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 continuing under acting chairman Zhang Wenping.
- China’s exports of lithium-ion batteries, solar cells, and new-energy vehicles rose 32.4% to $16.7 billion in October, even as total exports fell by 1.1%.
- China approved three power projects with a combined 9,000 MW capacity for completion before summer 2027; global power grid investment grew by 9% in 2024.
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Who’s Who
- China First Heavy Industries Co. Ltd.
- Lu Wenjun, the chairman of China First Heavy Industries Co. Ltd., was arrested for bribery. The state-owned equipment manufacturer announced that Lu was previously under investigation for "serious violations of discipline and law." Zhang Wenping is now serving as the acting chairman and legal representative.
- China National Petroleum Corp. (CNPC)
- China National Petroleum Corp. (CNPC) recently launched a new power unit in Beijing. Chairman Dai Houliang stated the new company aims to integrate internal power generation and consumption resources, building an integrated energy supply system. This move is a key strategic measure for the group to develop new energy businesses and extend its 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, released a new flagship drone emphasizing smarter navigation systems rather than increased takeoff weight, signifying a shift in industry focus.
- Guangzhou Xaircraft Technology Co. Ltd.
- Guangzhou Xaircraft Technology Co. Ltd. (广州极飞科技有限公司) is a leading Chinese agricultural drone manufacturer. They have recently focused on developing smarter navigation systems for their drones instead of increasing maximum takeoff weights. Their new flagship drones, like those from DJI Agriculture, maintain a maximum takeoff weight of 149.9 kilograms, similar to their 2024 predecessors.
- Guangzhou Automobile Group Co. Ltd. (GAC)
- 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, was promoted. GAC's new-energy vehicle division, GAC Aion, also launched its first extended-range electric vehicle (EREV), the Aion i60, to compete in the hybrid segment.
- BYD Co. Ltd.
- BYD Co. Ltd. is a competitor in the plug-in hybrid segment, with GAC Aion's new EREV model, the Aion i60, designed to rival its offerings. This highlights BYD's presence and influence in the increasingly crowded new-energy vehicle market, particularly concerning hybrid technologies.
- Geely Automobile Holdings Ltd.
- Geely Automobile Holdings Ltd. is referenced as a competitor to GAC Aion's new extended-range electric vehicle (EREV) model. Geely, along with BYD Co. Ltd., is a key player in the increasingly competitive plug-in hybrid market where GAC Aion is making a strategic push.
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