(Yicai Global) Dec. 9 -- Yueboo Power System is assisting a police investigation after the troubled Chinese maker of auto parts dismissed its chairman, following a boardroom coup attempt with over 50 outsiders.

Yueboo, as well as Li Zhanjiang and his wife, are aiding a local police investigation after the pair and over 50 roughnecks occupied a meeting room, causing physical conflict with staff members on Dec. 7 when the board of directors had scheduled to strip the chief from his duties, the Nanjing-based firm said in a statement yesterday.

Li, who had a 32.1 percent stake in Yueboo at that time, is blacklisted in China as the former chairman has not been able to repay his debts.

During the meeting, the board decided on new hires. It added He Jing and Zhou Xueqin as directors. He will also become the new general manager. Before this, He and Zhou were chairman and GM of Hubei province-based Leiyu New Energy Vehicle Investment. They have no shares in Yueboo as of yesterday.

The manufacturer of automotive power systems has attempted to transfer a controlling stake in the company three times since mid-August, Yicai Global discovered. The latest time was in late November when the firm planned to transfer Li's shares with voting power to Hubei-headquartered Rundian New Energy Vehicle Technology. Through the transfer, He, one of the new directors, would have become the legal representative of Yueboo.

Yueboo has been unprofitable for four straight years. As of Sept. 30, its net loss amounted to CNY116 million (USD11.7 million), according to the firm's earnings report. Its net assets tallied CNY12.4 million (USD1.8 million). 

Yueboo's stock [SHE: 300742] ended 2.76 percent down at CNY11.64 (USD1.70) today.

Editors: Shi Yi, Emmi Laine, Xiao Yi