On September 19, Economic Reference News published an investigative report titled "Ignoring Central Environmental Supervision: Qinghai 'Mining Boss' Illegally Buries Tens of Thousands of Tons of Hazardous Waste," which revealed that Qinghai Chaidamu Xinghua Lithium Salt Co., Ltd. (hereinafter referred to as "Xinghua Company") was reported for illegally burying large quantities of industrial hazardous waste. When higher authorities ordered the company to make "pre-supervision improvements" before the central environmental inspection, the enterprise hastily excavated previously buried hazardous waste and relocated it for burial elsewhere, involving tens of thousands of tons and causing secondary environmental damage.
According to business registration records, Xinghua Company's shareholders are Shenzhen Xiaozhou Investment Co., Ltd. and EVE Energy (SZ300014, stock price 71.41 yuan, market value 146.085 billion yuan). In August this year, EVE Energy announced its intention to transfer 49% of Xinghua Company's equity, with the transferee being Huizhou Speed Wireless Technology Co.,Ltd.'s (SZ300322, stock price 24.64 yuan, market value 11.354 billion yuan) controlling shareholder.
Regarding whether the related reports would affect this equity transfer, reporters contacted the phone number disclosed in the controlling shareholder's annual report, but the respondent claimed no knowledge of the relevant situation and hung up.
On September 19, Haixi Prefecture's WeChat official account published a situation report stating that the Haixi Prefecture Party Committee and government have established a joint investigation team from Haixi Prefecture and Da Qaidam Administrative Committee to conduct on-site verification work, mobilizing chemical industry professionals for environmental testing. Subsequent actions will be taken according to law based on verification and testing results.
The Economic Reference News report mentioned that Xinghua Company was accused of illegally burying large quantities of industrial hazardous waste. According to the report, Xinghua Company relies on Da Qaidam's salt lake brine resources to primarily produce lithium chloride and boric acid. According to environmental protection department information, Xinghua Company's production process generates substantial hazardous waste, including waste organic solvents, laboratory waste liquid, waste activated carbon, waste engine oil, waste oil drums, waste paint buckets, and discarded large containers. Under relevant laws, these hazardous wastes must be disposed of by qualified hazardous waste management entities.
In addition to generating the aforementioned hazardous waste, Xinghua Company's crystallization workshop extensively uses highly toxic barium chloride to remove sulfate radicals from brine and produce barium sulfate. The barium sulfate is mixed with soluble barium-containing toxic substances such as barium chloride, constituting hazardous waste. This hazardous waste was not mentioned in Xinghua Company's environmental impact assessment report or post-environmental impact assessment report, representing irregular use of highly toxic and hazardous chemicals with behavior concealing hazardous waste generation.
Xinghua Company is a salt lake lithium extraction enterprise. The company is located near the famous tourist attraction Da Qaidam Emerald Lake and China's large salt lake Qarhan Salt Lake. According to a research report by GF Securities, the company's lithium salt capacity is 10,000 tons.
In 2023 and 2024, Xinghua Company was fined for multiple environmental violations. Tianyancha shows that Xinghua Company's two major shareholders are Shenzhen Xiaozhou Investment Co., Ltd. and EVE Energy.
On August 22, EVE Energy announced that the company signed a "Equity Transfer Agreement" with Tibet Huizhou Speed Wireless Technology Holding Co., Ltd., transferring 49% of Xinghua Company's equity to the controlling shareholder for 600 million yuan. After completion of this transaction, EVE Energy will no longer hold equity in Xinghua Company.
The announcement also disclosed Xinghua Company's financial status: as of June 30, 2025, the company's unaudited total assets were 1.62 billion yuan with net assets of 1.176 billion yuan. In 2024, Xinghua Company's unaudited revenue was 19.9025 million yuan with a loss of 66.5065 million yuan. In the first half of this year, Xinghua Company lost 30.6784 million yuan.
EVE Energy's connection with Xinghua Company dates back to 2022, when market lithium salt prices remained "persistently high." EVE Energy first acquired 35.2857% of Xinghua Company's equity through competitive bidding for 144 million yuan, then purchased 13.7143% equity from another shareholder for 56.02 million yuan, ultimately obtaining 49% equity. At that time, Xinghua Company was also a large-scale salt lake lithium extraction enterprise. EVE Energy's current equity transfer still yields profit compared to the original investment cost.
The controlling shareholder is the controlling shareholder of listed company Huizhou Speed Wireless Technology Co.,Ltd., with actual controller Zhu Kunhua. Huizhou Speed Wireless Technology Co.,Ltd. is a veteran domestic RF antenna manufacturer. On the morning of September 19, when reporters contacted Huizhou Speed Wireless Technology Co.,Ltd. regarding the impact of Xinghua Company's situation, relevant personnel stated they were unclear about Xinghua Company's circumstances and requested contact with the controlling shareholder. Reporters subsequently called the controlling shareholder's 2024 annual report phone number, but the respondent claimed no knowledge of specific circumstances and hung up.
From existing equity relationships, Shenzhen Xiaozhou Investment Co., Ltd. is Xinghua Company's largest shareholder. This company is a Shenzhen Futian District enterprise with natural person shareholders Zhou Wenchuan and Li Caiyan. Reporters called multiple annual report phone numbers for the company, all of which went to voicemail.
According to Economic Reference News reports, Xinghua Company's actual controller is Zhao Penglong, who owns 89 square kilometers of mining rights for Da Qaidam Salt Lake. Zhao Penglong and his appointed enterprise manager Zheng Shubei allegedly implemented various means, with multiple investment cooperation partners claiming fraud. They even forcibly occupied others' companies for extended periods, earning the title "mining boss" from many victims.
According to Xinghua Company's business relationship change records, on January 17, 2024, Zhao Penglong and Da Qaidam Dahua Chemical Co., Ltd. (where he served as major shareholder) respectively withdrew from positions as Xinghua Company's legal representative and largest shareholder. Zheng Shubei serves as manager at Dahua Chemical.
According to legal documents involving Xinghua Company, Zhao Penglong was formerly Xinghua Company's chairman. Court document searches reveal that Zhao Penglong, born in 1969, is involved in multiple cases. According to a criminal ruling by Xining Intermediate People's Court, from 2007 to 2019, defendant Zhao Penglong, as actual controller, chairman, and general manager of Dahua Company, provided property to state functionaries to seek improper benefits for the company regarding special subsidy funds and litigation.
Industry insiders from Qinghai's salt lake sector indicated they also saw reports involving Xinghua Company, noting that related salt lake production enterprises should take this as a warning.
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