Pengpai News Senior Reporter He Niantai
The distorted political and business connections in mineral resource development seem to be difficult to end, and its original sin has been delayed to this day.
In May 2022, an auction that can write the history of the industry attracted the attention of the energy industry and the capital market: Chengdu Xingneng New Materials Co., Ltd. (hereinafter referred to as "Xingneng New Materials") held approximately 54.29% of the equity of Yajiang County Snowwi Mining Development Co., Ltd. (hereinafter referred to as "Snowwi Mining") was publicly auctioned on JD.com's bankruptcy and strong clearance platform and sold for more than 2 billion yuan, which is nearly 600 times higher than the starting price of 3.35 million yuan.
The reason why Snowwi Mining’s equity auction is extremely popular is mainly because the company owns the prospecting rights of the Sichuan Decailangbat large lithium mine . Decaolanba Lithium Mine retains resource reserves of 24.92 million tons, lithium oxide .2932 million tons, with an average grade of 1.18%. The market value of Snowwi Mining's 57.1% stake in was once evaluated as 1.276 billion yuan.
Due to the risk of loss of mining rights, Xingneng New Materials Manager announced that it would not make any commitment to transfer, and reminded that the risk of inability to transfer due to policy reasons or other reasons shall be borne by the bidder. The auction transaction confirmation letter shows that the buyer is "Tan Wei". As of press time, his specific identity is still unknown, and Snowwi Mining's industrial and commercial registration information has not changed accordingly. The report of " Daily Economic News " on July 18 confirmed that after the auction was completed, Tan Wei did not follow-up actions and finally regretted the filming.
Auction transaction confirmation letter shows that the buyer is "Tan Wei". Screenshot of auction platform
grass snake gray line, veins are hidden thousands of miles away. The risks and difficulties Snowwi Mining now may have been doomed more than 10 years ago.
At that time, Wang Yiqiong worked in the Mineral Development Management Office of the Sichuan Provincial Department of Land and Resources, and later served as deputy director and second-level researcher. Ran Xiaochuan is the actual controller of China Multimetal Mining Co., Ltd. (02133.HK, hereinafter referred to as "China Multimetal"), listed on the Hong Kong stock market. The family's book wealth once exceeded HK$1 billion, and was called the "Sichuan Invisible Rich Man". He also applied for foreign nationality for his son Ran Chenghao and established the Ran family trust.
The fate of Wang and Ran was linked through mineral development: Wang Yiqiong, who had power in his hands, helped Ran Xiaochuan obtain the mining rights of the lead-zinc mine in Shizishan, Yunnan and the prospecting rights of the Detatanba lithium mine in Sichuan; Ran Xiaochuan, who had money, bribed Wang Yiqiong more than 7.7 million yuan by returning "dry shares" and other means.
Like many abnormal political and business stories, Ran Xiaochuan's family wealth failed to last, and his money and power transactions with Wang Yiqiong were soon exposed.
Ran Xiaochuan stepped down as chairman and executive director of China Multimetals, and his family also lost its controlling shareholder status; Xingneng New Materials, which once served as chairman, went bankrupt and liquidated, and was plagued by various loan lawsuits. The family of three was listed as the person subject to execution of breach of trust in ; Ran Xiaochuan himself was even announced by the court that he was "incognito". As for Wang Yiqiong, the price he paid was 10 years in prison.
ownership
As a scarce extra-large lithium ore , the ownership relationship of DeTra Nongba is relatively complex, and Snowwi Mining has owned its prospecting rights for a long time.
On April 16, 2021, the People's Court of Yajiang County, Sichuan Province issued the Civil Ruling No. (2021) Sichuan 3325 Poison No. 1, ruling to accept the bankruptcy liquidation of Snowwi Mining.
According to the "Announcement of the Administrator of Yajiang County Snowwi Mining Development Co., Ltd. on the Fourth Public Recruitment of Intentional Investors" (hereinafter referred to as the "Investment Announcement") issued by the National Enterprise Bankruptcy Reorganization Case Information Network on March 4, 2022, Snowwi Mining's bankruptcy application was proposed by its second largest shareholder Chengdu Sichuan Shang Xingneng Equity Investment Fund Center (Limited Partnership, hereinafter referred to as "Shuowang Shang Fund"), and the Yajiang County People's Court designated Sichuan Dakuan Law Firm as the administrator of Snowwi Mining.
