Finance Movers and Shakers: China Renaissance’s New CEO, Ex-Bank of China Chair’s Death Sentence

The current edition of "Finance Movers and Shakers," a biweekly newsletter, provides updates on significant personnel changes and corruption scandals impacting China's finance sector. Readers are encouraged to subscribe to receive these updates regularly. [para. 1]

In a major leadership update, China Renaissance Holdings Ltd. appointed Wang Lixing as their new CEO. This comes amidst the mysterious disappearance of Bao Fan, the company’s billionaire founder and former Chairman, who has been unreachable since February 2023 during an investigation by unnamed Chinese authorities. Wang, who previously served as co-president, steps in after the resignation of Xie Yijing due to personal reasons. [para. 3]

Another notable appointment is Zhang Qingsong as the new chairman of the China Investment Corp. (CIC), a sovereign wealth fund, following the retirement of Peng Chun. Zhang has a rich history in Chinese state-owned commercial banks and was a deputy governor at the central bank in 2022. [para. 5]

The Bank of China Ltd. (BOC) has named Zhang Hui as the new president, awaiting regulatory approval. Previously an executive vice president at the China Development Bank, Zhang will replace Liu Jin, who vacated the position for personal reasons. [para. 7]

On the corruption front, a former BOC chairperson, Liu Liange, has been sentenced to death with a two-year reprieve for bribery and illegally granting corporate loans. Over the years from 2010 to 2023, Liu accepted over 121 million yuan in bribes and facilitated unlawful corporate loans totaling 3.3 billion yuan, resulting in principal losses of more than 190 million yuan. [para. 9][para. 11]

Another scandal involves Tao Zhongwei, vice president of ICBC-Axa Assurance Co., who is being probed for graft. This probe is thought to be related to corruption investigations of other officials from the state-owned banking giant, specifically Li Weiping and Gu Jiangang. [para. 13]

Zhu Congjiu, a former assistant chairman at the China Securities Regulatory Commission (CSRC), has been sentenced to life imprisonment for accepting bribes amounting to over 105 million yuan from 2002 to 2022. Zhu's career included roles as president of the Shanghai Stock Exchange and a vice governor of East China's Zhejiang province. [para. 15]

Yao Qian, previously a director at CSRC, has been expelled from the Communist Party and dismissed from public roles due to suspected bribery and illegal activities related to virtual currency. He has been under investigation since April. [para. 17]

In another case, Fu Fei, formerly a department director at China Insurance Security Fund Co. Ltd., has been sentenced to 13 years for bribery and abuse of power. His role as deputy leader of the task force for the state takeover of Anbang Insurance Group in 2022 is under scrutiny. Fu plans to appeal the court's decision. [para. 19]

The newsletter concludes by providing contact information for reporter Qing Na and editor Michael Bellart for further insights or updates from previous editions. [para. 21]