Ministry of Industry and Information Technology investigates the mayor of Binzhou of Weiqiao Group: a “timely rain”
Wei Qiao group, which is still in the short-selling storm, welcomed the investigation by the Ministry of Industry and Information Technology.
According to Wei Qiao group official Wei, on April 8, Xu Lejiang, vice minister of the Ministry of Industry and Information Technology, went to Wei Qiao group for investigation. Qian huantao, director of Shandong Provincial Economic and Information Committee, Wang Wanliang, deputy director, Zhang Guangfeng, secretary of Binzhou Municipal Party Committee, Cui Honggang, vice mayor Cao Yubin, secretary-general of municipal government Yuan Zhaohui, secretary of Zouping County Party Committee pitaitian, zou Jigang, the county magistrate, waited together to investigate.
The research object of the Ministry of Industry and Information Technology is not only Weiqiao Group. On April 6, Xu Lejiang and other staff of the Ministry of Industry and Information Technology (MIIT) took the lead in visiting xunfa group. According to the surging News (www.thepaper.cn), the Ministry of Industry and Information Technology went to Shandong to investigate the aluminum industry this time. Shandong aluminum enterprises such as Nanshan Group and jungle group are all listed in the research list.
It is worth noting that the Ministry of Industry and Information Technology went to Weiqiao Group and other Shandong aluminum enterprises to investigate at this time, which was quite subtle.
Since March, China Hongqiao (01378.HK), a listed company in the aluminum sector of Weiqiao Group, has encountered short selling, the exposure of Qixing Group’s debt crisis, the mutual protection of Shandong private enterprises, A series of events such as Xiwang Group, the second largest enterprise in Zouping county, fully managed Qixing Group, pushed Shandong’s aluminum enterprises to the forefront of the storm, which also triggered waves such as stock decline and bond selling in the capital market.
Cui Honggang, mayor of Binzhou city, described the research conducted by the Ministry of Industry and Information Technology in this way, “the Ministry of Industry and Information Technology went to Binzhou and Weiqiao to start a business to investigate the development of aluminum industry, it is a timely rain to promote the development of Binzhou aluminum industry and enhance the development confidence of Weiqiao’s entrepreneurship.”
According to Wei Qiao group official Wei, Xu Lejiang pointed out after listening to the report of Zhang Shiping, chairman of Wei Qiao group and Zhang Bo, vice chairman, on the recent operation of the enterprise, weiqiao Group has the advantage of the whole industry chain from foreign aluminum Earth mines to domestic terminal high-quality aluminum water resources, which has effectively stimulated the local economy and promoted the development of China’s national aluminum industry. It is hoped that the enterprise will make full use of its own advantages in energy, capital, technology, research and development and the whole industrial chain in the next step, and strive to make a fuss in downstream industries and deep processing of products, research and development and production of alternative imported products, overcome and solve the key technologies and problems of “fit the neck”, produce high value-added products that others can’t do well and can’t do well, and make every effort to lengthen the aluminum deep processing industry chain and value chain, further improving the ability of enterprises to resist risks, make greater contributions to the development of national aluminum industry.
However, there is no public signal on how the Ministry of Industry and Information Technology responded to the emergency report submitted by Weiqiao Group in early March.
China Hongqiao suffered a shortage of foreign institutions on March 1, bombarding its financial fraud, which was significantly higher than that of its peers. In fact, it was a false statement. At a critical moment, Wei Qiao group, while “still preparing a detailed clarification report”, submitted an “emergency report on dealing with the short selling of American institutions” to China Nonferrous Metals Industry Association. It is speculated that the short selling originated from the company’s direct exposure to the fundamental commercial interests of Alcoa, Rio Tinto and other companies.
Wei Qiao group hopes to seek coordination support from relevant departments by submitting emergency reports and establish better communication with Hong Kong Securities Regulatory Commission, Hong Kong stock exchange, auditor’s Asia-Pacific partners, etc, it can even get the attention of relevant leaders of the central government.
On the fifth day after the emergency report of Weiqiao Group was submitted, the China Nonferrous Metals Association submitted to the Ministry of Industry and Information Technology a letter on preventing and responding to the relevant proposals of Western countries led by the United States to contain China’s aluminum industry. In this letter, china Nonferrous Metals Industry Association attached the above-mentioned emergency report of Weiqiao Group.
China Nonferrous Metals Industry Association mentioned in a letter to the Ministry of Industry and Information Technology that Western countries led by the United States have never stopped suppressing and criticizing China’s aluminum industry. In the past two years, the United States has carried out containment actions against China’s aluminum industry. The containment action listed by the Association includes “an American analysis organization has repeatedly issued a short report on Shandong Weiqiao Venture Group, the world’s largest electrolytic aluminum enterprise listed in Hong Kong”.
Some insiders said to surging News (www.thepaper.cn), “this time the Ministry of Industry and Information Technology went to Shandong to investigate aluminum enterprises, which should be related to the emergency report submitted by Weiqiao Group.”
In the above-mentioned emergency report, Weiqiao Group especially emphasized the importance of Weiqiao Group and Binzhou textile and aluminum industries to local finance and social stability. Weiqiao Group said that once the short-selling force achieves its goal, it will directly affect 10% of China’s textile market and 20% of the aluminum market, and the pricing power of raw materials in the international market will fall to Alcoa, in the hands of US-funded enterprises represented by Rio Tinto; Binzhou textile and aluminum industry clusters directly involve more than 200 billion yuan of domestic bank loans. Improper handling will inevitably lead to regional systemic financial risks; the two major industrial clusters involve the direct employment of 300000 people. Once the risk spreads, it will inevitably lead to severe social unrest.
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Wei Qiao group, which is still in the short-selling storm, welcomed the investigation of the Ministry of Industry and Information Technology. According to Wei Qiao group official Wei, on April 8, Xu Lejiang, vice minister of the Ministry of Industry and Information Technology, went to Wei Qiao group for investigation. Qian huantao, director of Shandong Economic and Information Commission, Wang Wanliang, deputy director, and Zhang Guang, secretary of Binzhou Municipal Party Committee
