China’s war on tycoons intensifies

Virtual Mind Holding Co

01/03/2018 03:21

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Clara Ferreira-Marques
    SINGAPORE, March 1 (Reuters Breakingviews) - Authorities are
probing the boss of fast-growing oil trader CEFC, a respected
magazine says. This comes days after regulators took over
Anbang, a major insurer. CEFC shows even magnates who recently
appeared untouchable are now at risk of incurring Beijing’s
wrath.

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    On Twitter https://twitter.com/claramarquesrtr
    
    CONTEXT NEWS
    - Caixin magazine reported on March 1 that Ye Jianming,
founder of private conglomerate CEFC China Energy, had been
placed under investigation, citing sources close to the matter.
    - Ye, 40, transformed CEFC from a niche fuel trader into an
oil and finance conglomerate, aiming to become a Chinese energy
giant and challenge state behemoths. He said in 2017 that he
wanted CEFC to become a second Sinopec, Asia’s largest refiner.
    - CEFC last year agreed to buy a 14.2 percent stake in
Russian state oil giant Rosneft from Glencore and the Qatar
Investment Authority. That deal is due to complete in the first
half of this year, Glencore said in late February.
    - Shares in Shenzhen-listed CEFC Anhui International Holding
fell 7.6 percent in morning trade on March 1. Shares in CEFC
Hong Kong Financial Investment, another related firm, dropped
more than 29 percent in Hong Kong.    
    - For previous columns by the author, Reuters customers can
click on  MARQUES/ 
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Caixin article    https://www.caixinglobal.com/2018-03-01/investigation-casts-shadow-on-rising-oil-star-101215272.html
China’s CEFC hits regulatory hurdle in pursuit of Czech JTFG
stake – source     urn:newsml:reuters.com:*:nL8N1OY3XW
China’s CEFC joins Penta in bid to buy Time Warner’s Central
European Media - sources     urn:newsml:reuters.com:*:nL8N1NS1Z8
China’s CEFC eyes big league with Rosneft oil offtake deal   
 urn:newsml:reuters.com:*:nL4N1MR232
BREAKINGVIEWS - China’s aspiring Glencore will drill deep   
 urn:newsml:reuters.com:*:nL3N1O7152
BREAKINGVIEWS - Cowen deal collapse spells pain for Chinese
firms     urn:newsml:reuters.com:*:nL1N1NX0UW
BREAKINGVIEWS - China’s new energy star brandishes licence to
deal     urn:newsml:reuters.com:*:nL3N1NT071
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 (Editing by Quentin Webb and Katrina Hamlin)
 ((clara.ferreira-marques@thomsonreuters.com; Reuters Messaging:
clara.ferreira-marques.thomsonreuters.com@reuters.net))