CEFC China Energy
| CEFC China Energy | |
|---|---|
| legal form | Private |
| founding | 2002 |
| Seat | Shanghai |
| management | Chan Chauto |
| Number of employees | 29,637 (2017) |
| sales | 43.7 billion US dollars (2017) |
| Branch | Conglomerate |
| Website | www.cefc.co |
CEFC China Energy (Chinese: 中国 华 信 能源) is a Chinese conglomerate. With 2017 sales of USD 43.7 billion, the company is one of the largest private companies in China. In 2014, the company generated revenues primarily from oil and gas (60%) and financial services (25%), but is also active in a variety of other sectors including transportation infrastructure, forestry, asset management, hotel management, warehouse management, real estate development and logistics services. Much of CEFC's assets are concentrated in overseas markets. The company has been on the Fortune Global 500 list since 2013 . The company is said to have close ties to the People's Liberation Army .
In 2018, founder and general manager Ye Jianming was arrested and interrogated on the orders of Xi Jinping , general secretary of the Chinese Communist Party . In October 2018, it was reported that prosecutors alleged that Wang Sanyun , former communist party secretary in Gansu Province , accepted bribes from Ye Jianming in 2011. The company was then taken over by the Shanghai Guosheng Group , which is controlled by the Shanghai city government. The CITIC Group later acquired 49% of the shares in CEFC China Energy.
In May 2018, the CITIC Group announced that it would repay the sum of 450 million euros owed by CEFC Europe to the finance and banking group J&T Finance Group within days. However, since the debt had not been paid a week later, J&T announced that they had taken over the shareholder rights and will install a crisis management system at CEFC Europe. A few days later, CEFC Shanghai defaulted on $ 327 million in bonds and offered to make the payments six months after the due date. In April 2018, CEFC announced that it may have to lay off half of its 30,000 employees.
Investments
The company has made significant investments in Central Europe. In 2015, CEFC China Energy acquired 5% of the Czech-Slovak investment company J&T Finance Group. In 2017, the company applied to acquire 50% of the shares in J&T Finance Group, but this was rejected by the Czech National Bank due to insufficient information on the origin of most of the funds for the business. The company also owns shares in the Czech airline Travel Service and real estate in Prague . In March 2016, CEFC bought a stake of between 50 and 90 percent in the Czech online travel agency Invia , probably with the aim of capitalizing on the rapidly growing number of Chinese tourists visiting Prague. The company also controls the Czech football club Slavia Prague , in which it has held 99% of the shares since 2016. In 2018 the association was sold to the CITIC Group.
In 2017, CEFC wanted to acquire a 14.16% stake in Russian oil producer Rosneft for around $ 9 billion. The deal later failed due to financial problems.
Individual evidence
- ^ CEFC China Energy. In: Fortune. Retrieved March 10, 2019 .
- ↑ CEFC China. (No longer available online.) Archived from the original on March 4, 2016 ; accessed on March 10, 2019 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ " Opaque Chinese oil group makes clear gains in former Soviet bloc ". Financial Times . 13 September 2017.
- ^ " Who's that 39-year-old paying HK $ 1.4 billion for three office floors? " South China Morning Post . 21 February 2017.
- ↑ Sha Hua: CEFC China Energy: China brings largest private oil company under state control. Retrieved March 10, 2019 .
- ↑ http://www.scmp.com/business/companies/article/2135420/guosheng-puts-cefc-under-state-ward-crackdown-intensifies
- ↑ https://uk.reuters.com/article/us-china-cefc-probe/chinas-cefc-taken-over-by-shanghai-government-agency-scmp-report-idUKKCN1GE0X3
- ↑ https://www.reuters.com/article/us-china-cefc-czech/cefc-chinas-chairman-to-step-down-citic-in-talks-to-buy-stake-in-unit-idUSKBN1GW0HB
- ↑ https://uk.reuters.com/article/china-cefc-czech/update-1-jt-private-investments-says-takes-over-shareholder-rights-in-cefc-europe-idUKL5N1SO6E5
- ↑ https://www.reuters.com/article/china-bonds-cefc/update-1-cefc-shanghai-international-defaults-on-327-mln-in-bond-payments-idUSL3N1SS3NB
- ↑ China Energy Firm CEFC Defaults After Rosneft Deal Fails. Retrieved March 10, 2019 .
- ↑ China's CEFC takes stake in the Czech-Slovak J&T Finance Group . Reuters. May 14, 2015. Retrieved September 7, 2015.
- ↑ Robert Muller: China's CEFC hits regulatory hurdle in pursuit of Czech JTFG stake ... . In: Reuters , January 4, 2018.
- ↑ Chris Johnstone: CEFC faces obstacle to Czech purchase of J&T Financial Group stake | Radio Prague (en) .
- ↑ Čínská CEFC kupuje podíl v Invii, chce nabídnout servis čínským turistům, iDnes.cz, http://ekonomika.idnes.cz/cinska-skupina-cefc-ovladne-on-line-obchodnika-se-zajezdy-invii-pvn- /ekonomika.aspx?c=A160322_173841_ekonomika_rts , Retrieved 25 March 2016
- ↑ Chinese investor acquires further shares in Slavia Prague. November 22, 2016, accessed March 10, 2019 .
- ^ " Why an Enigmatic Chinese Company Just Spent $ 9 Billion on a Stake in Rosneft ". Bloomberg. October 2, 2017.
- ↑ China Deepens Oil Ties With Russia in $ 9 Billion Rosneft Deal (s) . In: Bloomberg.com , September 8, 2017.
