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Like the stuff it makes, some bosses at Hong Kong-listed Yingde Gases are invisible these days. In November, chairman Zhao Xiangti fired Zhongguo Sun and Trevor Raymond Strutt, who had run the company. Despite disappearing as executives, they remained directors, doing their best to oust the chairman. A full clean-out of the board is necessary to clear the air.
这些天，香港上市的盈德气体(Yingde Gases)的一些老板是看不见的，就像该公司的产品一样。去年11月，现任盈德董事会主席赵项题炒掉了当时掌管该公司的孙忠国和特雷弗?雷蒙德?斯特拉特(Trevor Raymond Strutt)。尽管二人不再担任高管，但他们仍然是董事，并且竭尽全力驱逐赵项题。为了平息风波，盈德董事会需要全面洗牌。
This dust-up reflected unhappiness about swelling foreign currency debt over the past five years. The share price accordingly tanked roughly 70 per cent. Chairman Zhao, with friendly shareholders, controls about 17 per cent. The ousted pair have 29 per cent.
此次内讧反映出股东对过去五年盈德不断累积的外币债务的不满。股价因此下跌近70%。赵项题以及与之交好的股东，控制着约17%的股份。而被驱逐的二人控制着29%的股份。
An attempt late last year by the chairman to dilute Messrs Zhongguo and Strutt by issuing new equity was blocked by Hong Kong’s Securities and Futures Commission. One reason for his bravado was that Messrs Zhongguo and Strutt, as offshore directors to this mainland company, do not have legal control over the company’s official seals. These are required for all financial transactions.
去年年底赵项题想要通过发行新股来稀释孙忠国和斯特拉特所持股份，被香港证监会(SFC)叫停。赵项题敢于这么做的一个原因是，作为这家内地公司海外董事的孙忠国和斯特拉特，对公司的公章没有合法控制权。所有财务交易都需要公章。
The pressure and volume of a gas are inversely proportional. A board’s cohesion and vulnerability to takeovers of a listed company are related in the same way.
气体的压力和体积是成反比的。一家上市公司董事会的凝聚力和面对被收购的脆弱性同样也是此消彼长的关系。
Air Products of the US, offered HK$5.50 for Yingde in January, far above the $2.87 level where Yingde had last traded. Yet Air Products claims Yingde delayed due diligence.
1月，美国空气产品公司(Air Products)报价每股5.5港元收购盈德，远高于盈德此前每股2.87港元的股价。不过空气产品公司声称盈德推迟了尽职调查。
Yesterday brought a new gust to roil the dust: alternative asset manager PAG Capital has offered HK$6 for Yingde. This time the opposed parties in this sad saga publicly agreed to the PAG proposal. Who cares why. The fury of the row raises questions over the suitability of all directors involved, no matter how many shares they own.
昨天这场风波再起波澜：另类资产管理公司太盟亚洲资本(PAG Capital)报价每股6港元收购盈德。这一次这场闹剧中的敌对双方均公开同意了太盟亚洲资本的要约。谁又在乎其中原因呢。这场激烈内斗引发了人们对相关董事（无论他们持有多少股份）是否称职的质疑。
Shareholder consultancy ISS agrees. It proposes that independent shareholders vote out both board factions at the upcoming annual meeting. Yingde needs a stronger, more independent board. As for the bid, minorities should wait for a higher one to materialise.
股东咨询服务公司“机构股东服务公司”(ISS)对此表示赞同。它建议独立股东在即将到来的年会上投票驱逐这两派。盈德需要更强大、更独立的董事会。至于收购报价，少数股东应该等待更高的报价出现。
