Freshly resigned Longyuan president detained over suspected crime

Less than two weeks after China Longyuan Power Group Corp Ltd (HKG:0916) announced the resignation of its president, the wind power major said that Enyi Li had been detained by Chinese authorities “due to suspected serious duty crimes”.

Longyuan announced on December 2 that its president and executive director has filed his resignation “due to his personal reasons”, without elaborating further. The resignation became effective immediately.

This week, the power producer clarified that its former president had been detained because of suspected serious duty crimes. Longyuan stressed that as of Wednesday neither the company nor the directors of the company had been contacted or enquired by the
supervisory authority in relation to the detention.

On Wednesday, Longyuan also announced the nomination of Yanbing Jia as an executive director and chairman of the strategic committee of the board of the company. Effective December 12, Jia was also appointed general manager of China Longyuan. He previously served as deputy general manager and general manager of Hebei No1 Electric Power Construction Company and deputy director and director of the engineering construction department of China Guodian Corporation.

At end-September 2018, Longyuan had 18.4 GW of wind power generating capacity and 1.88 GW of coal-fired plants plus 250 MW of other renewables. In the first nine months of the year, its wind business experienced a 21% rise in revenue to CNY 13.4 billion (USD 1.9bn/EUR 1.7bn), helping the group lift its top line by 8.49% to about CNY 19.2 billion. Longyuan's attributable net profit for the period was a bit over CNY 4 billion, up from CNY 2.8 billion a year earlier.

(CNY 1.0 = USD 0.145/EUR 0.128)

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