Surprisingly, it has led to a series of fake state-owned enterprises! 35 billion yuan hydrogen energy project that caused a sensation in the market suddenly failed. China Guangtong Technology Co., Ltd. | State owned Enterprise | Failed
The emergence of a giant investment project has caused the long dormant hydrogen sector to boil and concept stocks to skyrocket, with a series of fake state-owned enterprises operating behind it? In addition, a series of suspicious details have raised doubts about the authenticity of the largest hydrogen production investment in China.
Stimulated by multiple positive news, the hydrogen energy sector has recently experienced a long-awaited surge. The most noteworthy among them is the launch of the bidding for the Gansu 4GW photovoltaic off grid hydrogen production project, which has a total investment of 35 billion yuan and requires the purchase of 8638 sets of hydrogen production equipment, significantly exceeding market expectations. Boosted by this, the hydrogen energy sector saw a sudden rise in the morning of June 26th, with several individual stocks soaring. On the same day, the above-mentioned bidding was suddenly terminated. But on the 27th, the hydrogen sector still did not stall and triggered a limit up trend.
Pengpai News noticed that the owner and bidder of the hydrogen production project that caused a sensation in the market were "Zhongguangtong Technology Co., Ltd.". According to Tianyancha, the company is a member of the State Power Investment Corporation and was established on June 12, 2023. Another company claiming to be a wholly-owned subsidiary of state-owned enterprise "State Power", Zhongguangtong Energy Company, is promoting a larger scale hydrogen production project in Xinjiang. But the identities of these "subsidiaries of central enterprises" are not real. Moreover, multiple "China Guangtong" companies have appeared in the fake list of central enterprises by the State owned Assets Supervision and Administration Commission of the State Council.
On June 29th, State Power Investment Group Co., Ltd. confirmed to Pengpai News that Zhongguangtong Technology Co., Ltd. and several related companies are all counterfeit state-owned enterprises.
A company that has been established for less than ten days has made a big move, and securities firms are shouting that hydrogen energy is about to explode
On June 21st, the bidding announcement for the EPC general contracting of the 4GW photovoltaic off grid hydrogen production project was released on the bidding platform, shocking the industry with the large investment scale and procurement intensity of hydrogen production equipment.
According to the bidding announcement, the construction site of the project is located in Nanba Village, Yinda Town, Suzhou District, Jiuquan City, covering an area of 100000 acres. It is planned to build 4GW off grid photovoltaics, supporting 800MW/1600MWH energy storage equipment, and purchase 8638 sets of hydrogen production equipment. The planned construction period is from October 2023 to December 2026, with an estimated amount of 35 billion yuan. The funding source is self raised by the enterprise, and the funds have been confirmed.
After the Dragon Boat Festival, the secondary market was quickly ignited. Multiple securities firms have released research reports, stating that the project has reached a new domestic high in single system hydrogen scale, entered a clear investment window period in the hydrogen energy sector, and is about to see the first year of hydrogen energy explosion and the outbreak of electrolytic cell equipment. Some securities firms have bluntly stated that the bidding entity company, through equity penetration, is a subsidiary of State Power Investment Corporation of China, and the three words "State Power Investment Corporation of China" mean a strong endorsement of the project.
However, the data in the tender announcement has caused many industry insiders to question. According to industry analysis, assuming that the current regular power of the electrolytic cell is 5MW, 8638*5MW = 43.19GW. 4GW of photovoltaics is unlikely to drive 43GW of electrolytic hydrogen production projects. "So if it's not that the tender is wrong, it's that these 8638 sets are just like the 8848 mobile phones that used to advertise on CCTV."
Even more strangely, just as the A-share hydrogen sector surged, the bidding, originally scheduled to open on July 14th, abruptly came to an end five days after the announcement was released. On June 26th, the China Tendering and Bidding Public Service Platform issued a notice on the termination of the EPC general contracting for the 4GW photovoltaic off grid hydrogen production project. The reason for the termination of the project was a change in the purchaser's procurement plan.
