3/20/2018 China’s Ye Jianming to relinquish stake and role in CEFC Europe 

fastFT China 

China’s Ye Jianming to relinquish stake and role in CEFC Europe

James Kynge in London YESTERDAY 

The chairman and founder of China’s mysterious CEFC Group, Ye Jianming, is set to relinquish his shareholding and management role in CEFC Europe, according to an announcement on CEFC’s website. 

The announcement follows reports of Mr Ye’s detention, which has left investors, bankers and governments scrambling for information on his whereabouts. 

Marcela Hrda, executive vice-president of CEFC Europe, was quoted in the announcement as saying that a “new shareholder” has emerged. 

“The development of our projects will continue and we look forward to working with a new shareholder. We see a number of synergies between CEFC Europe’s activities and activities not only in China but around the world, “ said Ms Hrda. 

It was not clear from the news release who the new shareholder was or whether this shareholder would also be taking a stake in CEFC China Energy Company, which is described on the firm’s website as “the largest private company in Shanghai”. 

The announcement added that CEFC Europe had also rescinded a request to the Czech central bank to approve raising its stake in a Prague-based financial company, J&T, to 50 per cent from 9.9 per cent. 

CEFC Europe said the decision to pull the request had been taken “in view of the forthcoming change in shareholding structure”. 

The shifts follow news this month that Chinese asset manager Huarong has bought 36 per cent of a CEFC subsidiary, filings show, potentially giving it a role in the company’s plan to buy a $9bn stake in Russian oil company Rosneft. 

State-controlled Huarong’s purchase of the CEFC subsidiary stake follows the seizure of insurer Anbang by China’s insurance regulator, which was part of Beijing’s campaign to bring to heel private companies that have relied on risky financing for aggressive overseas purchases. 

Chinese corporate filings show that China Huarong Asset Management purchased 36 per cent of CEFC Hainan International Holdings Co, the unit of CEFC that was earmarked as the vehicle for 

https://www.ft.com/content/6369377c-2b9c-11e8-9b4b-bc4b9f08f381 1/2 

3/20/2018 China’s Ye Jianming to relinquish stake and role in CEFC Europe 

the purchase of a stake in Rosneft, according to an interview given by its general manager to the Chinese press in January. 

Related reading: 

Opaque Chinese oil group makes clear gains in former Soviet bloc

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