XCEC(SH:600777) 3 6 Ke·2024-04-18 23:57Core Viewpoint - The core issue revolves around the control and ownership of the overseas oil and gas assets of Xinchao Energy (600777.SH), which has been reported to have undergone significant changes without proper disclosure [1][2]. Group 1: Allegations and Responses - Shenzhen Hongyu Business Consulting Co., Ltd. (Shenzhen Hongyu), the tenth largest shareholder of Xinchao Energy, alleges that the company's overseas oil and gas assets have been transferred to Seewave Energy Holdings Company without legal procedures [1][2]. - Xinchao Energy has denied these allegations, claiming that the management's actions are unfounded rumors and that the company retains full control over its overseas assets [1][6]. Group 2: Asset Overview - Xinchao Energy's overseas assets are valued at approximately RMB 33.847 billion, accounting for 99.91% of the company's total assets, primarily consisting of oil and gas assets [2][6]. - The company transitioned from real estate and electronic components to the oil and gas sector starting in 2013, acquiring significant assets in Texas, USA, which included approximately 65 million barrels of proven reserves and a daily production capacity of about 9,000 barrels [2][6]. Group 3: Structural Changes - Recent changes in the ownership structure of Xinchao Energy's overseas assets have raised concerns, particularly the shift of management rights from Yantai Yangfan Investment Co., Ltd. to Seewave Energy Capital Holdings Company [3][4]. - The partnership agreement revisions in May 2023 granted Seewave full decision-making authority over the assets, which has led to suspicions regarding the transparency of these changes [4][6]. Group 4: Control and Governance - The allegations suggest that Liu Ke, the former chairman of Xinchao Energy, has gained control over the company's overseas assets through Seewave, despite not holding shares in the company [6][7]. - Legal experts indicate that Liu Ke's roles in Seewave and the partnership structure provide him significant influence over the management and decision-making processes related to Xinchao Energy's assets [6][7]. Group 5: Regulatory Response - The Shanghai Stock Exchange has acknowledged the complaints regarding the asset control issues, prompting Xinchao Energy to issue a response stating that the internal adjustments do not affect the company's control over its subsidiaries [6][8]. - Xinchao Energy plans to clarify these matters in its upcoming annual report, although detailed supporting information has yet to be provided to the market [8].