Finance Movers and Shakers: China Everbright Ex-Chair Jailed, Securities Regulator’s Former Graft-Buster Probed

The Finance Movers and Shakers newsletter provides insights into recent significant developments in China’s finance sector, particularly focusing on personnel changes and corruption scandals. [para. 1]

One of the major stories involves Li Xiaopeng, the former chairman of China Everbright Group Ltd., who has been sentenced to 15 years in prison for accepting over 60 million yuan ($8.3 million) in bribes. This case forms part of a broader crackdown on corruption in the finance sector led by Chinese authorities. Li’s offenses span almost three decades, during which he worked at several state-owned companies like the Industrial and Commercial Bank of China Ltd. and China Merchants Group Ltd., enabling others to secure loans and business deals through bribes. Li's investigation started in 2023, and it has also implicated others connected to him, such as former ICBC executive Cong Lin. [para. 2][para. 3][para. 4]

Another significant case involves Wang Huimin, who formerly headed anti-corruption efforts at the China Securities Regulatory Commission (CSRC). He is currently under investigation for corruption. His son, Wang Bangzhong, is also under investigation. Wang Huimin has an extensive career in banking, having worked for over a decade at China Construction Bank Corp., a major state-owned commercial lender. [para. 5][para. 6][para. 7]

Ren Chunsheng, a former chairman of the Shanghai Insurance Exchange, has been expelled from the Communist Party and dismissed from his public roles due to allegations of receiving substantial bribes. The investigation into Ren commenced nearly a year ago and is thought to be linked to his previous positions at China Insurance Investment Co. Ltd. and the country's top insurance regulator. [para. 9][para. 10]

In terms of new appointments, Yang Shujian has been announced as the prospective new chairman of Hua Xia Bank Co. Ltd. His appointment is pending approval from the National Financial Regulatory Administration. He previously worked nearly 30 years at Bank of Beijing Co. Ltd., China’s largest city commercial lender by assets, and served as its president from 2017 until recently. Yang will succeed Li Minji, who resigned in January for personal reasons. [para. 12][para. 13][para. 14]

Lastly, at China Guangfa Bank Co. Ltd., Bai Tao has resigned as chairman. Bai's successor might be the current chairperson of China Life Insurance (Group) Co., Cai Xiliang. Bai's extensive career spans banking, insurance, and investment sectors; he worked for 30 years at ICBC and had roles at China Investment Corp., one of the largest sovereign wealth funds, and Central Huijin Investment Ltd. [para. 16][para. 17][para. 18]

Finance Movers and Shakers continues to provide such updates and encourages readers to check previous editions for more insights. Readers can reach out to reporter Qing Na and editor Michael Bellart for further information. [para. 20][para. 21]