Recently, in response to the change of Ningbo Dingliang Enterprise Management Partnership (GP), a subsidiary of Fashion Energy (rights protection), a document on "issues related to trendy energy" has been circulated in the market, which has attracted much attention.
The head of the New Fashion Energy Customs Department said that the Ningbo Dingliang GP change is an internal structure adjustment, and the procedure is legal and compliant. It belongs to the adjustment of the internal structure of a listed company under the same control, and does not involve the disposition of external assets or rights and interests, and the decision-making and operation of the change are in accordance with the law. As for the so-called "management misappropriates the assets of listed companies with private companies" is not true.
The main business of Xinchao Energy is the exploration, development and sale of oil and natural gas.Jackpotwinningnumbers.9% of the assets and operating activities are in the United States. Trendy Energy indirectly holds 79% and 21% of the shares of Surge Energy US Holdings Company (referred to as "Surge Energy"), respectively, through Ningbo Dingliang and Zhejiang Jiabao Enterprise Management Co., Ltd., which is the core assets of listed companies.
According to the "New Fashion Energy related issues" document, the general partner of Ningbo Dingliang was changed to Surge Energy Capital Holdings Company ("SEC") in May 2023 and Seewave Energy Holdings Company ("SEH") in June 2023. Moreover, Ningbo Dingliang carried out the original partnership agreement on May 18, 2023.JackpotwinningnumbersAfter a large number of amendments, all the decision-making rights, management rights, dividend rights and asset disposal rights of Ningbo Dingliang were granted to SEC,SEH and then inherited all the above rights. Both "SEC" and "SEH" are private companies registered in the United States by Liu Ke, former chairman of Fashion Energy. Before the change, the general partner of Ningbo Dingliang is Yantai Yangfan Investment Co., Ltd., a wholly owned subsidiary of trendy Energy. Through the above change operation, Ningbo Dingliang's management and control rights have changed.
In response to the above allegations against management, the head of Xinchao Energy Customs Department said that both SEC and SEH are 100% owned subsidiaries within the scope of Surge Energy's trendy energy consolidated statements, and that the company's Ningbo Dingliang General partner (GP) has changed its decision and operation in accordance with the law.
According to the relevant information (including the certificate of shareholding certified by the US administration) and the company announcement, both "SEC" and "SEH" are 100% owned by Surge Energy, the US subsidiary of Fashion Energy. In other words, Yantai Yangfan, SEC and SEH are all wholly owned subsidiaries of listed companies, and the transfer of partnership shares between them is only the adjustment of the internal equity structure of listed companies. Before and after the adjustment, New Fashion Energy still holds 100% equity in Ningbo Dingliang. Ningbo Dingliang has always been a wholly-owned subsidiary of New Fashion Energy, which does not involve external entities and management does not have private shareholding.
With regard to the reasons for the change of the general partner of Ningbo Dingliang, some analysts believe that according to the information that has been made public in the market, New Fashion Energy faces a number of huge debt disputes at the beginning of 2023. Before the change, Ningbo Dingliang GP is Yantai Yangfan Investment Co., Ltd., its registered capital is only 4 million yuan, Ningbo Dingliang contribution is only 1 million yuan. Although the proportion of capital contribution is small, Yantai Yangfan Company has the right to control the operation and management of Ningbo Dingliang as GP carries out partnership affairs in accordance with the law. Once the stake in Yantai Yangfan Company is auctioned or transferred because of a debt dispute, the management right of Ningbo Dingliang may change, which will directly lead to the loss of control over US subsidiaries and US oil and gas assets. The motivation for the arrangement may be to prevent Ningbo Dingliang GP from being transferred out of control by replacing Ningbo Dingliang's executive partner with a foreign company.