In Depth: China’s ‘Queen of Bonds’ Taken Away Amid Finance Anti-Graft Drive
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Zhai Chenxi
Zhai Chenxi, a well-known figure in China’s bond market, has been taken away by authorities to assist an investigation, multiple sources familiar with the matter told Caixin.
Her disappearance comes amid Beijing’s widening crackdown on financial misconduct involving private conglomerates and securities firms.
Zhai, in her mid-40s, is a former executive vice president of Shanghai-listed Tianfeng Securities Co. Ltd. (601162.SH), where she oversaw the fixed-income and international businesses. She earned a reputation for aggressive trading, drawing market nicknames such as the “Queen of Bonds.”
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- Zhai Chenxi, ex-executive VP of Tianfeng Securities, was taken by authorities amid a crackdown on financial misconduct linked to the collapsed Dangdai Group.
- Over 10 billion yuan ($1.4 billion) in high-risk assets, including more than 1 billion yuan in suspicious bond trades, were revealed during audits after Dangdai’s 2022 default.
- Zhai, known for aggressive trading, faces scrutiny as regulators investigate Tianfeng's ties with Dangdai and related-party financing.
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Who’s Who
- Tianfeng Securities Co. Ltd.
- Tianfeng Securities Co. Ltd. (601162.SH) is a Shanghai-listed securities firm that was deeply entangled with the now-collapsed Dangdai Group. Its former executive vice president, Zhai Chenxi, oversaw fixed-income and international businesses. The company faced financial turmoil due to its relationship with Dangdai, leading to a state-owned takeover by Hubei Hongtai Group Co. Ltd. Auditors uncovered high-risk assets, some linked to related-party financing with Dangdai.
- Dangdai Group
- Dangdai Group is a private conglomerate based in Hubei province that defaulted in 2022. Its collapse significantly impacted Tianfeng Securities, a longtime affiliated brokerage, leading to financial turmoil. Investigations suggest a intricate financial entanglement between Dangdai and Tianfeng, involving complex financing structures and related-party transactions, now a central focus for regulators after state-owned Hubei Hongtai Group took over Tianfeng.
- Hubei Hongtai Group Co. Ltd.
- Hubei Hongtai Group Co. Ltd. is a state-owned enterprise that took over Tianfeng Securities in late 2022. Following the takeover, their auditors uncovered over 10 billion yuan ($1.4 billion) in high-risk assets, some linked to related-party financing involving Dangdai Group, necessitating regulatory scrutiny. They have claimed approximately 5.3 billion yuan in debt from Dangdai during the conglomerate's restructuring.
- Tianfeng International Securities Group Co. Ltd.
- Tianfeng International Securities Group Co. Ltd. is the Hong Kong unit of Shanghai-listed Tianfeng Securities Co. Ltd. Zhai Chenxi served as its board chair. It issued investment products to high-net-worth clients, using proceeds to invest in Dangdai's dollar bonds, some of which were later liquidated due to financial trouble, revealing about $100 million in Dangdai bond holdings.
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What Happened When
- Before 2014：
- Zhai Chenxi spent a decade at the China Development Bank.
- 2013：
- Zhai Chenxi was described in an industry recognition program as an experienced financial markets practitioner.
- Around 2014：
- Zhai Chenxi joined Tianfeng Securities.
- 2016-2022：
- Zhai Chenxi earned more than 54 million yuan in pretax compensation at Tianfeng Securities.
- 2022：
- Dangdai Group defaulted, dragging Tianfeng Securities into financial turmoil.
- Late 2022：
- Hubei Hongtai Group Co. Ltd. took over Tianfeng Securities; auditors uncovered over 10 billion yuan in high-risk assets.
- After 2022：
- After Dangdai's debt crisis erupted, Zhai Chenxi sought to resign from Tianfeng Securities.
- February 2025：
- Yu Lei, former Chairman of Tianfeng Securities and close associate of Zhai Chenxi, was detained by graft-busters.
- Early November 2025：
- Zhai Chenxi’s WeChat public account and video channel stopped posting.
- Mid-November 2025：
- Caixin’s calls to Zhai Chenxi’s mobile phone have gone unanswered.
- By 2025：
- Zhai is among executives drawn into the widening crackdown on financial misconduct as authorities intensify efforts in 2025.
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