Finance Movers and Shakers: China’s New Assistant Finance Minister, PwC’s Damage Control

**Summary: Finance Movers and Shakers Newsletter** [para. 1]

The "Finance Movers and Shakers" newsletter, a biweekly publication, covers significant personnel changes and corruption scandals within China's finance sector. [para. 1]

**Key Personnel Changes** [para. 3]

**Shu Huihao's Appointment as Assistant Finance Minister** [para. 5]

Shu Huihao, previously the director of the Ministry of Finance's Accounting Regulatory Department, has been appointed as the assistant finance minister. Shu, in his mid-50s, has over 20 years of experience in the accounting sector and previously worked for four years at the Chinese Institute of Certified Public Accountants (CPA). His appointment comes amid auditing scandals involving major companies, including PwC's Chinese mainland affiliate, which audited the now-collapsed China Evergrande Group's real estate subsidiary. [para. 6][para. 7]

**PwC's New China Boss** [para. 9]

PwC has appointed Hemione Hudson, Global Chief Risk and Regulatory Officer, as the interim territory senior partner (TSP) for its China business. This reshuffle follows a record 441 million yuan ($62 million) penalty imposed by China on PwC’s mainland affiliate due to audit failures related to Evergrande's unit, Hengda Real Estate Group Co. Ltd. [para. 11]

**Sun Life's New Leader: Jessica Tan** [para. 12]

Canadian insurance company Sun Life has hired Jessica Tan, former co-CEO of Ping An Insurance Group of China Ltd., to lead its domestic business. Tan, a Singaporean national who spent over a decade at Ping An and was instrumental in its digital transformation, resigned from Ping An last year. [para. 13][para. 14]

**Yang Xiaosong Reappointed as CEO of Southern Asset Management** [para. 15]

China Southern Asset Management Co. Ltd. has reappointed Yang Xiaosong as CEO. Yang has a background with the China Securities Regulatory Commission and also had a stint at Nasdaq. He joined Southern Asset Management in 2012 as head of compliance and became CEO the following year. [para. 17]

**Gu Lingyun Named Vice President of China Citic Bank** [para. 18]

China Citic Bank Corp. Ltd. has appointed Gu Lingyun as a vice president. The 46-year-old has over two decades of experience at the bank and also chairs Citic Wealth Management Corp. Ltd., a subsidiary of Citic Bank. [para. 19]

**Corruption Scandals** [para. 21]

**Former ICBC Anti-Graft Chief Liu Lixian** [para. 22]

Liu Lixian, the former head of the anti-corruption task force at Industrial and Commercial Bank of China Ltd. (ICBC), the world’s largest commercial bank by assets, pleaded guilty to accepting over 17 million yuan in bribes, according to a local court. Liu allegedly took bribes from 1998 to 2022, during which he held several positions. In return, Liu offered favors to companies and individuals, including business operations assistance and job promotions. [para. 23][para. 24]

For further information, contact reporters Qing Na (qingna@caixin.com) and editors Jonathan Breen (jonathanbreen@caixin.com) and Lin Jinbing (jinbinglin@caixin.com). [para. 25]