FINANCE

Finance Movers and Shakers: UnionPay’s New Bosses, Insurance Veteran Gets Life for Bribery

Published: Jan. 23, 2025 8:12 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

Dong Junfeng (left), Guo Dayong (center) and Xiao Xing.

Welcome to Finance Movers and Shakers, a newsletter covering significant personnel changes and corruption scandals shaping China’s finance sector.

# Who’s Moving

UnionPay’s new bosses

Dong Junfeng (left) and Guo Dayong are the new chairman and vice chairperson, respectively, of state-owned China UnionPay Co. Ltd., Caixin learned from sources with knowledge of the matter.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Dong Junfeng and Guo Dayong have taken leadership roles at China UnionPay Co. Ltd., while Xiao Ting and Liu Cheng have been appointed as chairs at Bocom International Holdings and China Securities Co. Ltd., respectively. Chen Huaiyu is slated to become chair of the Export-Import Bank of China.
Former China Taiping deputy Xiao Xing received a life sentence for accepting over 81 million yuan in bribes between 1998 and 2023.
Xiao Xing facilitated loans and business deals in exchange for these bribes, leading to his conviction.

AI generated, for reference only

Who’s Who

China UnionPay Co. Ltd.: China UnionPay Co. Ltd. is China's largest payment settlement service provider. Dong Junfeng is the new chairman and Guo Dayong is the vice chairperson. Dong was previously the chairman of NetsUnion Clearing Corp. and serves as UnionPay’s Communist Party committee chief. Guo, a former central bank official, became UnionPay’s president last year.

Bocom International Holdings Co. Ltd.: Xiao Ting has been appointed chairman of Bocom International Holdings Co. Ltd., succeeding Tan Yueheng. Bocom International is Hong Kong-listed and serves as the offshore investment banking and securities business of the Bank of Communications Co. Ltd. (Bocom), one of China’s “Big Five” state-owned commercial banks. Xiao joined Bocom in 2006, previously serving as chairman of Bank of Communications (Hong Kong) Ltd.

Bank of Communications Co. Ltd.: Bank of Communications Co. Ltd. (Bocom) is one of China’s “Big Five” state-owned commercial banks. Xiao Ting, who served as chairman of Bank of Communications (Hong Kong) Ltd., has been appointed as the new chairman of Bocom International Holdings Co. Ltd., Bocom’s offshore investment banking and securities business.

China Citic Bank Corp. Ltd.: Liu Cheng, previously serving as president of China Citic Bank Corp. Ltd., is set to lead China Securities Co. Ltd. He joined Citic Bank in 2018 and became president in 2023. Liu has over 20 years of experience as a government official, offering him a strong grasp of policy, particularly sensing policy changes early.

China Securities Co. Ltd.: China Securities Co. Ltd., also known as CSC Financial Co. Ltd., is set to be headed by Liu Cheng, who will succeed the retiring Wang Changqing as chairman. Liu, the current president of China Citic Bank Corp. Ltd. with a strong government background, is recognized for his policy acumen.

Bank of China Ltd.: Bank of China Ltd. (BOC) is one of China’s "Big Four" state-owned commercial lenders. With over 20 years of experience, Chen Huaiyu, who has been associated with BOC, is now set to lead the Export-Import Bank of China (Exim Bank) as its chairperson. Chen has also gained significant overseas experience at BOC's subsidiaries in Hungary, Australia, and New Zealand.

China Taiping Insurance Group Ltd.: China Taiping Insurance Group Ltd. is a state-owned enterprise involved in a bribery scandal. Xiao Xing, its former deputy general manager, received a life sentence for accepting over 81 million yuan ($11 million) in bribes from 1998 to 2023. Xiao used his position to secure benefits for others, including loans, business collaborations, and job opportunities.

AI generated, for reference only

What Happened When