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Reporter of China Business Network: Wu Zepeng Editor of China Business Network: Chen Junjie

Guangzhou, August 9 (Reporter Wu Zepeng) This morning, a reporter from the Daily Economic NewsBao New Energy(000690.SZ, stock price 4.59 yuan, market value 9.987 billion yuan) It was learned from Shi Xiaowen, a family member of the former chairman Ning Yuanxi, that there has been new progress in the case of Ning Yuanxi, who was convicted of embezzlement in the first instance. The Meizhou Intermediate People's Court of Guangdong Province held in the final instance that some facts in the original judgment were unclear, and ruled to revoke the criminal judgment No. (2022) Yue 1403 Criminal First Instance 189 of the Meixian District People's Court of Meizhou City, Guangdong Province, and sent it back to the Meixian District People's Court for retrial.

In the previous first-instance judgment, Ning Yuanxi was found guilty of embezzlement and sentenced to nine years and six months in prison. Also sentenced for the same crime was Wen Hui, who had worked with Ning for many years. The latter was formerly the general manager and union chairman of Guangdong Baolihua Group Co., Ltd. (hereinafter referred to as Baolihua Group), the controlling shareholder of Bao New Energy, and a director of Bao New Energy. He was sentenced to seven years and six months in the first instance.

What put the two men behind bars was, first, the sale of a shop by Bao New Energy for 15 million yuan nine years ago, in which the two were accused of illegally occupying Bao New Energy assets (the part where the transaction price was lower than the appraisal price) worth 15.38476 million yuan; second, Bao New Energy initiated a private placement project eight years ago, in which Baolihua Group subscribed for 310 million yuan of shares. Ning Yuanxi was accused of defrauding 9.3 million yuan in financial advisory fees, and Wen received 2.3 million yuan.

Ning Yuanxi started working in 1994 and joined the Poly Group in 1995. In 2000, at the age of 30, he became the chairman of Baoli New Energy. At that time, he was reported by the media as the "youngest chairman of the A-share market" and the "working emperor."

After Ning Yuanxi got into trouble, Shi Xiaowen worked hard for him and publicly reported online that Ye Huaneng, the actual controller of Bao New Energy, had concealed his Hong Kong resident status. In April this year, Bao New Energy issued a correction and apology announcement, stating that the information disclosed in the 2007-2016 annual report that Ye Huaneng "did not obtain the right of residence in other countries or regions" was incorrect, and corrected it to "obtain the right of residence in Hong Kong", and added in the 2017-2022 annual report that Ye Huaneng originally obtained the right of residence in Hong Kong. In May 2017, Ye Huaneng submitted an application to the household registration department of the Public Security Brigade of the Meixian District Branch of the Meizhou Public Security Bureau, in accordance with relevant regulations, to give up his Hong Kong permanent resident status and restore his mainland household registration.

Daily Economic News