After 8.3 billion Blasting, the former chairman of Shanghai Electric was opened: engaging in power transactions, and reading illegal books privately

On July 22, Shanghai Electric (601727.SH; 02727.HK) Zheng Jianhua, former party secretary and chairman of the party committee, was "double -opened".

The Red Star Capital Bureau noticed that at the end of May last year, Shanghai Electric suddenly burst into thunder and unveiled the "special network communication" incident. Since then, Shanghai Electric and its holding subsidiaries have ushered in the management earthquake, and Zheng Jianhua is also one of them.

At present, Shanghai Electric has released a semi-annual performance trailer. It is expected that the net profit returning home in the first half of this year is about -116 billion yuan to -960 million yuan. As of July 22, Shanghai Electric's stock price closed at 4.53 yuan/share, with a total market value of about 70.58 billion yuan.

The former chairman of Shanghai Electric was doubled

Relying on enterprises to eat enterprises, causing particularly major losses of state -owned assets

According to the official website of the Shanghai Disciplinary Inspection Commission of the Communist Party of China, recently, with the approval of the Shanghai Municipal Party Committee of the Communist Party of China, the Shanghai Municipal Commission for Discipline Inspection conducted an investigation and investigation of the serious violations of disciplinary violations of the Shanghai Electric Party Committee and Chairman Zheng Jianhua.

After investigation:

Zheng Jianhua is the main person in charge of the leading cadre of party members and the city -owned state -owned backbone enterprises. He loses his ideals and beliefs, abandons his responsibilities and mission, distorts his political performance, is good at power, his personal desires expand, and rely on enterprises to eat enterprises. Severe pollution of the political ecology of state -owned enterprises.

Zheng Jianhua violated his political discipline and deviated from the Party Central Committee's policy policy on the high -quality development of state -owned enterprises.

Violation of the spirit of the eight regulations of the Central Committee, and frequently accepted the activities of private enterprises' main banquets, tourism and other activities for a long time, and received gifts for gifts;

Violation of organizational discipline, conceal matters such as non -reporting home assets and business -oriented enterprises, and change the route without authorization during the inspection of official duties;

Violation of integrity discipline, illegally owns non -listed companies, long -term free borrowing private business owners' vehicles, obtaining large returns through private lending, use of power to operate with relatives, and engage in power transactions and money transactions;

In violation of life discipline, the family style is corrupted, and the relatives are dislocated to teach;

Utilize the convenience of the job, seek benefits for others in the process of business, illegally obtain or receive huge amounts of property;

The gangs have repeatedly corrupted public funds with specific relations;

Modification of public funds, the amount is particularly huge, and the plot is particularly serious;

The abuse of power has caused particularly major losses to the national interests.

In the end, Zheng Jianhua was expelled from the party due to serious duties of violations of the law and suspected of bribery, corruption, misappropriation of public funds, and abusing authority of state -owned company personnel. Essence

Falling into the "Special Network Communication" incident

Management earthquake, last year lost nearly 10 billion yuan

Public information shows that the leading industries of Shanghai Electric focus on the three major areas of energy equipment, industrial equipment, and integrated services. The products include thermal power generation units (coal power, gas and electricity), nuclear power units, wind power generation equipment, transmission and distribution equipment, environmental protection equipment, etc. Essence

The Red Star Capital Bureau noticed that at the end of May last year, Shanghai Electric issued a "explosive thunder" announcement.

At that time, Shanghai Electric issued an announcement saying that its 40%subsidiary, Shanghai Electric Communications Technology Co., Ltd. (hereinafter referred to as "Electric Communications Company"), was generally overdue. Blind profit loss.

The announcement of this "Blasting Thunder" also unveiled the "Special Network Communication" incident of Sui Tianli. The incident involved a number of listed companies, with a total loss of more than 24 billion yuan. Shanghai Electric is not only the first to explode, but also the company that faces the most losses in the incident. (For details, please refer to the previous report "Mysterious Man" Sui Tianli lost contact, and 9 listed companies have been deceived 24 billion yuan with him.)

Since then, the management of Shanghai Electric and its subsidiaries has encountered a "big earthquake":

On July 27, 2021, Zheng Jianhua was undergoing disciplinary review and supervision investigation by the Shanghai Discipline Inspection Commission for suspected violation of discipline and law.

On August 5, 2021, Huang Ye, who was considered to be the successor of Zheng Jianhua (then an executive director and president of Shanghai Electric), died, and Shanghai Electric did not disclose the specific reason for his death in the announcement.

On November 17, 2021, Shen Xin, former general manager of electrical communications company, Mao Limin, the former chief financial officer, and the former marketing director and Minister of Commerce, Jin Hang was suspected of serious disciplinary violations, and accepted discipline review and supervision investigation by the Mayor of the Mayor of Shanghai Mayor Ning District.

In April of this year, Shanghai Electric disclosed financial data in 2021. The total operating income of the year was about 131.4 billion yuan, a year-on-year decrease of 4.30%; the net profit of returning to the mother was about -9.988 billion yuan. It was 3.758 billion yuan.

Screenshot from Shanghai Electric Financial Report

Regarding the sharp decline in net profit compared with the same period, Shanghai Electric summarized 6 reasons:

① Relevant losses to the risk matters of electrical communications companies; ② The cost of operating overseas engineering rises; ③ The price fluctuations in raw materials lead to an increase in costs; The Group's related assets have required credit impairment losses; ⑥ For some subsidiaries to refer to the impairment of business reputation.

At present, Shanghai Electric has released a semi-annual performance trailer. It is expected that the net profit returning home in the first half of this year is about -116 billion yuan to -960 million yuan.

Shanghai Electric said that this is mainly because the price of raw materials has risen, logistics and labor costs have increased year -on -year, and some production and operation companies have discontinued production and production, which has led to a decline in income year -on -year.In addition, the production and operation performance of the affiliated and joint ventures has declined year -on -year.Red Star News reporter Yang Peiwen

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