Former chairman of Shaanxi Investment Group faces investigation

YUAN Xiaoning, the former Secretary and Chairman of Shaanxi Investment Group is under investigation for serious violations of Party rules and the law.

Shaanxi Investment Group was the first major Shaanxi state-owned company invested in and operated by the government, with a registered capital of 10 billion yuan (US$1.4 billion) and assets of over 270 billion yuan. 

The group owns several listed companies, including Western Securities and Shaanxi Energy Investment. Some are planning IPOs. 

Western Securities went public in May 2012. Shaanxi Investment Group, its biggest shareholder, holds 36.5 percent of its total share capital.

Listed in April, Shaanxi Energy’s main business includes thermal power and coal. Shaanxi Investment Group holds 64 percent of the company, down from 80 percent before its listing. The IPO raised 7.2 billion yuan. 

Yuan Xiaoning was previously chairman of Shaanxi Natural Gas.