CEFC China Energy#Controlling shareholder

In 2014, the company generated revenue mainly from oil and gas (60%) and financial services (25%). It also operated in a wide range of other sectors like transport infrastructure, forestry, asset management, hotel management, warehousing services, real estate development and logistics services. A large portion of CEFC's assets were concentrated in overseas markets.

The controlling shareholder of CEFC was Shanghai Energy Fund Investment Ltd (SEFI), which was registered under Ye Jianming, the chairman of CEFC. Fortune described Ye as "China’s Newest Oil Baron" in its 40 Under 40 of 2016 while noting his close connections to the Chinese government.{{cite journal |last1=Brady |first1=Anne-Marie |authorlink=Anne-Marie Brady |title=On the Correct Use of Terms for Understanding United Front Work|journal=China Brief |date=9 May 2019 |volume=19 |issue=9 |url=https://jamestown.org/program/on-the-correct-use-of-terms-for-understanding-united-front-work/ |access-date=23 January 2024 |publisher=Jamestown Foundation |location=Washington D.C. |quote=CEFC China Energy is nominally a private company, albeit one with close government connections... CEFC China Energy has been involved in energy investments with the military’s “princeling” elite.}}{{cite web |last1=Cendrowski |first1=Scott |title=CEFC and Ye Jianming: The Unusual Journey of China's Newest Oil Baron |url=https://fortune.com/2016/09/28/cefc-ye-jianming-40-under-40/ |website=Fortune |access-date=23 January 2024 |language=en |date=28 September 2016}}

In the autumn of 2015, Hunter Biden became acquainted with Ye. Ye and Biden worked together for about 18 months, with Biden providing his legal and financial experience to help CEFC establish joint ventures in the United States, such as Hudson West; Biden received fees in the amount of approximately $5 million for his services to CEFC.{{cite web |last1=Areddy |first1=James T |title=Hunter Biden's Foreign Dealings Spell More Trouble Ahead |url=https://www.wsj.com/us-news/law/hunter-bidens-foreign-dealings-spell-more-trouble-ahead-19e3a465 |website=Wall Street Journal |publisher=Dow Jones |access-date=24 January 2024 |date=22 August 2023 |quote=Within 18 months, CEFC-linked entities had paid around $5 million to Hunter Biden... CEFC’s demise followed a Justice Department prosecution of a top CEFC representative for bribery in New York, in which the representative [Patrick Ho] was later convicted. Hunter Biden’s now-defunct agreement with the government says that in March 2018, his law firm received $1 million for legal fees to assist the CEFC representative.}} Biden also worked with CEFC on foreign deals, e.g. State Energy HK in Hong Kong.{{cite web |last1=Kim |first1=Chloe |last2=Matza |first2=Max |title=Hunter Biden's tax indictment: Drugs, escorts and girlfriends |url=https://www.bbc.com/news/world-us-canada-67656796 |website=BBC News |access-date=24 January 2024 |date=8 December 2023 |quote=Chinese energy: For two years, beginning in late autumn of 2015, Hunter Biden was in a business relationship with CEFC China Energy, a Chinese energy conglomerate. In 2017, he was promised $1m stemming from a deal with a CEFC associate, State Energy HK, a Hong Kong business.}}

In January 2017, Czech President Miloš Zeman appointed Ye as his economic adviser, however, CEFC's many investments in the Czech Republic in the past years were soon noticed by Czech media and led to speculation about whether CEFC was operated at arm's length by the Chinese government.{{cite web |last1=Chen |first1=Aizhu |last2=Lopatka |first2=Jan |title=China's CEFC has big ambitions, but little known about ownership, funding |url=https://www.reuters.com/article/us-cefc-china/chinas-cefc-has-big-ambitions-but-little-known-about-ownership-funding-idUSKBN14X0B5/ |website=Reuters |access-date=23 January 2024 |location=Prague |date=13 January 2017}}{{cite web |title=Who's that 39-year-old paying HK$1.4 billion for three office floors? |url=https://www.scmp.com/business/companies/article/2072726/whos-39-year-old-paying-hk14-billion-three-office-floors |website=South China Morning Post |access-date=23 January 2024 |language=en |date=21 February 2017}} Reuters reported that CEFC had a rare contract to store part of China's strategic oil reserve and "hired a number of former top officials from state-owned energy companies according to CEFC officials... It also [had] layers of Communist Party committees across its subsidiaries – more than at many private Chinese companies."

