B · Normal
[EXCLUSIVE | The relevant person in charge of the Xinhu Group revealed that the complaint is mainly to request the Supreme People's Court to upgrade the case for retrial and correct the previous judgment of the Hubei District Court, that is, to revoke the judgment on the recovery of illegal gains (the scope of recovery is company equity worth tens of billions), and to change the judgment not to recover the 50% equity and interest of Xinjiang Yihua Mining Co., Ltd. obtained in good faith by the complaining unit Xinhu Group.
It is reported that Xinhu Group has previously filed a complaint with the local Hanjiang Intermediate People's Court and Hubei High Court in Hubei Province regarding the "Ten Billion Mining Rights Case". The aforementioned courts rejected the Xinhu Group's complaints on May 19, 2025 and November 26, 2025 respectively.
Xiao Cai's Note: The equity case involving Xinjiang Yihua Mining Co., Ltd. between Xinhu Group and Hubei Yihua Group has been pending since the asset scale exceeds 10 billion yuan. In June 2010, Xinhu Group invested 220 million yuan to acquire 100% of the equity held by seven natural person shareholders of Beijing Huayi Loncin Trading Co., Ltd., thus indirectly holding 50% of the equity of Xinjiang Yikuang. In June 2024, after the company had been operating normally for more than ten years, the Hanjiang Intermediate People's Court of Hubei Province issued a ruling that upheld the August 2023 judgment of the Hubei Tianmen Court and held that Beijing Huayi Loncin Company was guilty of unit bribery. Accordingly, the local court in Hubei ruled to recover all the equity and interest in Xinjiang Yikuang held by Huayi Loncin and return it to the State-owned Assets Supervision and Administration Commission of the Yichang Municipal People's Government. On August 24, 2024, this part of the equity was forcibly transferred. Xinhu Group has always disagreed with this, believing that it is a bona fide third party and its reasonable market transactions should not be subject to recovery. (Reporters Liu Ke and Chen Kang) (Reporters Chen Kang)
Comments