The bidding party Zhongguangtong Technology Jiuquan Company itself has many doubts. Firstly, the company has a registered capital of 50 million yuan and was established on June 12th of this year - which means it issued a heavyweight bidding announcement less than ten days after its establishment. Its business scope is very diverse, including software development, solar power generation technology services, domestic freight transportation agents, wholesale of edible agricultural products, grain procurement, coal and product sales, metal material sales, building material sales, new energy vehicle sales, and so on.
The reason why the market chose to believe that such an unknown company suddenly launched a major project is ultimately due to its status as a subsidiary of a central enterprise.
According to Tianyancha, tracing its equity structure, Zhongguangtong Technology Jiuquan Company is a wholly-owned seventh level subsidiary of State Power Investment Group Co., Ltd. State Power Investment Group is the world's largest clean energy power generation enterprise and one of the top five central power generation enterprises in China.
Sky Eye Map
Behind Zhongguangtong Technology Jiuquan Company is a huge "Zhongguangtong" matrix. According to Tianyancha, Zhong Wenxuan, who serves as the legal representative of Zhongguangtong Technology Jiuquan Company, has also served as the legal representative and executive in 45 enterprises, including nearly 30 subsidiaries of Zhongguangtong located in different regions, most of which are listed as members of the State Power Investment Corporation. Another common feature of these "Zhongguangtong" companies is that the vast majority are newly established companies that have been intensively established within the past year.
In response, State Power Investment Group Co., Ltd. told Pengpai News that after verification, Zhongguangtong Technology Co., Ltd. and its parent companies, Zhongguangtong Technology Co., Ltd., Zhongguangtong New Energy Group Co., Ltd., Guoyuan Weida Technology Co., Ltd., and Guodian Urban Construction Co., Ltd. have no affiliation or equity relationship with State Power Investment Group, and are all counterfeit state-owned enterprises. All of their actions are unrelated to State Power Investment Group.
Pengpai News called Zhong Wenxuan multiple times, but no one answered.
On June 29th, State Grid Corporation of China issued a statement on "cracking down on counterfeits"
Multiple "Zhongguangtong" companies have been cracked down on for counterfeiting before
On the website of the Suzhou District Government in Jiuquan City, you can find the "4GW Photovoltaic Off grid Hydrogen Production Project Registration Certificate". The registration certificate shows that the project is "self used and mainly used for hydrogen production".
Project filing certificate
This filing document is currently facing invalidation. On the 28th, staff from the Energy Bureau of Jiuquan City told the media that this type of project must be approved by the Provincial Development and Reform Commission. However, Suzhou District has filed a case, and this filing is illegal. Therefore, the filing was revoked, and the project bidding was suspended.
A staff member of the Energy Bureau of Jiuquan City told Pengpai News that the filing authority for such projects had previously been delegated to the county and urban areas, and the specific progress of the projects needs to be learned from the Development and Reform Bureau of Suzhou District. Pengpai News subsequently made multiple phone calls to the business department of the Energy and Project Construction Service Center under the Suzhou District Development and Reform Bureau, but the other party did not answer the call.
"They have made changes, so the bidding has been terminated," a person from the bidding agency of the 4GW photovoltaic off grid hydrogen production project told Pengpai News. "This time is over, will there be any new announcements in the future? We are waiting for notification from Party A."
But Zhongguangtong Company insists that the project is only suspended, not terminated. A person claiming to be the Chairman of Zhongguangtong New Energy Co., Ltd., Jing Wei, told the media that "this project will definitely be carried out" and "we will make some internal adjustments". The specific situation cannot be disclosed and is related to the equipment.
Not only that, another "China Guangtong" is promoting a larger scale hydrogen production project in Xinjiang.
The official WeChat account of Zhongguangtong Energy Co., Ltd. released a press release in December last year, stating that the "Implementation and Promotion Meeting of the Overall Plan for 1 million mu of 40GW Photovoltaic Hydrogen Production and Energy Storage in Atush City" organized by Zhongguangtong Energy Co., Ltd. was successfully held. The article introduced that "Zhongguangtong Energy Co., Ltd. is a wholly-owned enterprise under the direct leadership of the State Council of China, and its strong investment strength, resource and capital integration ability have formed a development path of using the photovoltaic energy industry to drive the global capital industry and establish a world-class" photovoltaic+hydrogen energy, and energy storage "industry in northwest China. After more than 8 months, Zhongguangtong has successfully won 1 million mu of 40GW in Atush, Xinjiang." "The large-scale photovoltaic energy base project."
