Boss of State Aviation Fuel Giant Comes Under Investigation

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What’s new: The top executive of China’s largest state-owned aviation fuel supplier has been put under investigation by graft busters after the company struggled with sliding business and a failed public listing.

Zhou Qiang, chairman and Communist Party chief of China National Aviation Fuel Group Ltd. (CNAF), is being investigated on suspicion of serious violations of discipline and law,” the party’s Central Commission for Discipline Inspection said Sunday. The phrase often refers to corruption.

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Zhou Qiang, chairman of China National Aviation Fuel Group Ltd. (CNAF), is under investigation for suspected serious violations of discipline and law.
CNAF, controlling over 90% of China’s aviation fuel market, withdrew its IPO application in January 2024 after failing regulatory reviews.
The company’s profit from its main aviation fuel business dropped nearly 86% between 2019 and 2021.

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Who’s Who

China International Intellectual Group Co. Ltd.: China International Intellectual Group Co. Ltd. is a central-government-owned human resources service provider. Zhou Qiang, the current chairman and Communist Party chief of China National Aviation Fuel Group Ltd., had a one-year stint at this company before joining CNAF in 2016.

China National Aviation Fuel Group Ltd. (CNAF): China National Aviation Fuel Group Ltd. (CNAF) is the largest state-owned aviation fuel supplier in China, with operations in over 280 airports globally. It accounts for more than 90% of China’s aviation fuel market. After a restructuring in 2018, CNAF has struggled with business and failed to secure a $224 million public listing in 2020. Profits significantly declined by nearly 86% from 2019 to 2021.

Dongfeng Motor Co. Ltd.: Dongfeng Motor Co. Ltd. is a state-owned automaker in China where Zhou Qiang spent 26 years, eventually rising to the position of deputy party chief. The company is significant in China's automotive industry.

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What Happened When

2016：: Zhou Qiang joined China National Aviation Fuel Group Ltd. (CNAF) as party chief and chairman.

2018：: Zhou Qiang served as CNAF’s first chairman after the company's corporate restructuring.

Early 2020：: CNAF filed for a public listing with a target of raising 1.63 billion yuan ($224 million).

Between 2019 and 2021：: Profits from CNAF's main aviation fuel business slumped nearly 86%, according to company reports.

January 2024：: CNAF withdrew its listing application, terminating its four-year effort as regulators tightened scrutiny on companies seeking an initial public offering.

June 23, 2024：: Zhou Qiang was put under investigation for serious violations of discipline and law by China's Central Commission for Discipline Inspection.

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