Cedar Holdings Group
 | |
| Company type | Privately held company |
|---|---|
| Industry | financial services, asset management, commodities[1] |
| Founded | 1997 |
| Founders | Zhang Jin |
| Headquarters | , China |
Area served | Worldwide |
Key people | Zhang Jing (CEO) |
| Revenue | US$33.8 billion[2] (2021) |
Number of employees | 23,856[2] (2021) |
| Website | cedarhd |
| Cedar Holdings Group | |||||||
|---|---|---|---|---|---|---|---|
| Traditional Chinese | 雪鬆控股集團有限公司 | ||||||
| Simplified Chinese | 雪松控股集团有限公司 | ||||||
| Literal meaning | Cedar Holdings Group Company Limited | ||||||
| |||||||
The Cedar Holdings Group (Chinese: 雪松控股) is a Chinese holding company active in six business sectors:
- Gongtongyun Supply Chain Group
- Chemical Industry Group
- Cedar Culture & Tourism Group
- King vision Group
- Community Ecological Operation Group
- Financial Services Group
Cedar also controls two A-share listed companies: Qixiang Tengda and Sinoer.[3][4]
Cedar Holdings was founded in 1997. In 2019 it had assets of 221 billion yuan.[5] Headquartered in Guangzhou, it also has offices in Hong Kong, Singapore, Switzerland, Germany, France and the United States.[6]
In 2020, Cedar bought the British steel firm Stemcor for $150 million.[7][8]
Cedar was ranked 359th in the Fortune Global 500 for 2021,[2] and on a list of China's top 500 Private Enterprises.[2][9]
Controversies
[edit]In February 2022 Cedar missed interest payments of 20 billion yuan (US$3.15 billion) owed to clients, casting doubt on the soundness of the business;[10][11] The Nikkei described it as being built on a "shell game," reporting that "Most of the goods traded by Cedar did not belong to Cedar, a person with knowledge of the matter said. The goods in warehouses belonged to state companies that sold them to Cedar and then bought them back after multiple rounds of transactions […] All transactions took place only on paper as the ownership of goods changed hands […] The goods could be sold hundreds of times in days without leaving a warehouse, boosting sales figures for the companies involved."[12][13]
References
[edit]- ^ "Cedar Holdings Group Co Ltd – Company Profile and News". Bloomberg.com.
- ^ a b c d "Cedar Holdings Group | 2021 Global 500". Fortune.
- ^ "Cedar Holdings Group". World Economic Forum.
- ^ Солодовников, Александр (May 15, 2022). Социально-экономическая география зарубежной азии, австралии и океании 2-е изд., пер. и доп. Учебник и практикум для академического бакалавриата. Litres. ISBN 9785041637095 – via Google Books.
- ^ "Cedar Holdings Group Co, Ltd". eng.gdd.gov.cn.
- ^ "Clearwater International advises Cedar Holdings on the acquisition of Stemcor Global Holdings". Clearwater International advises Cedar Holdings on the acquisition of Stemcor Global Holdings.
- ^ "Chinese enterprises expand in UK". global.chinadaily.com.cn.
- ^ "Chinese group swoops for UK steel trader Stemcor". January 21, 2020.
- ^ "China 'is a leader in 4th industrial revolution'". global.chinadaily.com.cn.
- ^ "Defaults on wealth management products double in China". Nikkei Asia.
- ^ "Billionaire Zhang Jin Under Pressure to Pay $3.15 Billion Due Investors – Caixin Global". www.caixinglobal.com.
- ^ "How a Fortune 500 firm built a commodity giant on a shell game". Nikkei Asia.
- ^ "Cover Story: How a Fortune 500 Company Built a Commodity Colossus on a Shell Game – Caixin Global". www.caixinglobal.com.