Key Insurance Data Provider Appoints Finance Veteran as President, Sources Say

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Bai Weiqun.

A finance industry veteran has been appointed president of China Banking and Insurance Information Technology Management Co. Ltd. (CBIITM), which runs a national banking and insurance information-sharing system, sources with knowledge of the matter told Caixin.

The appointment of Bai Weiqun fills the vacancy left by Wang Zhe, who departed some three months ago to chair the Shanghai Insurance Exchange. Wang’s predecessor at the exchange, Ren Chunsheng, went down in a corruption investigation, China’s anti-graft watchdog announced in early May.

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Bai Weiqun appointed president of China Banking and Insurance Information Technology Management Co. Ltd. (CBIITM), filling Wang Zhe's vacancy.
Formerly the head of China Trust Protection Fund Co. Ltd., Bai has extensive bond and trust industry experience.
CBIITM, originally China Insurance Information Technology Management, rebranded in 2018 after regulatory merger.

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Who’s Who

China Banking and Insurance Information Technology Management Co. Ltd.: China Banking and Insurance Information Technology Management Co. Ltd. (CBIITM) runs a national banking and insurance information-sharing system. It was formerly known as China Insurance Information Technology Management Co. Ltd., registered in 2013. The company was renamed following the 2018 merger of China’s top insurance and banking regulators, forming the China Banking and Insurance Regulatory Commission. Bai Weiqun is its new president, succeeding Wang Zhe.

China Central Depository and Clearing Co. Ltd.: China Central Depository and Clearing Co. Ltd. is a state-owned bond clearinghouse in China. Bai Weiqun, recently appointed president of China Banking and Insurance Information Technology Management Co. Ltd., previously served as an executive at this institution. During his tenure, he contributed to creating key policy frameworks for the bond market.

China Trust Protection Fund Co. Ltd.: China Trust Protection Fund Co. Ltd. operates a state-backed bailout fund for the trust industry in China. The fund supports trust firms struggling with risky assets due to tightened regulations. Under President Bai Weiqun, the fund has rescued several failed trust firms, including Anxin Trust Co. Ltd. and Huarong International Trust Co. Ltd., a subsidiary of state-owned China Huarong Asset Management Co. Ltd.

Anxin Trust Co. Ltd.: Anxin Trust Co. Ltd. (600816.SH) is one of the trust firms that was rescued by the state-backed bailout fund managed by China Trust Protection Fund Co. Ltd. during Bai Weiqun's tenure as president. The fund has played a key role in stabilizing struggling trust firms in compliance with tightened regulations.

Huarong International Trust Co. Ltd.: Huarong International Trust Co. Ltd. is a subsidiary of state-owned China Huarong Asset Management Co. Ltd. The firm has faced financial difficulties and was among the trust companies supported by China Trust Protection Fund Co. Ltd. during Bai Weiqun's tenure as president. The bailout fund has helped rescue failing trust firms, including Huarong International Trust.

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What Happened When

2013：: China Insurance Information Technology Management Co. Ltd. (now CBIITM) was registered and managed by the top insurance regulator.

2018：: The company's name was changed to China Banking and Insurance Information Technology Management Co. Ltd. (CBIITM) after the insurance regulator merged with its banking counterpart to form the China Banking and Insurance Regulatory Commission.

2020：: Bai Weiqun became president of China Trust Protection Fund Co. Ltd.

April 2024：: Wang Zhe departed CBIITM to chair the Shanghai Insurance Exchange.

Early May 2024：: China's anti-graft watchdog announced that Ren Chunsheng, Wang Zhe’s predecessor at the exchange, went down in a corruption investigation.

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