After a year and a half of retirement, former Chairman of China Gold Group Corporation (hereinafter referred to as China Gold), Chen Xiongwei, has come under investigation. The former Chairman of the parent company, China Gold Group Corporation Limited, Lu Jin, and the former Vice General Manager Zhao Zhanguo, have also been investigated.
On December 23, the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the State-owned Assets Supervision and Administration Commission of the State Council, along with the Tianjin Commission for Discipline Inspection and Supervision, announced that Chen Xiongwei, former Party Secretary and Chairman of China Gold Group Jewelry Co., Ltd., is suspected of serious violations of discipline and law, and is currently under investigation by the relevant authorities.
Public records show that Chen Xiongwei, born in 1961 in Pujiang County, Zhejiang province, has been working in the gold industry for a long time.
From 2012 to 2018, Chen Xiongwei served as the Chairman and General Manager of China Gold, then as the Party Secretary and Chairman from 2018 to June 2023.
According to a report by “First Financial” on December 15 this year, Chen Xiongwei lost contact around July this year.
Furthermore, Chen Xiongwei’s two superiors have also been investigated. On September 25, Lu Jin, former Chairman of China Gold Group Corporation, was officially announced to be under investigation. On December 8, Zhao Zhanguo, former Vice General Manager of China Gold Group Corporation, was also announced to be under investigation.
The official website states that China Gold is a large gold and jewelry production and sales enterprise operating under the “China Gold” brand. It was listed on the Shanghai Stock Exchange main board on February 5, 2021. Its controlling shareholder, China Gold Group Corporation Limited, is the only state-owned enterprise in China’s gold industry.
China Gold Group Corporation Limited holds stakes in 4 listed companies, namely China Gold, China Gold International, China Gold, and China Gold Radiochem. Among them, China Gold is the second batch of trial enterprises for mixed ownership reform by the National Development and Reform Commission of the Communist Party of China, and the first main board listed company in the “Double Hundred Action” of state-owned enterprise reform.
In the third quarter of this year, China Gold achieved operating income of 11.419 billion yuan, a decrease of 2.78% year-on-year. Its net profit after deducting non-recurring gains and losses was 117 million yuan, down 33.41% year-on-year.
On December 23, the closing price of China Gold was 8.70 yuan per share, a decrease of 1.25%, with a total market value of 14.62 billion yuan.