As of the time of publication, this message has been deleted by the publisher.
According to the Gansu project, which covers an area of 100000 acres and has an investment of 35 billion yuan, the size of the Xinjiang Atush project is ten times larger than that of the Gansu project, at least a hundred billion yuan investment. But there are multiple errors in this statement, and there is no company directly under the leadership of the State Council, let alone a central enterprise abbreviated as "State Power". The precise description of central enterprises is enterprises directly supervised by the State owned Assets Supervision and Administration Commission of the State Council.
In history, there was a "State Power Company", but in the 2002 electricity reform, State Power Company was split into two major power grids, five major power generation companies, and four major auxiliary companies. The so-called "State Power Company" no longer exists at the business level. However, the National Enterprise Credit Information Publicity System shows that State Power Company is still in a state of existence and has been listed in the list of abnormal operations by market regulatory authorities. Pengpai News noticed that after 2002, there were over a hundred enterprises established under the name of subsidiaries of State Grid Corporation of China, including a large number of fake state-owned enterprises and fake central enterprises.
Search the official website of the local government in Atush City, and no information related to Zhongguangtong hydrogen production has been disclosed.
However, staff from the Development and Reform Commission of Atush City told Pengpai News that the above-mentioned Zhongguangtong 1 million acre 40GW project does indeed exist. The specific details and project progress are confidential and cannot be disclosed.
According to the introduction of WeChat official account information, Zhongguangtong Energy Yunnan Company "mainly focuses on the revitalization and construction of rural areas in Yunnan, creating a 1 million acre traditional Chinese medicine base, special agriculture and seedlings, high-quality agricultural planting, processing, repurchase, sales, supply chain finance, agricultural and sideline products and bulk commodity transactions, asset mergers and acquisitions, import and export trade, cold chain logistics development, infrastructure construction, photovoltaic power generation and other investment and development projects." According to business information, the shareholders of the company are two natural persons. But during campus recruitment, the company claimed to be a wholly-owned subsidiary of state-owned enterprise "State Power" established in Yunnan.
The image of Zhongguangtong Energy Co., Ltd. appearing in the promotional video of Zhongguangtong New Energy Group
Pengpai News found that there is another enterprise called "Zhongguangtong Technology Co., Ltd.", which is the parent company of the aforementioned Zhongguangtong Technology Jiuquan Company. This Yunnan company underwent an equity change in April this year, with State Grid Electric Power Engineering Co., Ltd. completely withdrawing and Zhongguangtong New Energy Group Co., Ltd. adding a capital of 100 million yuan.
Tianyancha shows that Guodian Electric Power Engineering Co., Ltd. is also a "counterfeit state-owned enterprise".
In addition, Pengpai News found that in the list of counterfeit central enterprises previously announced by the State owned Assets Supervision and Administration Commission of the State Council, multiple "Zhongguangtong" companies had appeared, including Zhongguangtong International Holdings Co., Ltd., Zhongguangtong Supply Chain Holdings Group Co., Ltd., Zhongguangtong Digital Culture Group Co., Ltd., Zhongguangtong Construction Engineering Labor Group Co., Ltd., Zhongguangtong International Insurance Brokerage Co., Ltd., and Zhongguangtong Health Group Co., Ltd. The registration authority was the Shenzhen Municipal Administration for Market Regulation, and most of the legal representatives were Zhao Haibo or Jing Wei.
The State owned Assets Supervision and Administration Commission of the State Council has reminded in its previous "anti-counterfeiting" announcements that the relevant companies and their subsidiaries at all levels on the list are counterfeit state-owned enterprises, with no affiliation or equity relationship with central enterprises, nor any investment, cooperation, business relationship, etc., and all their actions are unrelated to central enterprises.