In March 2018, Ye was detained in China for questioning on suspicion of economic crimes.{{Cite web |url=http://www.scmp.com/business/companies/article/2135238/china-detain-cefc-founder-ye-jianming-stocks |title=China detains oil entrepreneur, wiping US$153 million off stocks |date=March 2018}}{{Cite news |url=https://www.reuters.com/article/us-china-cefc-probe/chinas-cefc-chairman-investigated-for-suspected-economic-crimes-source-idUSKCN1GD3O9 |title = China's CEFC chairman investigated for suspected economic crimes |newspaper=Reuters |date = March 2018}} Reuters and South China Morning Post reported that {{Interlanguage link|Shanghai Guosheng Group|zh|上海国盛}}, a portfolio and investment entity that is a Shanghai municipal government agency, had taken control of CEFC China Energy.{{Cite web |url=http://www.scmp.com/business/companies/article/2135420/guosheng-puts-cefc-under-state-ward-crackdown-intensifies |title = China takes over nation's biggest private oil group in debt crackdown |date=2018-03-02}}{{Cite news

|url=https://uk.reuters.com/article/us-china-cefc-probe/chinas-cefc-taken-over-by-shanghai-government-agency-scmp-report-idUKKCN1GE0X3 |archive-url=https://web.archive.org/web/20180302143537/https://uk.reuters.com/article/us-china-cefc-probe/chinas-cefc-taken-over-by-shanghai-government-agency-scmp-report-idUKKCN1GE0X3 |url-status=dead |archive-date=March 2, 2018 |title=China's CEFC taken over by Shanghai government agency: SCMP report |newspaper=Reuters |date=2018-03-02}} On March 2, 2018, CEFC announced that Ye had stepped down as chairman and that state-controlled CITIC Group had acquired 49% of CEFC Shanghai, a subsidiary of CEFC China Energy. (CEFC Shanghai owned CEFC Europe.){{Cite news |url=https://www.reuters.com/article/us-china-cefc-czech/cefc-chinas-chairman-to-step-down-citic-in-talks-to-buy-stake-in-unit-idUSKBN1GW0HB |title=CEFC China's chairman to step down; CITIC in talks to buy stake in unit |newspaper=Reuters |date=2018-03-20}} In April 2018, CEFC laid off 15,000 employees, who had not been paid for two months.{{Cite news |url=https://www.reuters.com/article/us-china-cefc-staff/down-and-out-cefc-staff-go-unpaid-as-once-high-flying-company-flounders-idUSKBN1I42UM |title=Down and out: CEFC staff go unpaid as once-high flying company flounders |newspaper=Reuters |date=2018-05-04}} Later in March 2018, the U.S. Department of Justice arrested and later convicted high-level CEFC representative Patrick Ho in New York City on charges of bribery; Hunter Biden's law firm was paid $1 million to provide for Ho's legal defense.

On the 16 December 2008, Shanghai CEFC Oil Group Co. Ltd. was established by Ye Ling  [叶铃], Zheng Jianding [郑坚定] and Su Weizhong. ([http://www.sse.com.cn/disclosure/bond/announcement/company/c/2704747198527814.pdf Refer to pages 1-1-43 & 1-1-44 of Shanghai Stock Exchange Filing].)

This was a precursor to CEFC China's official registration in China. In January 2010, Shanghai CEFC Oil Group Co. Ltd. was later rebranded as Shanghai CEFC International Group Co. Ltd. (hereafter referred to as "Shanghai CEFC"). In November 2009, China CEFC formed another subsidiary, Beijing CEFC Oil Group Co. Ltd., which was later renamed Beijing CEFC International Holdings Group Co. Ltd. and eventually Beijing CEFC International Energy Co. Ltd. (hereafter referred to as "Beijing CEFC").{{Cite web |last=Chubb |first=Andrew |date=March 29, 2018 |title=Caixin's investigation of CEFC and Chairman Ye Jianming |url=https://southseaconversations.wordpress.com/2018/03/29/caixins-investigation-of-cefc-and-chairman-ye-jianming/ |website=Shanghai Stock Exchange disclosures reveal that CEFC Shanghai was the company name established by Su Weizhong, Zheng Jianding, and Ye Ling on December 16, 2008. The original name was Shanghai Huanli Chemical Sci-tech Co. Ltd.}}

