两倍杠杆+持有十年，合兴包装第一期员工持股计划仍以亏损收场！

Core Insights - The first phase of the employee stock ownership plan of Hexing Packaging has been fully sold after ten years, which began in July 2015 and underwent six extensions, with the last extension approved by the board in May this year [2] - The company indicated that the employee stock ownership plan resulted in losses, despite having a leverage of two times and an initial scale of 120 million [2] - Currently, the controlling shareholder of Hexing Packaging has 19.08% of its shares pledged, with a total of 75.79 million shares pledged, representing 19.08% of the shares held and 6.25% of the total share capital of the company [2]