"Bidding Announcement" states that the first acquisition time of Decaolanba Lithium Mine and Quartzite Mine in Yajiang County, Sichuan Province was March 27, 2003. It was applied for the first time by Chengdu Snowwi Powder Materials Co., Ltd., with a prospecting right area of 18.53 square kilometers. The exploration ore type is a silica ore, valid from March 27, 2003 to March 27, 2004. In 2004, 2005, 2007 and 2008, the company applied for four extensions of prospecting rights and was approved.
According to the "Bidding Announcement", in June 2009, Chengdu Snowwi Powder Materials Co., Ltd. transferred the prospecting rights to Snowwi Mining. In June 2013, Snowwi Mining applied to change the exploration ore type into lithium ore and quartzite ore. In May 2018, the mining rights holder obtained the "Approval for the Demarcation of Mining Areas" issued by the Sichuan Provincial Department of Land and Resources. The mining area is 1.14 square kilometers, the resource reserve is 24.924 million tons, and the planned production capacity is 1 million tons/year. The approved mining area reserve period remains until the date of its mining registration application and the mining license is obtained. On June 30, 2019, the prospecting rights holder applied for the mining rights retention registration, with a validity period from June 30, 2019 to June 30, 2021.
Tianyan Check shows that Snowwi Mining was established in November 2008 with a registered capital of 50.75 million yuan. Xingneng New Materials, Sichuan Shang Fund and Zhou Dawei hold 57.1%, 42.86% and 0.04% of the shares respectively. The auction target comes from the equity held by Xingneng New Materials.
Snowwi Mining equity structure. Tianyan Check screenshot
Xingneng New Materials was established in April 2008 with a registered capital of 221 million yuan and a paid-up capital of 48.0661 million yuan. Tianyan Check shows that Luo Chaohua is the company's major shareholder, with a shareholding ratio of 21.75%, and Ran Xiaochuan is a director (formerly chairman). Several rulings released by the China Judgment Documents Network show that Ran Xiaochuan is Luo Chaohua's husband. Both were born in December 1964 and live in Chengdu. Ran Chenghao is the son of Ran and Luo. He was born in April 1986 and is a citizen of the Federation of St. Kitts and Nevis (the island country of the Eastern Caribbean).
Xingneng New Materials was once glorious. A report from Sichuan Daily in March 2017 stated that Xingneng New Materials was the only company in China that had a full-industry chain from lithium mineral resource development to positive and negative electrode material production, lithium titanate battery production and sales, and then to charging operation services. After full production, the output value reached 3 billion yuan, and it was firmly in the second place in the domestic lithium titanate power battery industry.
Hingen New Materials executives. Xingneng New Materials WeChat official account picture
invisible
Xingneng New Materials, Ran Xiaochuan also used his son Ran Chenghao's overseas identity to initiate the establishment of a Hong Kong-listed company through family trusts and other means.
In December 2011, China Polymetals registered in Cayman Islands landed on the Hong Kong Stock Exchange. Chengdu Evening News reported in September 2012 that according to the prospectus, China Polymetals is the largest lead and zinc pure mining company in Yunnan Province, and is the first non-ferrous metal pure mining company listed on the Hong Kong Stock Exchange. The founder of the company is Ran Xiaochuan, the "Sichuan invisible rich man". The controlling shareholder Ran Chenghao directly and indirectly held a total of 40.27% of China Polymetals through Ran Family Trust, Magic Delight, Fuxiang and Silver Lion. At that time, the book wealth of the Ran Xiaochuan family was converted to approximately HK$1.212 billion.
According to the announcement of China Polymetal on April 23, 2015, Ran Xiaochuan is the chairman of the company and was appointed as executive director in June 2011. Ran Xiaochuan worked in the system in his early years and served as the sales department head of the Cangxi County Foreign Trade Bureau, Guangyuan City, Sichuan Province from 1982 to 1987. From 1988 to 2008, Ran Xiaochuan successively served as the general manager of Zhuhai Haiyuan Economic and Trade Company, the general manager of Chongqing Jianxing Co., Ltd. and the general manager of Sichuan Henglu Industrial Co., Ltd. The announcement also pointed out that Ran Xiaochuan has many years of experience in mining and exploration.
turns occurred in 2017. On June 6 of that year, China Polymetals held a shareholders' meeting. The proposal to re-elect Ran Xiaochuan as executive director was not passed, and Ran Xiaochuan retired as executive director. On July 9, 2019, "China Multimetal Mining Co., Ltd." was renamed "Xinsheng Mining Group Co., Ltd.", and the stock code remained unchanged.
