(Yicai Global) July 25 -- Jonjee Hi-Tech Industrial and Commercial Holding removed several directors and executives who had been appointed by its previous owner Baoneng Investment Group yesterday as the tussle for control of the Chinese soy sauce maker between past and present majority shareholders rumbles on.

Four directors backed by struggling real estate-to-finance conglomerate Baoneng, namely He Hua, Huang Wei, Cao Jianjun and Zhou Yanmei, were kicked out, according to a motion passed at an extraordinary general meeting of shareholders held yesterday.

They were replaced by three non-independent directors proposed by its current owner, Zhongshan Huoju Group, namely Liang Daheng, Lin Ying and Liu Gerui.

The power struggle for control of Jonjee, which operates in three sectors, namely condiments, auto parts and real estate, and is worth CNY28 billion (USD3.9 billion) has taken a turn for the worse recently.

Last week, Yao Zhenhua, the chairman of Baoneng, tried twice to enter Jonjee’s factory to get hold of the company seal, but was turned away by security guards, Yicai Global reported yesterday.

Baoneng bought a majority stake of 24.9 percent in the Zhongshan, southern Guangdong province-based firm in October 2015, but then was forced to sell most of it in 2021 when the company fell into debt, leaving it with just 9.4 percent, which is held by its subsidiary Zhongshan Runtian Investment. Zhongshan Huoju holds 19.8 percent equity.

Three deputy general managers appointed by Shenzhen-based Baoneng were also sacked yesterday. These are Qin Junxue, Tian Qiu, who is also secretary to the chairman, and Kong Lingyun, who is also financial director.

A new general manager who joined the team last week only lasted five days. It means that a number of Jonjee’s executive positions are now vacant, and the Board is having to cover the roles of general manager, financial director and board secretary as well as its other duties.

Jonjee’s stock price [SHA:600872] closed up 4.4 percent at CNY36.17 (USD5) today.

Editors: Dou Shicong, Kim Taylor