Oct 30, 2018 05:21 AM

Guangdong Zhenrong and CEFC China: Dodgy Traders in a Mirror

Xiong Shaohui. Photo: Caixin
Xiong Shaohui. Photo: Caixin

In 2009, Xiong Shaohui, chairman of state-backed fuel trader Guangdong Zhenrong Energy in the southern city Guangzhou, set out to expand the company’s revenue 10-fold and make it one of the world’s largest businesses.

A thousand miles away in Shanghai that same year, a businessman named Ye Jianming relocated his niche fuel trading company from Fujian province, renamed it CEFC China Energy and launched a huge expansion.

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