Less than a decade ago, Yongcheng Coal and Electricity Holding was one of China’s most celebrated energy companies.
Blessed with ample reserves of high-grade coal at its mines in China’s central Henan province, the nation’s government-controlled banks were eager to hand the firm cheap credit. At its height in 2013, the business’s annual revenue was Rmb127.4bn ($19.5bn).
“We were the most profitable coal mine with the highest salaries in the nation,” said one senior Yongcheng executive, who asked not to be identified, of that period.
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