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Shuli Ren and Nisha Gopalan

CEFC's Thin Ice in China

How can a low-margin energy trader like CEFC afford to buy so much?
Photographer: Zealot/Getty Images

CEFC China Energy Co. looks to be headed down the same path as serial acquirer HNA Group Co.

The Shanghai-based energy trader that bought a $9 billion stake in Russia's Rosneft PJSC in September is making headlines again after Hong Kong's former home secretary Patrick Ho was arrested in the U.S. on charges of participating in a plan to bribe top officials in Chad and Uganda on behalf of the company.