On June 1st, #老乡鸡 Chairman Apologize# became a hot search on Weibo. On the afternoon of May 31, in response to reports that "a large number of Laoxiang Chicken employees have not paid social security", Shu Congxuan, chairman of Laoxiang Chicken, posted an apology on Weibo, saying

htmlOn June 1st, # Fellow Chicken Chairman Apologize# became a hot search on Weibo.

html On the afternoon of May 31, in response to the report that "a large number of Laoxiang Chicken employees have not paid social security", Laoxiang Chicken chairman Shu Congxuan posted an apology on Weibo, saying that he was unable to purchase social security for all Laoxiang Chicken employees and felt very sad. Shame and self-blame. In addition, Shu Congxuan also responded to questions about the company's profitability, saying that catering is long-termism, and the development of Laoxiang Chicken has been stable.

A good Chinese boss who once said, "Even if you are selling a house or a car, you must ensure that your employees have food to eat and work to do", today he apologized for the social security issues of his employees.

Regarding such an apology, some netizens said that this is the tears of capitalists.

Some netizens also said, "This is great! The participation rate is already very high." Another netizen said: "Giving up insurance is an invalid clause. It is recommended that employees must pay regardless of whether they ask for insurance or not."

Upstream News has noticed that since the prospectus was disclosed on May 20, the Chinese fast food chain Laoxiang Chicken, which is planning to IPO on the Shanghai Stock Exchange , has attracted much market attention. Among them, the most discussed issue is the issue of employee social security payment, which has been on hot searches many times.

Judging from the data disclosed in Laoxiangji’s prospectus, Shu Congxuan’s statement and that of some netizens are not untrue, but they are from different perspectives. The employee social security participation rate of Laoxiangji was indeed relatively low in 2019 and 2020, only 37.44% and 60.16% respectively. It only quickly increased to more than 90% in 2021. This may be related to the fact that securities companies began to regulate after entering the market.

Picture source: Laoxiangji Weibo

According to China Fund News, the market needs to pay more attention to issues such as Laoxiangji’s corporate governance, rapid increase in debt ratio, and heavy asset store expansion under the epidemic. At present, the Shu Congxuan family holds more than 90% of the company's shares. His wife, son, and daughter-in-law all hold senior management positions such as directors, general managers, and deputy general managers in listed companies. Except for the three independent directors, three-quarters of the board of directors are family members. .

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