CEFC China Energy Company Limited was ranked 342th with its revenue of USD 34.699 billion, climbing seven places after joining the list for the first time in 2014.

The Company offers oil commercial storage, overseas oil and gas resources exploitation, and other services. For some mid-level employees in the research department, salaries were in the range of 300,000 yuan a year, which is below the market rate, according to one employee. On April 26, staff at the Shanghai headquarters were offered a severance package of one month salary for each year worked, plus an extra month, said four people with knowledge of the matter. In addition to CEFC China, several of its subsidiaries including CEFC Shanghai International Group Ltd. and CEFC Hainan International Holdings Co. Ltd. were also declared bankrupt in the same ruling.CEFC Anhui International Holding Co. Ltd., one of CEFC China’s financing arms, began the Quick Takes are condensed versions of China-related stories for fast news you can use.

CEFC did not respond to requests for comment. Employees in CEFC’s once-acquisitive investment team are handling the sale of assets they helped to acquire, and wondering if sales deals they forged will be unwound once a new plan for the company is in place.

CEFC China Energy, the once high-flying conglomerate that is now conducting fire sales of its assets following an investigation into its chief, appears to be hitting rock bottom. "To protect against unusual fluctuations in the price of outstanding bonds, and in accordance with relevant regulations of the Shanghai Stock Exchange, (trading of) these bonds will be suspended from March 1," the statement said.CEFC China Energy appears to be the second in the past week to be seized by the Chinese government, as Beijing aims to curtail big-spending conglomerates in a crackdown on financial risk.Last Friday, the Chinese government took control of Anbang Insurance Group and said its chairman had been prosecuted for economic crimes.Other conglomerates with major overseas assets have also come under government scrutiny in recent months, buffeted by shifting policy winds.These include HNA Group, the parent of Hainan Airlines, Dalian Wanda, Fosun and others that had once enjoyed government support and encouragement to invest abroad.SPH Digital News / Copyright © 2020 Singapore Press Holdings Ltd. Co. Regn.

No. China But now, unhelmed, apparently out of political favor, and at the mercy of circling creditors, CEFC is trying to shed assets in an effort to repay its extensive debt as banks and auditors pore over its financial statements. Reporting by Engen Tham in Shanghai, Kane Wu in Hong Kong and Aizhu Chen; Editing by John Ruwitch and Philip McClellanCEFC logo is seen at CEFC China Energy's headquarters in Shanghai, China September 14, 2016. On Thursday morning, creditors organized a sit-in at the Shanghai headquarters around 9am, according to one person with direct knowledge. 198402868E. Chinese conglomerate CEFC China Energy Co. has been taken over by an arm of the Shanghai government, the South China Post reported, citing two sources it didn’t identify. REUTERS/Aly Song “Some people are even openly playing cards.” Inside the plush, centrally located offices of CEFC in Shanghai, staff quickly realized that their roles were changing in early March. All teams reporting directly to Ye, the chairman now under investigation, will likely be axed, said one person with direct knowledge of the matter. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.CEFC China Energy Company Limited provide energy services. US charges ex-HK official with Africa corruption. What’s new: CEFC China Energy Co. Ltd., the fallen energy and financial conglomerate controlled by secretive tycoon Ye Jianming, has been declared bankrupt by a Shanghai court, according to a ruling (link in Chinese) dated March 31 and published Friday on an enterprise bankruptcy information disclosure platform set up by China’s Supreme People’s Court.

Staff have not been paid for two months and are being offered severance packages, sources close to the company say, as creditors scramble to collect debts amid growing regulatory scrutiny of the firm. “We just had to serve them,” said one person who is still at CEFC, adding that staff were told to be compliant and provide them with whatever they needed. For those who are left, hoping that things might turn around, a general malaise has set in, as mounds of paperwork for asset sales pile up, according to three people with knowledge of the situation. CEFC China Energy appears to be the second in the past week to be seized by the Chinese government, as Beijing aims to curtail big-spending conglomerates in a crackdown on financial risk.