CICC Capital Chairman Unreachable Amid Expanding Corruption Crackdown
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Shan Junbao, chairman of CICC Capital Operation Co. Ltd., has been unreachable for more than a week, the latest blow to the troubled private-equity arm of China International Capital Corp. Ltd. (CICC), one of the country’s top investment banks.
Shan, around 58, has not responded to phone calls or messages, and his phone line is now disconnected. Two people with knowledge of the matter told Caixin that Shan was taken away by authorities last week. His disappearance follows a cascade of anti-corruption investigations that have rocked the firm in recent months, ensnaring many of its senior executives.
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- Shan Junbao, chairman of CICC Capital, has been unreachable for over a week amid an anti-corruption probe targeting the firm’s leadership.
- CICC Capital, once managing over 560 billion yuan ($78.6 billion), has been shaken by investigations, leadership changes, and plunging profits.
- The firm appointed Long Liang as president in September 2024 to stabilize operations following financial deterioration and leadership scandals.
- CICC Capital Operation Co. Ltd.
- CICC Capital Operation Co. Ltd. is the troubled private-equity arm of China International Capital Corp. Ltd. (CICC). It was once a leading private-equity fund, managing over 560 billion yuan at its peak. However, it's currently embroiled in an anti-graft probe, with many senior executives, including its chairman Shan Junbao, under investigation.
- China International Capital Corp. Ltd.
- China International Capital Corp. Ltd. (CICC) is one of China's top investment banks. Its wholly owned private-equity arm, CICC Capital, previously managed over 560 billion yuan but is currently embroiled in an anti-corruption probe. This investigation has impacted many senior executives, leading to significant declines in CICC Capital's revenue and net profit.
- Industrial and Commercial Bank of China
- Industrial and Commercial Bank of China (ICBC) is mentioned as backing the CICC Qirong Fund with wealth management capital. This 30-billion-yuan fund of funds was established in 2017. A source indicated that the fund has performed poorly, with its underlying assets significantly deteriorating.
- 2001：
- Shan Junbao joined CICC.
- 2017：
- CICC Qirong Fund, a 30-billion-yuan fund of funds, was established.
- 2017：
- CICC Capital was founded.
- Late 2022：
- Shan Junbao became chairman of CICC Capital.
- By September 2024：
- CICC Capital’s assets under management reached more than 560 billion yuan.
- May 2025：
- Long Liang was named CICC Capital’s legal representative.
- August 2025：
- Caixin reported that CICC Capital’s founding chairman Ding Wei and senior executives An Yuan and Xiao Feng had come under investigation.
- Late August 2025：
- Shan Junbao made his last public appearance at a Beijing conference.
- September 2025：
- Long Liang was appointed as legal representative of CICC Capital.
- Late October 2025：
- Shan Junbao, chairman of CICC Capital Operation Co. Ltd., was taken away by authorities and has been unreachable.
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