Digital New Energy DataBM. Com reported on September 6 that Shanghai Electric recently sued China Energy Engineering Group Co., Ltd. (Hereinafter referred to as "China Energy") and three shareholders of China Energy and an affiliated company in court, demanding that China Energy return a total of 990 million yuan in arrears, and that China Energy pay back the arrears. The other four enterprises signed the contract are jointly and severally liable.
Shanghai Electric's equity participation, after checking and inquiring, found that it holds 20% of China's energy 00006, ranking the second largest shareholder.
It is reported that in 2019 and 2020, Shanghai Electric Group Finance Co., Ltd. (hereinafter referred to as " Electric Finance Company "), a subsidiary of Shanghai Electric, borrowed 500 million yuan from China Energy respectively. A total of 1 billion loans were transferred to the parent company Shanghai Electric by the Electrical Finance Company on June 22, 2020.
The first loan: China Energy borrowed 500 million yuan, CNPC Guodian pledged guarantee, Pudong Development Machinery jointly and severally guaranteed, and extended once
. Among the loans in 2019, Electric Finance Company provided China Energy with a loan of 500 million yuan on March 8 of that year. The loan period is from March 8, 2019 to March 8, 2020. Among them, CNPC Guodian and Electric Finance Company signed the Pledge Contract, which stipulated that CNPC Guodian would provide pledge guarantee for all the debts of China Energy under the Loan Contract I with its 10% equity in China Energy.
Subsequently, on April 22, 2019, Electric Finance Company, CNPC Guodian, China Energy and Pudong Development Machinery signed the Binding Agreement on Equity Purchase. Pufa Machinery promises to assume joint and several liability for the debts that have not been paid off in the loan of the Electric Finance Company in 2019. On March 6,
2020, China Energy, Electric Finance Company and the guarantor CNPC Guodian signed the Loan Contract Extension Agreement, agreeing to extend the loan contract due in 2019 for one year until March 8, 2021. Previously, the joint and several guarantee liability for debt repayment signed by Pufa Machinery was also extended.
Second borrowing: China Energy borrowed another 500 million yuan, CNPC Guodian and Changtai Electric pledged to guarantee, and Pudong Development Machinery and Zhongji Guoneng jointly and severally guaranteed
. On March 18, 2020, China Energy borrowed another 500 million yuan from Electric Finance. The loan period is from March 20, 2020 to March 19, 2021. On the same day, CNPC Guodian again pledged its 8% stake in China Energy as a guarantee for the loan. At the same time, Changtai Electric, the fifth largest shareholder of China Energy, has joined the ranks of pledge guarantees, taking all its 12% stake in China Energy as a pledge. Pufa Machinery is once again jointly and severally liable for the debts that have not been paid off under this loan. In the
second loan, in addition to several major shareholders directly, Zhongji Guoneng Engineering Co., Ltd. (Hereinafter referred to as "Zhongji Guoneng") also provided joint and several guarantees for all debts under the loan in 2020.
So far, China Energy has borrowed 1 billion yuan from Electrical Finance twice, and four enterprises have provided guarantees and guarantees for it.
Four companies joined hands to repudiate 990 million yuan, and Shanghai Electric angrily sued five enterprises
. From the results, China Energy only repaid the loan principal of RMB 1 million yuan and part of the interest for the first loan of 500 million yuan; China Energy only repaid part of the interest for the second loan of 500 million yuan, and the principal has not been repaid.
In the announcement, Shanghai Electric said that as of June 30, 2023, the company had a balance of 703 million yuan in other receivables on China's energy books, including 999 million yuan in borrowing principal and 0.16 billion yuan in interest receivable. Accumulated provision for credit impairment losses amounted to RMB312 million. In
this lawsuit, Shanghai Electric asked China Energy to return all the principal (the remaining 990 million) and the corresponding interest , and to discount or auction or sell the shares pledged by CNPC Guodian and Changtai Electric to repay the debts. Pufa Machinery and Zhongji Guoneng, which provide joint and several guarantees, shall bear the corresponding joint and several liability for liquidation.
After sorting out, the digital new energy DataBM. Com found that the relationship between these companies is still in disorder.
Pufa Machinery, Shanghai Electric, CNPC Guodian and Changtai Electric are the top five shareholders of China's energy equity, while in the second loan in 2020, CNPC Guodian and Changtai Electric are the holding companies of Pufa Machinery, CNPC Guodian and Changtai Electric, which hold 100% of the latter. That is to say, in these two loans, the debtor, the largest shareholder, the fourth largest shareholder and the fifth largest shareholder of China Energy, collectively guaranteed it and borrowed 1 billion yuan from the second largest shareholder, Shanghai Electric.
China Energy Shareholder Information
Zhongji Guoneng Shareholder Information
But it is estimated that Shanghai Electric did not expect that these four companies could join hands to repudiate their debts, and it is estimated that these four companies did not go to Shanghai Electric to get angry first, and sued them all, but although they were justified, could they get the money back? Shanghai Electric has no idea.
Up to the time of publication, two lawsuits have been accepted by the Shanghai Financial Court according to law.
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