Energy Insider: Chairman of China First Heavy Industries Arrested for Bribery
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Chairman of China First Heavy Industries arrested for bribery
Lu Wenjun, chairman of China First Heavy Industries Co. Ltd. (601106.SH), has been arrested on suspicion of bribery, the state-owned equipment manufacturer announced Tuesday. Lu was previously placed under investigation for “serious violations of discipline and law.” He is the company’s legal representative. The company said its production and operations remain normal, with director Zhang Wenping serving as acting chairman and legal representative in the interim.
China’s ‘new three’ product exports rise in October
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- China First Heavy Industries chairman Lu Wenjun was arrested for bribery, with operations unaffected.
- China’s “new three” exports (lithium batteries, solar cells, NEVs) rose 32.4% to $16.7 billion in October, defying a 1.1% drop in total exports.
- CNPC launched a new power unit, China approved three cross-provincial power projects, and GAC’s Aion introduced its first EREV model.
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Who’s Who
- China First Heavy Industries Co. Ltd.
- China First Heavy Industries Co. Ltd., also known as 601106.SH, is a state-owned equipment manufacturer. Its chairman, Lu Wenjun, was arrested for bribery. Director Zhang Wenping is serving as acting chairman and legal representative. The company states that its production and operations remain normal.
- China National Petroleum Corp.
- China National Petroleum Corp. (CNPC) recently launched a new power unit in Beijing. The new company aims to integrate CNPC's internal power generation and consumption resources to establish an integrated energy supply system. This move is a strategic step to develop new energy businesses and extend the power product value chain.
- SZ DJI Technology Co. Ltd.
- SZ DJI Technology Co. Ltd. is a leading Chinese agricultural drone manufacturer. Its unit, DJI Agriculture, recently launched new flagship drones. These new models focus on smarter navigation systems rather than simply increasing maximum takeoff weights. This marks a shift from the industry's traditional "bigger is better" design philosophy.
- Guangzhou Xaircraft Technology Co. Ltd.
- Guangzhou Xaircraft Technology Co. Ltd. is one of China's top agricultural drone manufacturers. They recently released a new flagship drone whose maximum takeoff weight matches its 2024 predecessor, signaling a new focus on smarter navigation systems rather than larger machines.
- Guangzhou Automobile Group Co. Ltd.
- Guangzhou Automobile Group Co. Ltd. (GAC) recently appointed Xia Xianqing as its new general manager, separating the role from the chairman's position. Xia, previously deputy general manager, now leads the state-owned automaker. GAC's new-energy vehicle division, Aion, also launched its first extended-range electric vehicle (EREV), the Aion i60, entering the competitive hybrid segment.
- GAC Aion
- GAC Aion, the new-energy vehicle (NEV) division of Guangzhou Automobile Group Co. Ltd. (GAC), has launched its first extended-range electric vehicle (EREV), the Aion i60. This move signifies a strategic entry into the hybrid market, positioning the competitively priced sedan to rival established brands like BYD and Geely.
- BYD Co. Ltd.
- BYD Co. Ltd. is mentioned as an established player in the increasingly crowded plug-in hybrid segment. GAC Aion's new EREV model, the Aion i60, is designed to compete directly with BYD, among other companies, in this market.
- Geely Automobile Holdings Ltd.
- Geely Automobile Holdings Ltd. is referenced as a competitor in the plug-in hybrid vehicle market. GAC Aion's new EREV model, the Aion i60, is designed to directly compete with established players like Geely in this segment.
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