Ran Xiaochuan has not transformed from an invisible rich man to a real rich man. With a variety of loan disputes and freezing of equity and property, he gradually became "invisible" in the crowd.
The Paper (www.thepaper.cn) noticed that there are more than 100 judicial documents related to the companies under the names of Ran Xiaochuan, Luo Chaohua and the two, most of which involve loan disputes.In an execution case where the subject is 100 million yuan, the Chengdu Intermediate People's Court (hereinafter referred to as the "Chengdu Intermediate Court") made the (2020) Sichuan 01 Execution No. 668 on April 15, 2020, freezing the prospecting rights of T51120080403005946 (i.e. Decaolanba Lithium Mine and Quartzite Mine) under the name of the person subject to execution. Later, the execution was terminated on March 4, 2021 because the prospecting rights involved extension of the validity period and were not suitable for execution and disposal.
National Enterprise Credit Information Disclosure System also shows that Xingneng New Materials has been the person subject to execution more than 20 times since 2017, and all or part of its equity in Snowwi Mining has been frequently frozen by courts in many places, and some of the freezing has not been lifted yet.
Snowwire Mining equity held by Xingneng New Materials has not been lifted yet. Screenshot of the National Enterprise Credit Information Disclosure System
According to the China Implementation Information Disclosure Network, since July 2018, there have been more than 30 pieces of information on the breach of trustees from Ran Xiaochuan and Luo Chaohua, and the amount of unfulfilled amounts ranged from millions to hundreds of millions of yuan; Ran Chenghao also has multiple pieces. The recent filing time was on May 26, 2022, after the auction, Luo Chaohua, the subject of execution, had a target of 5.1387 million yuan.
Ran Xiaochuan’s information on the dishonest debtor. Screenshot of China Execution Information Disclosure Network
In addition, several announcements issued by Chengdu Intermediate People's Court, Chengdu Jinjiang District People's Court, etc. show that since April 7, 2020 at the latest, Ran Xiaochuan has been "unknown".
Ran Xiaochuan has been "invisible" recently. Screenshot of the People's Court Announcement Network
hook-and-connect
Decaolanba and other mines has made the fate of Ran Xiaochuan and Wang Yiqiong connect.
On August 6, 2018, a voluntary announcement issued by China Polymetals stated that the Company recently learned that Mr. Ran (Ran Xiaochuan) was detained by the Chengdu Municipal Supervision Commission of China for a case where he had no connection with the Company and Mr. Ran as a director of the Group (China Polymetals and its subsidiaries) and had no connection with the current director.
Previously, on July 16, 2018, the Sichuan Provincial Commission for Discipline Inspection and Supervision publicly announced that Wang Yiqiong, deputy director of the Mineral Development Management Office of the Sichuan Provincial Department of Land and Resources and a second-level researcher, is suspected of serious violations of discipline and law. After being designated by the Sichuan Provincial Commission for Discipline Inspection and Supervision, the Chengdu Municipal Commission for Discipline Inspection and Supervision is currently conducting disciplinary review and supervision investigation of Wang Yiqiong.
Public information shows that Wang Yiqiong, female, Han nationality , born in October 1964, from Ziyang, Sichuan, with a university education. Wang Yiqiong has been dealing with mineral development for a long time and has served as chief clerk, deputy researcher, deputy director, and second-level researcher in the Mineral Management Department of the Sichuan Provincial Department of Land and Resources.
Wang Yiqian. China Mining News Photo
According to the Paper's December 2020 report, the Chengdu Intermediate People's Court found that from 2011 to 2018, Wang Yiqiong took advantage of his position to seek benefits for others in increasing prospecting rights, demarcating mining areas, and continuing the approval of mining rights. He received 9.63 million yuan, 50,000 US dollars, and 1 gold bar (equivalent to RMB 112,000) from others, with a total value of about 10.04 million yuan.
