Finance Movers and Shakers: Sovereign Fund’s New VP, Former Securities Official’s $15 Million Bribes

**Finance Movers and Shakers**

**# Who’s Moving** [para. 3]

**CIC picks new vice president** [para. 4]

[para. 5] Liu Jiawang, 49, has been appointed as an executive vice president at China Investment Corp. (CIC), the world’s second-largest sovereign wealth fund. He previously served as an executive vice president at Agricultural Bank of China Ltd.

**Exim Bank’s upcoming new president** [para. 7]

[8, 9] Wang Chunying, 54, is set to become the new president of policy lender Export-Import Bank of China (Exim Bank). With over three decades of experience as a forex regulator, Wang has been appointed as deputy chief of Exim Bank's Communist Party committee. She previously held the position of deputy chief at the State Administration of Foreign Exchange, where she spent a significant portion of her career.

**Standard Chartered’s new China CEO** [para. 11]

[12, 13] Jean Lu has assumed the role of Standard Chartered’s China CEO and executive vice chair of the bank’s China subsidiary. She brings three decades of banking experience to the position. Lu’s responsibilities include overseeing operations in mainland China. Previously, she held several executive roles, including head of corporate and investment banking and deputy CEO of Standard Chartered Bank (China) Ltd.

**UBS appoints new China head** [para. 15]

[para. 16-18] UBS Group AG has named Janice Hu as the new head for the China region, succeeding Eugene Qian, who is stepping down for personal reasons. Hu was recently appointed as the first vice chair of UBS Securities Co. Ltd., a Beijing-based investment bank and brokerage unit primarily owned by UBS. She joined the Swiss banking group after its acquisition of Credit Suisse.

**# Who Falls From Grace** [para. 19]

**Former CSRC official** [para. 20]

[21, 22] Zhu Congjiu, a former official at the China Securities Regulatory Commission (CSRC), has pleaded guilty to accepting bribes amounting to over 105 million yuan ($14.8 million) between 2002 and 2022. Prosecutors allege that Zhu exploited his position to provide favors to companies and individuals in exchange for benefits, including those related to IPOs.

**Former ICBC senior vice president** [para. 24]

[25, 26] Zhang Hongli, a former senior executive vice president at Industrial and Commercial Bank of China Ltd. (ICBC), faces prosecution for alleged bribery. He is accused of leveraging his authority at the bank to grant benefits to individuals and companies in return for substantial bribes. Zhang's tenure at ICBC, the world’s largest commercial bank by assets, lasted from 2010 to 2018.

**Former Bank of Beijing president** [para. 28]

[29, 30] Yan Xiaoyan, a former president of Bank of Beijing Co. Ltd., has been apprehended by authorities. An investigation into Yan, who is in her early 70s, would signal the downfall of yet another key executive at the bank. Xu Ningyue, a former vice president, and Yan Bingzhu, Yan's predecessor, were detained by authorities in 2022 and 2023.

**Former Haitong Securities executive** [para. 32]

[para. 33-35] Jiang Chengjun, a former deputy general manager of Haitong Securities Co. Ltd., was apprehended after fleeing overseas. Under investigation for alleged duty-related crimes, Jiang was arrested in Laos. Authorities imposed travel restrictions on him following evidence suggesting embezzlement, but he managed to escape China. Jiang was apprehended abroad and extradited to China as part of a coordinated law enforcement operation.