Abstract
You could say that it’s blue skies all around for Join King Fine Chemical, a Chinese producer of fine chemicals largely used in the agrochemical industry. The firm’s new plant in Inner Mongolia sits under cloudless skies for most of the year, sales are soaring, and the company is seeking acquisition targets. Go back to 2011, however, and few people at the firm could imagine such a rosy scenario. The company, then named Chemphy Fine Chemicals, was facing a cash crisis after the death of its CEO. Unable to pay suppliers and staff, the firm stopped production. After months on the verge of bankruptcy, Chemphy was acquired by Jointown Pharmaceutical Group, China’s largest private distributor of drugs and medical equipment, with annual sales of about $10 billion. As part of Jointown, Join King has thrived. The larger firm injected essential cash and introduced a corporate culture focused on growth—both organic
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