The "First Instance Criminal Judgment of Wang Yiqiong's Criminal Criminal of Accepting Bribery" released by the China Judgment Document Network shows that Wang Yiqiong's bribery behavior is mostly related to mineral development, of which about 70% of the illegal income involves uninvested but profits through dry shares, which were given by Ran Xiaochuan.
first-instance judgment introduced that during his tenure as chief clerk and deputy researcher of the Mineral Management Department of the Sichuan Provincial Department of Land and Resources, Wang Yiqiong in 2010 greeted Bai Mou, deputy director of the Evaluation Center of the Yunnan Provincial Department of Land and Resources, and others, to provide assistance to Ran Xiaochuan in handling the change of mining rights of lead-zinc ore in Shizishan, Yingjiang County, Yunnan Province, and the continuation of mining license. In 2010, Wang Yiqiong provided internal geological data maps to help Ran Xiaochuan determine whether the Decaolanba quartzite mine contains lithium ore. In 2012, Wang Yiqiong introduced to Ran Xiaochuan Wang, deputy director of the Sichuan Provincial Department of Land and Resources, and Jia, deputy director of the Land Survey Department, to help Ran Xiaochuan's Decaolanba quartzite mine exploration rights illegally increase lithium ore species.
In 2009, Wang Yiqiong and her husband Yang obtained 5% of the shares of Shizishan Lead and Zinc Mine, Yingjiang County based on the method of not investing first and then re-paying the capital through dividend payment. The shares were held by Ran Xiaochuan.
China Multimetallic Prospectus shows that the Shizishan Lead-Zinc Mine in Yingjiang County was purchased by the company for RMB 9 million in May 2009 and has been its main core asset for many years since then.
From 2011 to 2016, Ran Xiaochuan paid Wang Yiqiong and Yang a total of 7.7 million yuan in profits from Shizishan Lead and Zinc Mine in Yingjiang County. Wang Yiqiong and others did not pay the funds to Ran Xiaochuan after obtaining the above funds. In addition, around 2012, Wang Yiqiong received 10,000 yuan and 50,000 yuan from Ran Xiaochuan.
Chengdu Intermediate People's Court believes that Wang Yiqiong participated in the cashing and disposal process of the interests of Yingjiang County Shizishan Lead and Zinc Mine by participating in the negotiations, arranging Yang to sign corresponding agreements, providing an account to collect share benefits, and disposing of funds. Moreover, Ran Xiaochuan was based on Wang Yiqiong's status as a state employee of the Sichuan Provincial Department of Land and Resources, and used his position to seek benefits for himself, so that Wang Yiqiong and Yang had not invested but obtained shares, which was essentially given to Wang Yiqiong's shareholding.
Chengdu Intermediate People's Court pointed out that Wang Yiqiong's behavior constituted the crime of accepting bribes, and the amount of bribes was particularly huge. During the investigation, Wang Yiqiong reported and exposed the criminal acts of others. After verification, it was confirmed that it was true and constituted a meritorious service. The punishment may be given a lighter or reduced according to law.
On November 6, 2020, the Chengdu Intermediate People's Court made a first-instance judgment: the defendant Wang Yiqiong was convicted of accepting bribes and sentenced him to 310 years in prison and a fine of RMB 700,000. The bribery income of RMB 9.93 million and 1 gold bar will be recovered according to law.
risk
Wang Yiqiong has been sentenced for accepting bribes, and the ownership of DeTailanba lithium mine has also ushered in new variables.
Due to the inability to repay the due debts and the obvious lack of repayment ability, Xingneng New Materials was filed for bankruptcy liquidation by Guangyuan Economic Development Zone Huixin Microfinance Co., Ltd. On November 4, 2020, the Chengdu Intermediate People's Court ruled to accept the application and designated Sichuan Discovery Law Firm and Sichuan Guangxing Accounting Firm Co., Ltd. as the administrator of Xingneng New Materials through lottery.
At 10:00 on May 16, 2022, about 54.29% of Snowwire Mining held by Xingneng New Materials was launched on the JD Auction Bankruptcy Strong Clearing Platform, with a starting price of about 3.35 million yuan, a margin of 335,000 yuan, an increase of 50,000 yuan and its integer multiples. The auction time will be until 10:00 on May 17, 2022 (except for delays).
Decaolanba lithium mine prospecting rights are the core asset of Snowwi Mining, which have been evaluated for different values at different times.
According to the aforementioned "Business Announcement", in August 2016, the Sichuan Provincial Department of Land and Resources announced that the "increase exploration ore type" of the exploration rights of Decaolanba lithium mine and quartzite mine was 1.279 billion yuan. Snowwi Mining did not pay the price, and the assessment result has expired.
evaluation agency Yunnan Luyuanheng Mining Rights Assessment Co., Ltd. issued the "Seval Report on Detailed Prospecting Prospecting Rights of Desacanba Lithium Mine and Quartz Mine in Yajiang County, Sichuan Province" (Yunlu Mine Exploration and Evaluation Report [2021] No. 382). The evaluation report states that the appraisal value of "Search on Desacanba Lithium Mine and Quartzite Mine in Yajiang County, Sichuan Province" on the evaluation base date (June 30, 2021) was 974 million yuan (the income from the transfer of mine ownership is not less than 294 million yuan and not deducted).
