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.

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.

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.