Shanghai Vice Mayor Chen Yujian Placed Under Investigation
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Chen Yujian, a vice mayor of Shanghai, has been placed under investigation for suspected corruption, becoming the latest high-ranking official caught up in Beijing’s long-running anti-graft campaign.
Chen, also a member of the Party leadership group of the Shanghai municipal government, is undergoing disciplinary review and supervisory investigation for “serious violations of discipline and law,” China’s top anti-graft watchdog, the Central Commission for Discipline Inspection and the National Commission of Supervision, said Wednesday.
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- Chen Yujian, Shanghai vice mayor, is under investigation for "serious violations of discipline and law."
- He is the third high-ranking Shanghai official to fall since late 2022; previously linked to Lianbi Financial collapse.
- The scandal left over 1.1 million victims with losses exceeding 12.5 billion yuan ($1.8 billion).
- Lianbi Financial
- Lianbi Financial was a major peer-to-peer lending platform in Shanghai that collapsed in June 2018. It operated a "zero-yuan purchase" model linked to Phicomm, promising up to 15% annual returns. The collapse left over 1.1 million victims with losses exceeding 12.5 billion yuan ($1.8 billion). Phicomm founder Gu Guoping was sentenced to life in prison for fundraising fraud.
- Phicomm
- Phicomm is a Chinese router and technology manufacturer implicated in a major fundraising fraud scandal. Founder Gu Guoping was sentenced to life in prison in 2021. The company used a "zero-yuan purchase" scheme through Lianbi Financial, causing over 1.1 million victims to lose more than 12.5 billion yuan ($1.8 billion).
- Songjiang District National Assets Investment Holding Group
- Songjiang District National Assets Investment Holding Group is a state-owned entity. Its former head, Li Xuemin, served as Phicomm's legal representative, leading retail investors to believe the platform had state backing. The group was involved in the Lianbi Financial scandal.
- 2014：
- Chen Yujian became deputy district chief of Songjiang.
- 2017：
- Chen Yujian became district chief of Songjiang.
- June 2018：
- Lianbi Financial scheme unraveled; Songjiang authorities removed Ni Xinjian as district financial office director.
- 2019：
- Chen Yujian transferred to Minhang district as district chief.
- May 2019：
- Online whistleblowers accused Chen Yujian of ignoring warnings about Lianbi Financial being used for illicit financing.
- December 2021：
- Phicomm founder Gu Guoping sentenced to life in prison; several executives received 10 to 15 years.
- late 2022：
- Communist Party's 20th National Congress; two other high-ranking Shanghai officials (Dong Yunhu and Zhu Zhisong) fell before Chen.
- December 2023：
- Chen Yujian promoted to Shanghai vice mayor.
- November 2024：
- Wang Xiangyang placed under investigation.
- January 2025：
- Chen Yujian urged officials to fight corruption with 'zero tolerance' at a district discipline inspection meeting.
- April 2026：
- Wang Xiangyang sentenced to 11 years in prison for bribery.
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