According to the Civil Ruling of Chengdu Intermediate People's Court (2019) Sichuan 01 Positive Expo No. 207, December 31, 2018 was the benchmark date of . Sichuan Weicheng Asset Appraisal Firm evaluated that the market value of Snowwi Mining's 57.1% equity was 1.276 billion yuan.
Snowwi mining managers have publicly recruited prospective investors four times. The aforementioned "Bidding Announcement" requires that the intended investors must agree to acquire the rights of Decaolanba lithium mine and quartzite mine in accordance with the direct current situation, or acquire the equity and debt rights of Snowwi Mining as the current situation through bankruptcy reorganization (reconciliation) procedures. The registration price for the fourth time recruiting investors is 381 million yuan.
"Bidding Announcement" disclosed that the audited book assets of Snowwi Mining were 201 million yuan, and the market appraised value of fixed assets and accounts receivable was 56.24 million yuan. As of December 13, 2021, the court ruled to recognize Snowwi Mining’s debt amount of 1.04 billion yuan, and the administrator temporarily suspended the recognition of the debt amount of approximately 572 million yuan.
That is to say, if the Snowwi Mining equity auction is completed as agreed, the buyer will not only pay the transaction price, but also bear approximately 875 million yuan of debts under the corresponding equity that has been confirmed.
In view of the current situation and risks of Decaolanba lithium mine and quartzite mine, the "Bidding Announcement" also "special reminder": Snowwi Mining's prospecting rights expired on June 30, 2021. It has previously handled three exploration rights retention work, and is currently continuing to handle the fourth retention work. According to relevant staff of the Sichuan Provincial Department of Natural Resources, the relevant administrative departments are organizing investigations because the prospecting rights certificate is suspected of illegal or irregular reasons during the acquisition and replenishment of minerals. Therefore, the retention of prospecting rights is progressing slowly and there is a risk of loss of mineral rights.
The "Bidding Announcement" for this auction also states that the buyer should accept the auction target in time after paying all the money, and go to the relevant competent department to handle the equity change registration . Whether the transfer procedures and the time to handle the transfer procedures shall be carried out by the buyer to consult and confirm by himself before bidding. The manager will not make any promises for the transfer. The manager will cooperate with the buyer to handle the transfer. The risk of whether the transfer is successful shall be borne by the buyer. The bidder shall bear the possible damage, loss, and rights restrictions on the auction subject.
Bidding
Whether it is the risk of loss of prospecting rights, complex equity freezing or "unknown whereabouts", the key figures of capital's "high enthusiasm" for this auction was not eliminated during the bidding stage. Due to the intense battle situation, the original one-day bidding cycle was far from enough, and the auction entered a four-day "overtime match".
However, the winner was not the two bidders, No. 140703190 and No. 141057995, which had been tug-of-war, but No. 141243314, which was suddenly joined at 5:00 on May 21. Before this, the auction bidding has lasted for nearly three days below 600 million yuan. Until 3 hours after the auction ended, the single price increase soared to more than 40 million to more than 90 million, and the auction price was eventually pushed up to 2 billion.
In recent years, the high prosperity of the new energy vehicle industry has greatly increased the demand for lithium batteries, the gap in supply and demand of lithium resources has continued to expand, and lithium prices have shown a continuous upward trend. At the end of 2020, the price of lithium carbonate was about 50,000 yuan/ton. With the sales of new energy vehicle , the lithium carbonate once exceeded 500,000 yuan/ton in March 2022, which caused the entire vehicle to increase the cost of power batteries by 10,000 or 20,000 yuan. Upstream mineral resources have become the core of industrial competition, and various capitals have joined in and made a share of the pie.
For the participants in this auction, the market previously speculated that the potential buyers were mainly companies that deploy lithium mines in Sichuan, including Sichuan Energy Power, Sichuan Road and Bridge, Xinxin Energy Technology, Rongjie Co., Ltd., Shengxin Lithium Energy, etc. However, as of press time, none of these listed companies issued a corresponding announcement.
