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China Youth Daily: Dacheng County Government Voided Workers’ Shares

China Youth Daily reported on December 11, 2009 that more than 100 workers asked for the return of their invested shares but had difficulties paying the legal fees.

In 1994, a branch factory of Shangyang Cable Enterprise in Langfang City, Hebei Province requested its employees become its “shareholders.” So 286 workers invested a total of 1.03 million Yuan, with 500 Yuan per share. At that time, each worker only earned 1,000 Yuan per year. However, with the approval of the county government, the worker’s rights as shareholders were voided. In 2004 the former general manager of state-owned Shangyang Cable Enterprise, Sun Jixu, together with 23 others bought the factory and became the new shareholders. The 286 workers lost all their shares as well as their jobs.

Source: China Youth Daily, December 11, 2009