Son of former richest man in Shaanxi, Gao Naize, to auction coal mine equity starting at 446 million yuan

Recently, the Intermediate People’s Court of Xianyang, Shaanxi Province, released an auction announcement on a judicial auction platform. The subject of the auction is “15% of the equity in Fugu Hongjian Coal Mine Co., Ltd. held by the enforced party Gao Ju,” with an assessed value exceeding 446 million yuan. The starting auction price is the same as the assessed value, and the auction is set to commence on December 25.
The Paper learned from informed sources that Gao Ju is the son of Gao Naize, the former richest man in Shaanxi Province. According to business registration information, Hongjian Coal Mine was established in 2009 with a registered capital of 130 million yuan. In 2010, Gao Naize invested 52 million yuan to acquire a 40% stake in Hongjian Coal Mine. In September 2014, Gao Naize’s shareholding in the mine was reduced to 17%, with an investment amount of 22.1 million yuan. In December of the same year, Gao Naize transferred all of his 17% equity to his son, Gao Ju.
On September 19, 2024, the equity in Hongjian Coal Mine held by Gao Ju was frozen by the Intermediate People’s Court of Xianyang. The auction announcement released by the court states that the auction will begin on December 25, with the subject being the 15% equity in Hongjian Coal Mine held by the enforced party Gao Ju. Hongjian Coal Mine is located in Changfangliang Village, Laogaochuan Township, Fugu County, Yulin City, Shaanxi Province, and its business scope includes coal mining and sales.
According to the assessment report, the total value of all shareholders’ equity in Fugu Hongjian Coal Mine Co., Ltd. is 2,974,095,400 yuan. Among this, the 15% equity held by the enforced party Gao Ju in Fugu Hongjian Coal Mine Co., Ltd. is valued at 446,114,200 yuan. The starting auction price for this auction is also 446,114,200 yuan, with a deposit of 45,000,000 yuan and an increment of 2,000,000 yuan.
Public reports show that Gao Naize was once named the “richest man in Shaanxi” and was also known as the “most generous philanthropist in Shaanxi.” According to the 2011 Forbes China Rich List, Gao Naize ranked 198th with a personal wealth of 5.15 billion yuan, making him the “richest man in Shaanxi.” From 2008 onwards, Gao Naize appeared on the Hurun Philanthropy List for four consecutive years with substantial donations, ranking 91st, 85th, 15th, and 7th respectively. In 2011, his total donations amounted to 230 million yuan, earning him the title of “most generous philanthropist in Shaanxi” that year.
In June 2018, Hu Zhiqiang, the former secretary of the Yulin Municipal Party Committee, was placed under investigation for suspected bribery, and shortly afterward, Gao Naize was taken away for investigation. From August 20 to 21, 2019, the Intermediate People’s Court of Xi’an conducted a public trial for the first instance of Hu Zhiqiang’s bribery case, and Gao Naize’s name appeared on the list of bribers.
The indictment in Hu Zhiqiang’s case revealed that from 2008 to 2011, Hu Zhiqiang, leveraging his positions as Mayor of Yulin Municipal People’s Government and Secretary of the Yulin Municipal Party Committee, provided assistance to Shaanxi Xingmao Jurassic Coal Industry Magnesium and Electricity (Group) Co., Ltd. in various aspects such as approval for coal resource integration, smooth progression of the 3052 chemical project, and coordinating funds from the China Construction Bank Yulin Branch. From 2008 to 2011, Hu Zhiqiang received a total of 8.3 million yuan, 240,000 US dollars, and a set of commemorative gold coins valued at 356,500 yuan from Gao Naize, the legal representative of the company, in eight instances at locations such as his office in the Yulin Municipal Government.
Subsequently, Gao Naize briefly resurfaced until March 10, 2020, when the Qingfeng website of the Shaanxi Provincial Commission for Discipline Inspection and Supervision announced that the Shaanxi Provincial Supervisory Commission had recently decided to initiate an investigation into Gao Naize, the legal representative of Shaanxi Xingmao Jurassic Coal Industry Magnesium and Electricity (Group) Co., Ltd., for suspected bribery.
On the same day as the aforementioned announcement, the Qingfeng website also published an article titled “What Signal Does the Investigation of Gao Naize Release?” The article states that although the announcement about Gao Naize is brief, it sends a strong signal: “Adhering to the principle of investigating both bribery and bribe-taking together” and “resolutely severing the interest chain of ‘hunting’ and being willing to be ‘hunted'” are not empty words; disciplinary inspection and supervision organs are shifting from focusing solely on investigating bribery to investigating both bribery and bribe-taking, and making ‘hunters’ pay the price will become the norm.