CEFC China Energy
CEFC China Energy (Chinese: 中国华信能源) is a private Chinese conglomerate. With revenue of 263 billion CNY (US$40 billion or 33 billion EUR) in 2014 the company is among the 10 largest private companies in China. In 2014 the company generated revenue mainly from oil and gas (60%) and financial services (25%), but operates also in a wide range of other sectors like transport infrastructure, forestry, asset management, hotel management, warehousing services, real estate development and logistics services. A large portion of CEFC's assets is concentrated in overseas markets. Since 2013 the company has been listed on the Fortune Global 500 list. It rose from a rank of 342 in 2015 to 229 in June 2016. Most of the company is owned by Shanghai Energy Fund Investment Ltd (SEFI), which is registered under Ye Jianming, the chairman of CEFC. Czech President Miloš Zeman has appointed CEFC's founder Ye Jianming as his economic adviser. The company is linked to the People's Liberation Army.
|Industry||Oil and gas, Financial services|
|Revenue||CN¥263 billion (2015)|
Number of employees
|30 000 (2015)|
In May 2015, the company acquired a 5% stake in J&T Finance Group. This increased to 9.9% in September 2015. In 2017 company applied to acquire 50% J&T Finance Group, but the deal has been refused by Czech National Bank because of lack of sufficient information on the origin of most of the funding for the deal.
In September 2015, the company acquired multiple assets in the Czech Republic - a majority stake in brewery Pivovary Lobkowicz Group, a 10% stake in airline Travel Service, 60% in football club SK Slavia Prague and real-estate assets in Prague - the building of the former Živnostenská banka at Na příkopě street and Le Palais Art Hotel Prague. CEFC also bought a stake of between 50 and 90 per cent in Czech online travel agent Invia in March 2016, probably with a view to capitalising on the rapidly increasing numbers of Chinese tourists visiting Prague.
In 2018, after its chairman Ye Jianming was detained for questioning on the order of Xi Jinping, General Secretary of the Communist Party of China. South China Morning Post reported that "Shanghai Guosheng Group, a portfolio and investment agency controlled by Shanghai’s municipal government, had taken control of CEFC China Energy". The state controlled CITIC Group acquired 49% of CEFC Shanghai, a subsidiary of CEFC China Energy; in turn, CEFC Shanghai owns CEFC Europe. In April 2018, CEFC announced they may lay off half of its 30,000-strong staff; staff have not been paid for two months.
In May 2018, CITIC Group announced they will repay ca 450 million euros owed by CEFC Europe to finance and banking group J&T within days but since the debt has not been paid a week later, J&T announced it had taken over shareholder rights and installed crisis management at CEFC Europe. Several days later, CEFC Shanghai defaulted on $327 millions in bond payments, and offered to make the payments six months after the maturity date.
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- Fortune Global 500
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- "China’s CEFC has big ambitions, but little known about ownership, funding". Reuters. 13 January 2017.
- "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.
- "China's CEFC takes stake in Czech-Slovak J&T Finance Group". Reuters. 14 May 2015. Retrieved 7 September 2015.
- Čínský konglomerát CEFC už má v J&T desetinu. Usiluje o 30 procent http://ekonomika.idnes.cz/cinska-cefc-zvysila-podil-v-j-t-na-deset-procent-chce-30-procent-pu0-/ekonomika.aspx?c=A150903_135502_ekonomika_rts, Retrieved 25 March 2016
- Muller, Robert (2018-01-04). "China's CEFC hits regulatory hurdle in pursuit of Czech JTFG stake:..." Reuters. Retrieved 2018-03-09.
- Johnstone, Chris. "CEFC faces obstacle to Czech purchase of J&T Financial Group stake | Radio Prague". Retrieved 2018-03-09.
- Hovet, Jason. "China's CEFC adds to Czech buying spree with airline, brewery deals". Reuters. Retrieved 7 September 2015.Johnston, Raymond (4 September 2015). "Chinese firm CEFC buys majority stake in Slavia Praha". Prague Post. Retrieved 7 September 2015.
- Annual report of CEFC Investment (Europe) Company a.s. for calendar year 2015
- 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
- "Why an Enigmatic Chinese Company Just Spent $9 Billion on a Stake in Rosneft". Bloomberg. 2 October 2017.
- "China Deepens Oil Ties With Russia in $9 Billion Rosneft Deal". Bloomberg.com. 2017-09-08. Retrieved 2018-03-09.