Abstract:
Xingyu Shares (601799.SH), one of the A-share "headlight leaders", has been exposed to differences in overseas employment at a time when the mass termination of fresh graduates' contracts has not completely subsided. Ifeng.com Technology reported on August 31 that its recent investigation found that there are obvious differences in the working systems of Chinese and foreign employees at the Xingyu Serbian factory.
Lin Zhe, a former employee of Xingyu Co., Ltd., said that local Serbian employees usually follow the local labor regulations and implement a work system of nine to five and getting off work on time, while the Chinese staff who come from China to support work an average of about 10 hours a day.
According to Lin Zhe, when Serbian employees finish working for the day, if the production tasks have not been completed, the Chinese support personnel still need to continue to work overtime until the production tasks for the day are completed. This means that in the same overseas factory, there are large differences in actual working hours and overtime arrangements between Chinese employees and local employees.
Lin Zhe also said that the Serbian factory of Xingyu Shares has been in a state of loss for a long time and needs continued financial support from its domestic parent company. In this context, Chinese staff have taken on more production support and task assurance work.
As of press time, Xingyu Shares has not publicly responded to the above statement.
Public information shows that Xingyu Shares has been in Serbia for many years.
In May 2019, under the witness of Serbian President Vucic, Xingyu Shares signed the first phase investment agreement for the Serbian factory. It plans to invest and build a factory in Nis Industrial Zone. The total investment of the project is 60 million euros, equivalent to about 470 million yuan.
The first phase of the factory will be completed and put into operation in 2022. It has now achieved large-scale production and provides lighting products for mainstream European car brands such as Mercedes-Benz, BMW, Audi, Volkswagen, and Skoda. The company's annual report shows that in 2025, Serbian Xingyu achieved revenue of 432 million yuan, a year-on-year increase of 36.71%.
While the first phase of the project continues to operate, Xingyu Co., Ltd. is still promoting the second phase of expansion.
On May 27 this year, also witnessed by Vucic, Xingyu Shares signed the second phase investment agreement for the Serbian factory. Compared with the first phase, the second phase project will further focus on intelligent vehicle lighting and electronic business.
Before the exposure of the overseas employment discrepancy, Xingyu Shares had just been plunged into a whirlpool of public opinion due to the termination of the contracts of fresh graduates.
This summer, Xingyu Co., Ltd. recruited 440 fresh graduates. However, just over a month after joining the company, some newcomers received HR interview notices.
Many graduates involved said that the company used the "poor market environment of the industry" as an excuse to persuade fresh graduates to voluntarily resign, and provided two options: sign a resignation agreement on the same day and receive half a month's salary compensation; if they refuse to leave, they will be adjusted to a front-line position, engaged in line plugging and other assembly line work, and the original one-month production line internship period has been extended to three months.
Relevant recordings also show that HR hinted during the process of asking for resignation that there was an HR group of more than 400 people in Changzhou. "Only by cooperating and signing, subsequent back-tracking will not be affected."
In the end, a total of 107 fresh graduates were forced to terminate their labor contracts with Xingyu Co., Ltd.
After the "humiliation forced to quit" incident of fresh graduates was exposed, the local social affairs department intervened in the investigation, and the human resources director of Xingyu Co., Ltd. was suspended.
On August 27, Xingyu Co., Ltd. issued an apology statement, acknowledging that the incident included management errors in decision-making and simple and crude communication in the execution process.
For the 107 graduates whose labor contracts were terminated, the company proposed three remedial measures: immediately issue a three-month job-seeking living allowance, and continue to provide free accommodation for graduates staying in company dormitories; actively contact other companies to provide suitable positions, and organize graduates to participate in special job fairs of the human resources and social security department; if employment has not been achieved by the end of November, the company will provide six months' salary as compensation.
It is worth noting that there have been reports on the Internet that fresh graduates have submitted complaints to the Hong Kong Stock Exchange, the European Union, and overseas customers such as BMW and Mercedes-Benz about Xingyu's illegal dismissal of employees, but this news has not yet been publicly confirmed by the company.
At the same time, Xingyu Shares is in the critical stage of listing on the Hong Kong stock market.
The company submitted a form to the Hong Kong Stock Exchange for the first time on January 26. Since the prospectus expired after six months, it submitted the form again on July 29. On August 14, the company announced that it had received the "Notice of Registration for Overseas Issuance and Listing" issued by the China Securities Regulatory Commission and was approved to issue no more than 44.8 million H shares.
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