Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Singapore-Based E-Commerce Aggregator Una Brands Raises $40 Million for Asia-Pacific Acquisitions
Video Streamer iQiyi Apologizes for Milk Gimmick Gone Sour
Singaporean Ride-Hailing Firm Grab to Launch New Services for Premium Passengers, Pet Owners
TikTok Retains Crown as World’s Top Non-Game App Despite 50% Drop in Downloads
Tencent Reportedly Negotiating Risk-Mitigation Measures to Retain U.S. Gaming Investments
Foxconn to Set Up Chipmaking Joint Venture with Yageo
Excluding Chinese Vendors from Indian 5G Trials Will Hold Back Development, Diplomat Says
Alibaba-Backed MYBank Eyes Deeper Penetration Into Under-Banked Rural China
Vivo and Oppo Claim Top Two Spots in China Smartphone Market as Huawei Falls
U.S. Urges TSMC to Prioritize Supplies to American Carmakers Grappling with Global Chip Shortage
Indonesian Ride-Hailing Unicorn Gojek Aims to Go All Electric by 2030
Tencent-Backed Insurtech Firm Waterdrop Aims to Raise up to $360 Million in U.S. IPO
Which Money-Losing Electric-Car Makers Have Tied Up With Huawei?
Video Platform Bilibili to Buy Stake in Mobile-Game Maker CMGE to Boost Content
Baidu to Roll Out Driverless Robotaxis in Beijing in May
Tesla Challenger Nio Shrinks Losses as Sales Surge
Trending in China: A Beijing Bureaucrat Worked as Delivery Driver for a Day and Earned Just $6
Fjord Focus: Why Are Chinese Electric-Car Makers Flocking to Norway?
Alibaba Has Big Plans for Taobao’s Livestreaming Hawking Business
Xiaomi Extends Reign as India’s Smartphone King Despite Slipping Market Share
Death Sentence for Former Top Financial Official Whose Corruption Shocked Nation

By Guo Yingzhe / Jan 06, 2021 05:02 PM / Politics & Law

A Chinese court has sentenced a former top financial official to death after he was found guilty of bribery, bigamy, and embezzlement

Lai Xiaomin, a former chairman of one of China’s four largest state-owned bad-debt managers, was sentenced to death on Tuesday by a court in North China’s Tianjin municipality, according to a court statement (link in Chinese).

Lai was found guilty of receiving or attempting to receive a record 1.79 billion yuan ($276.8 million) of bribes over a 10-year period from 2008 to 2018. He was also convicted of bigamy and colluding with others to embezzle 25.1 million yuan of public funds.

Lai’s case made headline not only due to the size of the crime but also due to some of the astonishing details that emerged during the investigation, such as the metric tons of cash stashed at his home, the 300 million yuan bank account under his mother’s name, and his over 100 mistresses.

As well as passing the death penalty, the court deprived the former China Huarong Asset Management Co. Ltd. chairman of his of political rights for life and confiscated of all of his personal property.

Read more here

Contact reporter Guo Yingzhe ( and editor Joshua Dummer (

Share this article
Open WeChat and scan the QR code