WENERGY CO.,LTD.(SZ:000543) Sou Hu Cai Jing·2025-10-21 07:29Core Viewpoint - The recent investigation into three former executives of Anhui Energy Group, including the unexpected case of former chairman Fang Ping, highlights potential systemic corruption within the organization and raises concerns about regulatory oversight in state-owned enterprises [2][4][14]. Group 1: Investigation Details - Three executives, including Chen Xiang and Li Bo, were investigated after their retirement, with Fang Ping being particularly notable as he was investigated 17 years post-retirement [4][7]. - Chen Xiang, born in 1964, was removed from his position in April 2023 and subsequently investigated two months later, while Li Bo, born in 1958, was investigated in September 2023 after six years of retirement [4][5]. Group 2: Company Overview - Anhui Energy Group is responsible for 70% of the province's electricity supply, with total assets projected to reach 116.2 billion yuan and revenue of 37.3 billion yuan by the end of 2024, alongside a profit of 5.8 billion yuan [5]. - Wan Neng Electric, the only listed platform of Anhui Energy Group, is significant within the group, expecting revenue of 30 billion yuan and a net profit of 2.1 billion yuan in 2024 [5]. Group 3: Historical Context of Fang Ping - Fang Ping had a notable career, transitioning between government and corporate roles, and was appointed as the mayor of Bengbu City at the age of 35, later becoming the general manager of Anhui Energy Group [9][13]. - His tenure at Anhui Energy Group was marked by challenges, including significant losses for Wan Neng Electric in 2005 and 2021 due to rising coal prices, suggesting that his appointment was a response to financial distress [11][12]. Group 4: Implications of Corruption Investigations - The investigations into multiple former executives suggest a potential pattern of systemic corruption within Anhui Energy Group, indicating that previous measures to curb corruption, such as the sentencing of former chairman Bai Taiping in 2019, have not been effective [14]. - The ongoing investigations may serve as a warning to other officials involved in similar sectors, highlighting the risks associated with corruption in state-owned enterprises [7][14].