The once-silent factory grounds of Fujian Shunchang Fubao Tengda Chemical Co., Ltd. are bustling again, with machinery roaring, production lines fully back in operation, and frontline workers busy on the workshop floor.
Founded in 2004, Fubao Tengda was once Shunchang's prized asset, holding the title of one of Fujian Province's top 100 key enterprises and serving as the chain leader in Shunchang's new materials industry.
In recent years, buffeted by a combination of market fluctuations and outdated production capacity, the company's capital chain snapped, plunging it into a shutdown with worker salaries left unpaid for a time.
"The new owner not only settled all the overdue wages but also gave us a significant raise," employees said, their joy evident.
The phoenix-like rebirth of Fubao Tengda is a vivid example of Shunchang implementing the Nanping City "343X" modern green industrial system blueprint.
How to Wake Dormant Stock
"What exactly do we have in our asset base? What kind of enterprises are suitable to land here? How can projects start production quickly once they arrive?" said Lin Aihua, director of the Shunchang County Investment Promotion Task Force Office and head of the Industry, Information Technology and Commerce Bureau, frankly stating that revitalizing and restructuring Fubao Tengda was not merely about saving one old enterprise but about using it as a starting point to take full inventory of the county's idle resources.
Trading revitalized stock for development increment and achieving a two-way push between an active government and an effective market begins with knowing one's own assets.
Shunchang County conducted a sweeping survey of idle factory buildings, low-efficiency industrial land, and legacy assets of bankrupt enterprises, classifying and archiving them under the principle of "planning guidance, priority for ready land, and tiered guarantees," establishing a detailed and comprehensive idle asset ledger.
After a thorough review, the county's idle industrial land totaled 2,406.3 mu, and a batch of long-dormant assets finally had a clear accounting, with Fubao Tengda being one of the weightier entries in that ledger.
But revitalizing a bankrupt enterprise cannot bypass the "hard threshold" of legacy debts.
"Before formally taking over, we raised over a hundred questions with Shunchang authorities. What truly made the group hesitant was the invisible and intangible issue of hidden debts," said Wang Changgeng of Fujian Rongrong Investment Group Co., Ltd., the new executive director of Fubao Tengda, who personally experienced the entire negotiation and takeover process.
To dispel investor concerns, Shunchang County set up a special bankruptcy restructuring task force, sorting through legacy issues one by one and tackling obstacles one at a time.
"The local government kept its word and genuinely solved problems, completely eliminating our multiple concerns," Wang Changgeng said.
Through coordinated efforts from multiple parties, in March of this year the former Fubao Tengda filed for bankruptcy, in April investment promotion began, in June Fujian Rongrong Investment Group completed a debt-assuming acquisition of Fubao Tengda, in September the enterprise completed restructuring, and in October full production resumed.
By year-end, the enterprise will also launch plans to relocate as a whole into an industrial park, leveraging the local new materials industry chain's strengths and targeting directions such as new energy battery electrolytes, AI computing power liquid cooling agents, and fourth-generation green refrigerants, giving the old industrial carrier a "new life."
How Increment Is Generated
With a clear asset inventory, investment promotion became more precise.
Anchored to the goal of building a "15X" modern green industrial system proposed at the county's 15th Party Congress, local authorities compiled industry chain maps, industrial investment promotion maps, and target enterprise lists, focusing on four leading industries: new materials, forest and bamboo, edible fungi, and citrus, while attracting external leading projects on one hand and cultivating local chain leader enterprises on the other.
Shunchang also built a "one office, four blocks" investment promotion system, establishing a dedicated investment promotion task force to coordinate four major segments: "top leader" investment promotion, industry chain investment promotion, key district investment promotion, and fund investment promotion.
At the same time, local authorities at all levels linked up with out-of-town chambers of commerce and non-local scientific and technological talent, deeply tapping industry chain resources for targeted investment promotion, with multiple channels pulling in the same direction.
The "old nest" attracted "new phoenixes." Rongchang Chemical expanded and upgraded, while a batch of quality projects including Wenhua New Energy, Pinpinxian Company, and Hexing Industrial successively landed.
