Finance Movers and Shakers: China Renaissance Founder No Longer Under Investigation, CICC Capital Ex-Chairman Taken by Graft-Busters

The newsletter “Finance Movers and Shakers” reports on significant personnel shifts and corruption scandals impacting China’s finance sector[para. 1]. The first major development involves Bao Fan, billionaire founder and ex-chairman of China Renaissance Holdings Ltd. Bao is no longer under investigation by Chinese authorities, as confirmed by multiple sources. This is a significant turnaround from earlier months when reports suggested that Bao could face prosecution for bribery, following his detainment in early 2023 to assist an official probe. His involvement was closely tied to the case of Cong Lin, a former executive at the state-owned Industrial and Commercial Bank of China Ltd. (ICBC)[para. 2][para. 3][para. 4].

Another key report concerns Ding Wei, former chairman of the private equity subsidiary of China International Capital Corp. Ltd. (CICC). Ding has been detained by Chinese anti-graft operatives, though no formal reason has been issued. However, sources indicate his case likely relates to suspected benefit transfers in connection with CICC Capital Operation Co. Ltd.’s fund of funds activities. Ding is notable as a pioneer in China’s investment banking sector, having previously held top positions at Deutsche Bank and Morgan Stanley[para. 5][para. 6][para. 7].

The newsletter documents legal outcomes for former executives within CICC subsidiaries. Han Tao, a prior executive director at CICC Capital, is serving a 10-year prison sentence following conviction for job-related crimes, including bribery. Liang Guozhong, a former chairman at CICC Alpha (Beijing) Private Investment Fund Management, was sentenced around six months ago to seven years for accepting kickbacks totaling over 40 million yuan (approximately $5.6 million), with the funds sourced from companies linked to the subsidiary’s investment portfolio[para. 8][para. 9][para. 10].

Further, two presidents associated with Bank of China Ltd.’s (BOC) overseas arms — Jia Tianbing (Macao branch) and Jiang Xu (Peru subsidiary) — have become unreachable. At least one has been officially detained by anti-graft investigators. Their detainments are believed to be part of an extensive campaign targeting corruption among senior officials at overseas divisions of China’s “Big Four” state-owned banks, especially BOC and ICBC[para. 11][para. 12][para. 13].

The crackdown extends to regulatory officials as well. Yang Jiaohong, formerly overseeing IPO approvals at the China Securities Regulatory Commission (CSRC), has been expelled from the Communist Party and now faces prosecution on corruption allegations. Searches of his home yielded between 200 million and 300 million yuan in cash after he came under investigation in late 2024. Around the same period, two other former IPO regulatory officials, Li Xiaoqiang and Wu Guofang, were expelled and similarly face prosecution for suspected bribery. This highlights an intensified effort to clamp down on corruption within China’s financial regulatory and banking systems[para. 14][para. 15][para. 16].

CONTACT: Readers are encouraged to reach out to reporter Qing Na or editor Jonathan Breen for further information[para. 18][para. 19].