In May 2015, the company acquired a 5% stake in J&T Finance Group.{{cite news|url=https://www.reuters.com/article/jt-cefc-idUSL5N0Y52XN20150514|title=China's CEFC takes stake in Czech-Slovak J&T Finance Group|date=14 May 2015|work=Reuters|accessdate=7 September 2015|archive-date=19 September 2015|archive-url=https://web.archive.org/web/20150919074819/http://www.reuters.com/article/2015/05/14/jt-cefc-idUSL5N0Y52XN20150514|url-status=live}} This increased to 9.9% in September 2015.Čínský konglomerát CEFC už má v J&T desetinu. Usiluje o 30 procent

http://ekonomika.idnes.cz/cinska-cefc-zvysila-podil-v-j-t-na-deset-procent-chce-30-procent-pu0-/ekonomika.aspx?c=A150903_135502_ekonomika_rts, Retrieved 25 March 2016 In 2017, the company applied to acquire 50% control of J&T Finance Group, but the Czech National Bank did not approve the deal due to insufficient disclosure of information on the origin of most of the transaction funding.{{Cite news|url=https://www.reuters.com/article/us-jtfg-cefc/chinas-cefc-hits-regulatory-hurdle-in-pursuit-of-czech-jtfg-stake-source-idUSKBN1ES1S5|title=China's CEFC hits regulatory hurdle in pursuit of Czech JTFG stake|last=Muller|first=Robert|date=2018-01-04|work=Reuters|access-date=2018-03-09}}{{Cite news|url=http://www.radio.cz/en/section/news/cefc-faces-obstacle-to-czech-purchase-of-jt-financial-group-stake|title=CEFC faces obstacle to Czech purchase of J&T Financial Group stake {{!}} Radio Prague|last=Johnstone|first=Chris|access-date=2018-03-09|language=en}}

In September 2015, the company acquired multiple assets in the Czech Republic - a majority stake in brewery {{Interlanguage link|Pivovary Lobkowicz Group|cs}}, a 10% stake in airline Travel Service, 60% in football club SK Slavia Prague and real-estate assets in Prague - the building of the former Živnostenská banka at Na příkopě street and Le Palais Art Hotel Prague.{{cite news |url=https://www.reuters.com/article/us-czech-china-cefc-idUSKCN0R50B320150905|title=China's CEFC adds to Czech buying spree with airline, brewery deals |last=Hovet|first=Jason|work=Reuters|accessdate=7 September 2015|date=2015-09-05|archive-date=2015-09-08 |archive-url=https://web.archive.org/web/20150908045832/http://www.reuters.com/article/2015/09/05/us-czech-china-cefc-idUSKCN0R50B320150905|url-status=live}}{{cite web|url=http://www.praguepost.com/the-big-story/49614-chinese-firm-cefc-buys-slavia-praha |title=Chinese firm CEFC buys majority stake in Slavia Praha|last=Johnston|first=Raymond|date=4 September 2015|publisher=Prague Post |accessdate=7 September 2015}}Annual report of CEFC Investment (Europe) Company a.s. for calendar year 2015 CEFC also bought a stake of between 50 and 90% in Czech online travel agency {{Interlanguage link|Invia|cs}} in March 2016, possibly intending to capitalise on the rapid increase in Chinese tourism to Prague.Čínská CEFC kupuje podíl v Invii, chce nabídnout servis čínským turistům, iDnes.cz,

http://ekonomika.idnes.cz/cinska-skupina-cefc-ovladne-on-line-obchodnika-se-zajezdy-invii-pvn-/ekonomika.aspx?c=A160322_173841_ekonomika_rts, Retrieved 25 March 2016

