🔍 Collected: April 20, 2026 at 18:31 (15 min after Published)
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Ching Fu Engineering held a press conference where Baocai representative Zheng Sicong and Wei-ching Group representative Shen Qingguang jointly announced that following communication, past disputes have been 'turned over.' They will form the most optimal board of directors to implement corporate governance and work together to restore Ching Fu Engineering's reputation. However, both parties did not comment on seat allocation.
Last week, Ching Fu announced that its two major shareholders, Baocai Group and Wei-ching Group, had reached an amicable agreement through a mutual friend and established a direction for joint governance. Both parties will jointly integrate and nominate a single optimal list of board candidates from their respective proposed lists for the election.
Ching Fu held a press conference today to explain the upcoming board election, which has garnered significant public attention. Zheng Sicong, Chairman of Baoxin Investment under Baocai Group, Shen Qingguang, brother of Wei-ching Group Chairman Shen Qingjing and representative of Wei-ching Group, and Chairman of Ching Fu, Chou Chih-ming, were all present.
Regarding board seats, all three declined to comment on the rumors of 'Baocai securing 4 seats and Wei-ching securing 3 seats.' Zheng Sicong stated that they will comply with the Company Act and the procedures resolved by the shareholders' meeting to form the most optimal board of directors through full discussion, implement corporate governance, and ensure all members work together for Ching Fu's operations.
When asked if there would be a significant reshuffle or layoffs for the existing team and grassroots employees after the merger of management rights, Zheng Sicong said they hope the management team and employees can stabilize their morale and work together for future operations. In principle, both Ching Fu's management team and employees will be appropriately arranged to leverage their capabilities.
Shen Qingguang stated that the main reason for reconciliation is to provide all shareholders with better EPS (earnings per share) in the future and to enable existing employees to exert better professional execution capabilities after the infusion of new blood. If there are differences in opinion regarding corporate governance in the future, they will be resolved through friendly consultation and respect for the management team. He said, 'The Yangtze River will surely reach the sea, and the Yellow River will always flow straight,' hoping that mutual consensus can turn bitter fruit into sweet fruit. (Editor: Yang Lanxuan) 1150420
Last week, Ching Fu announced that its two major shareholders, Baocai Group and Wei-ching Group, had reached an amicable agreement through a mutual friend and established a direction for joint governance. Both parties will jointly integrate and nominate a single optimal list of board candidates from their respective proposed lists for the election.
Ching Fu held a press conference today to explain the upcoming board election, which has garnered significant public attention. Zheng Sicong, Chairman of Baoxin Investment under Baocai Group, Shen Qingguang, brother of Wei-ching Group Chairman Shen Qingjing and representative of Wei-ching Group, and Chairman of Ching Fu, Chou Chih-ming, were all present.
Regarding board seats, all three declined to comment on the rumors of 'Baocai securing 4 seats and Wei-ching securing 3 seats.' Zheng Sicong stated that they will comply with the Company Act and the procedures resolved by the shareholders' meeting to form the most optimal board of directors through full discussion, implement corporate governance, and ensure all members work together for Ching Fu's operations.
When asked if there would be a significant reshuffle or layoffs for the existing team and grassroots employees after the merger of management rights, Zheng Sicong said they hope the management team and employees can stabilize their morale and work together for future operations. In principle, both Ching Fu's management team and employees will be appropriately arranged to leverage their capabilities.
Shen Qingguang stated that the main reason for reconciliation is to provide all shareholders with better EPS (earnings per share) in the future and to enable existing employees to exert better professional execution capabilities after the infusion of new blood. If there are differences in opinion regarding corporate governance in the future, they will be resolved through friendly consultation and respect for the management team. He said, 'The Yangtze River will surely reach the sea, and the Yellow River will always flow straight,' hoping that mutual consensus can turn bitter fruit into sweet fruit. (Editor: Yang Lanxuan) 1150420