"The business environment here is great, and I often recommend Shunchang to peers," said Chen Weihong, deputy general manager of Fujian Pinpinxian Biotechnology Co., Ltd. in Zhengfang Town, speaking with emotion as he walked through the facility.
Pinpinxian's successful settlement benefited both from the local service commitment of "treating entrepreneurs as one's own and enterprise affairs as one's own" and from business-to-business attraction through Fujian Haoyang Ecological Agriculture, a local edible fungi chain leader.
Inside Pinpinxian's production workshop, automated production lines operate in orderly fashion, with mushroom cultivation achieving assembly-line scale production. (Photo by Zhu Chengcheng)
As a benchmark leader in domestic factory-based edible fungi production, Pinpinxian operates 12 production plants nationwide.
In September last year, the company's team visited Shunchang for the first time to inspect a king oyster mushroom project but left after the visit because supporting conditions did not fully match.
After Zhengfang Town learned of this lead from Haoyang Company, it immediately reported upward, and the county's main Party leader pushed from the front, launching an investment promotion campaign built on sincerity.
After multiple rounds of communication and repeated invitations, when the Pinpinxian team visited Shunchang again, a tailor-made landing plan was ready: nearly 100,000 square meters of idle factory space had been pre-matched as production carrier; and for a logistics shortcoming the company had not even raised, the government built an industrial road directly connecting to the park's main road.
Abundant sincerity换来 consensus on cooperation. On the day of the visit, the enterprise completed move-in procedures, achieving "move-in with bags packed."
Inside Pinpinxian's production workshop, mushrooms grow plump in the cultivation sheds, with batch after batch reaching harvest season. (Photo by Zhu Chengcheng)
Why Enterprises Stay
"Enterprises must not only be brought in but also land quickly and stay," Lin Aihua said, noting that saving time for enterprises is equivalent to creating benefits for them and is also the best way to retain them.
"Doing business here, one phone call is enough," said Liu Zhongwen, head of Fujian Wenhua New Energy Company.
During project negotiations, he worried about the complicated bankruptcy procedures of the original factory, but the local efficient service dispelled his concerns.
To retain enterprises, Shunchang relies on a dual-driven approach of "revitalizing idle assets plus reforming the approval system," implementing reforms such as deficiency-tolerant preliminary review and notification-based commitments to clear bottlenecks for project landing.
At the same time, Shunchang County established a full-cycle nanny-style service mechanism for projects, assigning a "five-plus-one" service task force to major projects worth over 100 million yuan, led by a county leader in charge, with multiple departments coordinating to serve one enterprise, handling approval procedures throughout the entire process, coordinating land, labor, and energy element guarantees, and ensuring that when enterprises have demands, the task force comes to their door.
Fujian Wenhua New Energy's project landed in June, broke ground in July, and is now about to be completed and put into production, with efficiency far exceeding expectations.
Since the beginning of this year, the locality has landed 10 investment promotion projects, of which 6 achieved same-year attraction, same-year land supply, same-year construction, and same-year production.
These projects landed on 1,495 mu of idle assets, revitalizing approximately 60% of the county's idle industrial assets, with a total investment of about 3 billion yuan and an estimated annual output value of 6.088 billion yuan once all reach full production.
A batch of dormant stock assets has been awakened and transformed into quality increment for industrial development, laying a solid foundation for the county's chain supplementation and strengthening.
Fujian Wenhua New Energy Co., Ltd.'s production workshop is about to be completed and put into production (Photo courtesy of Shunchang County Industry, Information Technology and Commerce Bureau)
"Next, we will continue to make good use of the 'one office, four blocks' working mechanism, regularly carry out targeted investment promotion trips, and solidly train our investment promotion team," Lin Aihua said.
Shunchang's practice proves that by grounding itself in local industry chain strengths and precisely matching stock resources with chain supplementation and strengthening needs, it is truly possible to achieve "old nests attracting new phoenixes" and transform dormant assets into tangible green industrial increment.
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