Finance Movers and Shakers: PBOC’s New Deputy, Billionaire Banker Bao Fan’s Bribery Probe
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Welcome to Finance Movers and Shakers, a newsletter covering significant personnel changes and corruption scandals shaping China’s finance sector.
# Who’s Moving
PBOC’s new deputy
China has named Zou Lan a deputy governor of the People’s Bank of China (PBOC), according to a government announcement last week.
Zou, 51, filled the position left by Zhang Qingsong, who late last year became chairman of sovereign wealth fund China Investment Corp.
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- Zou Lan has been appointed as a deputy governor of the People's Bank of China, replacing Zhang Qingsong.
- The Hong Kong Exchanges and Clearing Ltd. appointed Gregory Yu and Kevin Rumjahn as new managing directors.
- High-profile corruption cases include Bao Fan, founder of China Renaissance, and Chen Xiaopeng from CSRC, with others facing investigations for bribery and misconduct.
"Finance Movers and Shakers" is a newsletter that brings attention to significant personnel changes and corruption scandals in China's finance sector. [para. 1]
**Key Personnel Changes:**
Zou Lan has been appointed as the new deputy governor of the People's Bank of China (PBOC), stepping in for Zhang Qingsong, who recently became chairman of China Investment Corp, a sovereign wealth fund. Zou Lan is a seasoned PBOC official recognized for his work in the financial market and monetary policy departments. [para. 2][para. 3]
Additionally, Hong Kong Exchanges and Clearing Ltd. (HKEX) has announced new appointments, with Gregory Yu and Kevin Rumjahn taking on roles as managing directors. Yu, a JPMorgan veteran, will oversee market functions starting in March, while Rumjahn is in charge of strategic projects. Together, they bring extensive experience in international and Chinese markets. [para. 4][para. 5]
Li Zhuyong has been appointed as deputy chief of China Life Insurance's Communist Party committee, positioning him to be the new president. With nearly three decades at The People’s Insurance Co. (Group) of China Ltd. (PICC), Li is filling the post left by Cai Xiliang, who became chairman following Bai Tao's sudden departure. [para. 6][para. 7]
**Corruption Investigations:**
Bao Fan, the billionaire founder and ex-chairman of China Renaissance Holdings Ltd., is facing potential prosecution for suspected bribery. This case is linked to an ongoing investigation involving Cong Lin, a former executive at Industrial and Commercial Bank of China. [para. 8][para. 9]
Chen Xiaopeng, former director of the China Securities Regulatory Commission’s Shenzhen branch, has been expelled from the party and faces charges for allegedly accepting huge bribes and abusing power. His probe is tied to irregularities concerning public listings and granted loans. [para. 10][para. 11]
Dong Guoqun, a former executive vice president of the Shanghai Stock Exchange, has been dismissed from his public duties amid allegations of corruption, including receiving significant bribes in exchange for favorable listings. Dong has been part of SSE since 1996. [para. 12][para. 13]
Former Beijing financial official Hao Gang received an 11-year prison sentence for bribery and money laundering. He was found to be involved in Bitcoin money laundering and helping remove restrictions in exchange for substantial bribes. [para. 14][para. 15]
Wu Shaohua, former president of the Export-Import Bank of China’s Beijing branch, is under investigation for corruption. Detained before the Lunar New Year holiday, Wu is one of several officials from the bank recently implicated in corruption investigations. [para. 16][para. 17][para. 18]
- China Investment Corp
- China Investment Corp. is a sovereign wealth fund in China. Zhang Qingsong, who previously held a position at the People’s Bank of China, became its chairman late last year.
- Hong Kong Exchanges and Clearing Ltd
- Hong Kong Exchanges and Clearing Ltd. (HKEX) has appointed Gregory Yu and Kevin Rumjahn as managing directors. Yu will start in March and manage market development, bringing vast international and mainland Chinese market experience. Rumjahn leads strategic projects, backed by over 25 years in senior finance roles, including at Credit Suisse, and recently headed Asia ex-Japan consumer and retail investment banking at Nomura.
- JPMorgan
- Gregory Yu, a former JPMorgan veteran, has been appointed as a managing director at Hong Kong Exchanges and Clearing Ltd. (HKEX). He is set to assume his position in March, where he will oversee the development of the market function. Yu possesses extensive knowledge of both international and Chinese mainland markets.
- Credit Suisse
- Kevin Rumjahn, a new managing director at Hong Kong Exchanges and Clearing Ltd. (HKEX), previously held senior corporate finance roles, including at Credit Suisse.
- Nomura
- Nomura is mentioned as the previous employer of Kevin Rumjahn, who was recently appointed a managing director at Hong Kong Exchanges and Clearing Ltd. Rumjahn served as the head of Asia ex-Japan consumer and retail investment banking at Nomura, a role highlighting his extensive experience in senior corporate finance positions.
- China Life Insurance (Group) Co
- State-owned China Life Insurance (Group) Co. has appointed Li Zhuyong as the deputy chief of its Communist Party committee, positioning him to become the group's president. Li, with nearly three decades at The People's Insurance Co. (Group) of China Ltd., succeeds Cai Xiliang, who became China Life's chairman after Bai Tao's sudden departure. The group holds total assets of approximately 7.5 trillion yuan ($1 trillion).
- The People's Insurance Co. (Group) of China Ltd
- The People's Insurance Co. (Group) of China Ltd. (PICC) is a state-owned insurance company. Li Zhuyong, who has nearly 30 years of experience at PICC, played a significant role in key company events, including its public listing. He recently moved to China Life Insurance to become its deputy chief, paving the way for his promotion to president.
- China Renaissance Holdings Ltd
- Bao Fan, the billionaire founder and ex-chairman of China Renaissance Holdings Ltd., is facing potential prosecution for suspected bribery. The case is linked to an ongoing investigation into Cong Lin, a former executive at the Industrial and Commercial Bank of China. The case has been transferred to the procuratorate for review.
- Industrial and Commercial Bank of China Ltd
- Industrial and Commercial Bank of China Ltd. is highlighted in the article for its connection to an ongoing investigation involving its former executive, Cong Lin. The investigation is associated with a bribery case concerning Bao Fan, the ex-chairman of China Renaissance Holdings Ltd. Described as the world’s largest commercial bank by assets, the bank’s entanglement underscores its significant role in China's financial and corruption landscape.
- Export-Import Bank of China
- The Export-Import Bank of China (Exim Bank) is a policy bank, recently involved in corruption scandals. Wu Shaohua, its former Beijing branch president, is under investigation for corruption. Previously, other officials, including Li Li and Wang Fade, faced probes in 2022 and 2024, respectively. The bank has been under scrutiny as part of wider efforts to address financial sector corruption.
- Late 2024：
- Zhang Qingsong became chairman of sovereign wealth fund China Investment Corp.
- January 2025：
- HKEX announced the appointment of Gregory Yu and Kevin Rumjahn as managing directors.
- By February 2025：
- Zou Lan was named a deputy governor of the People's Bank of China, replacing Zhang Qingsong.
- February 2025：
- Chen Xiaopeng was expelled from the party and faced prosecution for allegedly taking bribes.
- February 2025：
- Dong Guoqun was expelled from the party and dismissed from his positions for alleged corruption.
- February 2025：
- Hao Gang was sentenced to 11 years in prison for bribery and money laundering.
- February 2025：
- Wu Shaohua was put under a corruption investigation and was detained before the Lunar New Year holiday, which started on Jan. 28, 2025.
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