Only Sichuan Energy Power mentioned in the announcement of the acquisition of 46.5% of Sichuan Energy Investment's 46.5% equity of Sichuan Energy Investment Dingsheng Lithium Co., Ltd. (hereinafter referred to as "Dingsheng Lithium") released on June 23 that Dingsheng Lithium shareholders Xingneng New Materials and Snowwi Mining (total holding 28% of Dingsheng Lithium's equity) are currently in bankruptcy proceedings, and subsequent equity transfer and industrial and commercial changes may be at risk of progress being lower than expected. The 46.5% stake acquired by Sichuan Energy comes from other shareholders of Dingsheng Lithium.
In addition, First Financial and other media have reported that before this auction, the GCL system belonging to GCL Energy Technology has completed the acquisition of 99% of the debt and 43% of the equity of Snowwi Mining. In September 2021, GCL Energy cooperated with the entities under New Hope Group to invest in the upstream of new energy. Coincidentally, Sichuan Business Fund initiated by New Hope Group is the second largest shareholder of Snowwire Mining, with a shareholding ratio of about 43%.
National Enterprise Credit Information Disclosure System shows that on May 18, 2022, the industrial and commercial registration information of Sichuan Shang Fund underwent a number of changes: the partners changed from Sichuan Chuan Shang Return to Xingye Equity Investment Fund Center (Limited Partnership), which invested 100 million yuan, Chengdu Chuan Shang Return to Xingye Equity Investment Fund Management Co., Ltd., which invested 160 million yuan, Chengdu Chuan Shang Return to Xingye Equity Investment Fund Center (Limited Partnership), which invested 1 million yuan, and Chengdu Chuan Shang Juxin Equity Investment Fund Center (Limited Partnership); the total investment amount changed from 101 million yuan to 175 million yuan, an increase of 73.27%.
unknown
The story has not ended here.
htmlOn July 18, a report titled "The lithium mine that was sold for 2 billion yuan was regretted to be auctioned, and GCL Energy wants to promote reorganization" confirmed that Tan Wei, the buyer of this auction, did not have any follow-up actions after the auction was completed, and finally regretted the auction. The report did not disclose the specific reason for Tan Weihui's photo shoot, and his specific identity is also unknown as of press time.Securities Times ·e Company also pointed out that the purchase price of lithium mines for this auction is equivalent to about 7,377 yuan per ton of lithium carbonate (including debt cost ), which is significantly higher than the industry level during the same period. We also need to overcome difficulties such as renewal of prospecting rights and local natural conditions restrictions. Although the industry expects that the supply of lithium carbonate will remain tight in the past two years, the cyclical nature of lithium products is very obvious. There are many uncertainties in whether Snowwi Mining can achieve production before the lithium price drops.
Data source: related companies and auction announcements. e Company compiled
According to the "Bidding Announcement" and "Bidding Instructions" of this auction, the buyer shall pay the balance of the bidding transaction price (the balance after deducting the margin) to the designated account of Xingneng New Materials Manager within 7 working days from the time of transaction. If the deadline is exceeded, it shall be deemed to be the buyer's breach of contract and the bidding margin shall not be refunded. The buyer fails to pay the bidding payment or fails to go through the handover procedures on time, which is a behavior of regret. If the buyer regrets the auction, the manager can bid again, and the original buyer is not allowed to participate.
regret shooting behavior may lead to serious legal consequences. According to the relevant judicial interpretation of , the price of the re-auction is lower than the original auction price, the difference, cost loss, etc. caused by the original buyer shall bear the original buyer. For buyers who maliciously raise prices and disrupt the order of judicial auctions, the court may fine or detain them. If they constitute a crime, criminal liability shall be pursued in accordance with the law.
"Daily Economic News" said that on July 15, Snowwi Mining held the second creditors' meeting of the bankruptcy case in Meishan . The applicant and the chairman of the new creditors' meeting are both companies under GCL Energy. The meeting mainly solicited creditors' opinions on restructuring Snowwi Mining, and did not disclose the next auction plan for the 54.29% equity. The
report pointed out that the key issue at present is not whether creditors can pass Snowwi Mining’s reorganization plan, but the “2 billion yuan” equity that was regrettable. According to insiders, it may be futile to unilaterally promote the restructuring plan for without obtaining absolute controlling rights. Whoever gets this 54.29% stake can become the real actual controller of Snowwi Mining.
National Enterprise Credit Information Disclosure System shows that as of press time, Snowwi Mining's legal representative , shareholders and capital contribution information, senior management and other industrial and commercial registration information have not been changed.
Editor in charge: Jiang Ziwen Photo editor: Chen Feiyan
Proofreading: Zhang Yan
