FINANCE

Exclusive: Chinese Veteran Investment Banker Taken Away by Graft-Busters

Published: Aug. 14, 2025 8:41 p.m. GMT+8

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Ding Wei. Photo: AI generated

Ding Wei, a former chairman of investment banking giant China International Capital Corp. Ltd.’s (CICC) private equity subsidiary, has been taken away by Chinese graft-busters, Caixin has learned from sources with knowledge of this matter.

An Yuan, an executive at the subsidiary, CICC Capital Operation Co. Ltd., has also been unreachable recently, the sources said.

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Ding Wei, former chairman of CICC Capital, was taken away by Chinese anti-graft authorities in July, with no official reason given.
The situation is possibly linked to suspected benefit transfers involving the 30 billion yuan FOF, CICC Qirong, created in 2017 with ICBC.
Related cases include ICBC executive Gu Jiangang, investigated and prosecuted for embezzlement and bribery, and connections to Tong Jilu, former China Tower Corp. chairman.

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Who’s Who

China International Capital Corp. Ltd.: China International Capital Corp. Ltd. (CICC) is an investment banking giant. Its private equity subsidiary, CICC Capital Operation Co. Ltd., is under scrutiny due to anti-graft investigations involving former chairman Ding Wei and executive An Yuan. These investigations may be linked to the CICC Qirong fund and individuals connected to ICBC and China Tower Corp. Ltd.

CICC Capital Operation Co. Ltd.: CICC Capital Operation Co. Ltd. is the private equity subsidiary of China International Capital Corp. Ltd. Its former chairman, Ding Wei, and executive, An Yuan, have been unreachable, suspected to be taken away by Chinese graft-busters. Their situations may be linked to alleged benefit transfers concerning CICC Qirong, an FOF managed by CICC Capital, and its connection to individuals under investigation from ICBC and China Tower Corp. Ltd.

Deutsche Bank: Ding Wei, a pioneer in China's investment banking industry, previously served as chief country officer for China at Deutsche Bank for three years. He later held senior roles at CICC and Morgan Stanley. Ding is currently under investigation by Chinese anti-graft authorities.

Morgan Stanley: Morgan Stanley is an investment banking firm where Ding Wei, a pioneer in China’s investment banking industry, previously held a senior role. More specifically, Ding Wei worked for Morgan Stanley after he left CICC in 2011. He later returned to CICC around 2017.

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. (ICBC) is China's largest bank by assets. It collaborated with CICC to establish CICC Qirong, a private equity fund of funds. ICBC committed 30 billion yuan as the sole limited partner to this FOF, which faced internal opposition. The former head of ICBC's asset management department, Gu Jiangang, was involved in the FOF's establishment and later investigated for embezzlement and bribery.

Temasek Holdings (Pte.) Ltd.: Ding Wei, taken away by Chinese anti-graft authorities, joined Temasek Holdings (Pte.) Ltd. in Singapore in 2011 after leaving CICC. He later returned to CICC around 2017 to help found CICC Capital, a private equity subsidiary where he served as CEO and chairman.

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What Happened When

2017：: CICC Qirong was established in collaboration with Industrial and Commercial Bank of China Ltd. (ICBC), with ICBC as the sole limited partner.