In 2015, after CEFC China Energy invested in Czech media company {{Interlanguage link|Empresa Media|cs}}, owner of TV Barrandov and magazine Týden, the tone of Empresa's coverage of China changed: All negative reporting about China was replaced by positive reporting.{{cite web |last1=Karásková |first1=Ivana |title=How China Influences Media in Central and Eastern Europe |url=https://thediplomat.com/2019/11/how-china-influences-media-in-central-and-eastern-europe/ |website=thediplomat.com |publisher=The Diplomat |accessdate=21 November 2019}} In 2017, it withdrew its investment from Empresa Media.{{cite web | url=https://zpravy.aktualne.cz/ekonomika/cinska-cefc-vzala-zpet-svou-investici-do-vydavatelstvi-podni/r~2cc98afe93cc11e7a7fc0025900fea04/ | title=Čínská CEFC vzala zpět svou investici do vydavatelství podnikatele Soukupa | Aktuálně.cz | date=7 September 2017 }}

In September 2017, CEFC announced the purchase of a 14.16% stake in Rosneft, Russia's largest oil producer, for about $9 billion."[https://www.bloomberg.com/news/articles/2017-10-02/why-cefc-spent-9-billion-on-rosneft-while-seeing-30-oil-risk Why an Enigmatic Chinese Company Just Spent $9 Billion on a Stake in Rosneft. Bloomberg. 2 October 2017.]"{{Cite news|url=https://www.bloomberg.com/news/articles/2017-09-08/china-s-cefc-buys-stake-in-rosneft-from-glencore-and-qatar|title=China Deepens Oil Ties With Russia in $9 Billion Rosneft Deal|date=2017-09-08|work=Bloomberg.com|access-date=2018-03-09|language=en}} However, CEFC was unable complete the acquisition and paid a deal break fee of about $257 million to the sellers, a consortium of Qatar Investment Authority and Glencore.{{cite web |title=Failed Rosneft Deal Costs CEFC China a Quarter-Billion |url=https://www.caixinglobal.com/2018-11-21/failed-rosneft-deal-costs-cefc-china-a-quarter-billion-101350092.html |publisher=Caixin}}

In May 2018, CITIC Group announced they would repay 450 million Euros owed by CEFC Europe to finance and banking group J&T within days,{{Cite news | url=https://www.reuters.com/article/china-cefc-czech-citic/update-1-chinas-citic-to-pay-cefc-europes-450-mln-euro-debt-cefc-official-idUSL8N1SG7V8 |title = UPDATE 1-China's CITIC to pay CEFC Europe's 450 MLN euro debt - CEFC official|newspaper = Reuters|date = 2018-05-09}} but since the debt was not paid a week later, J&T announced it had taken over shareholder rights and installed crisis management at CEFC Europe.{{Cite news | url=https://uk.reuters.com/article/china-cefc-czech/update-1-jt-private-investments-says-takes-over-shareholder-rights-in-cefc-europe-idUKL5N1SO6E5 | archive-url=https://web.archive.org/web/20180517214512/https://uk.reuters.com/article/china-cefc-czech/update-1-jt-private-investments-says-takes-over-shareholder-rights-in-cefc-europe-idUKL5N1SO6E5 | url-status=dead | archive-date=May 17, 2018 |title = UPDATE 2-J&T Private Investments says takes over shareholder rights in CEFC Europe|newspaper = Reuters|date = 2018-05-17}} Several days later, CEFC Shanghai defaulted on $327 million in bond payments, and offered to make the payments six months after the maturity date.{{Cite news | url=https://www.reuters.com/article/china-bonds-cefc/update-1-cefc-shanghai-international-defaults-on-327-mln-in-bond-payments-idUSL3N1SS3NB |title = UPDATE 1-CEFC Shanghai International defaults on $327 MLN in bond payments|newspaper = Reuters|date = 2018-05-21}}

In October 2020, some retail CEFC bondholders in Hong Kong filed a complaint to the Securities and Futures Commission in Hong Kong against the bond's sole underwriter CITIC CLSA.{{Cite news | url= https://www.debtwire.com/info/cefc-energy-retail-bondholders-file-sfc-complaint-against-bond-bookrunner-clsa|title = UPDATE 1- CEFC Energy Retail Bondholders File SFC Complaint against Bond Bookrunner CLSA|newspaper = Debtwire|date = 2020-12-30}}

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• {{cite web |title=Patrick Ho, Former Head Of Organization Backed By CEFC, Sentenced To 3 Years In Prison For Bribery And Money Laundering |url=https://www.justice.gov/usao-sdny/pr/patrick-ho-former-head-organization-backed-chinese-energy-conglomerate-sentenced-3 |website= |language=en |date=25 March 2019}} Southern District of New York, US Department of Justice

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