Xiao Jianhua
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Xiao Jianhua

Xiao Jianhua
Xiao Jianhua
The latest news on Xiao Jianhua, Chinese-Canadian businessman and billionaire, including business news and updates.
Born
13 Jan 1972
Industry
Business
Job Title
Financier, founder of Tomorrow Group
Chinese-Canadian billionaire Xiao Jianhua was sentenced to 13 years behind bars on Friday. Photo: Handout
Banking & finance

China slaps record US$8 billion fine, jails Xiao Jianhua for 13 years

The sentencing concludes the clean-up of the Canadian-Chinese tycoon’s financial empire, which was part of Beijing’s efforts to curb financial risks.

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Canadian diplomats denied access to tycoon Xiao Jianhua’s China trial

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Chinese-Canadian tycoon Xiao Jianhua to stand trial in mainland China

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Banking & finance

China’s small-bank shareholders continue to abuse positions, despite crackdown

‘The whip didn’t really hit the right places,’ state media says as small-bank shareholders have been allowed to amass stakes in the banks without regulatory approval, while also using the lenders to secure loans.

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Depositors protest in front of the Henan branch of the China Banking and Insurance Regulatory Commission, demanding their money back after their funds were frozen. Photo: Weibo
Banking & finance

China drives Baoshang Bank to go bust as buyers balk at its losses

Baoshang was taken over by the government in May 2019, part of an onerous process by the financial and banking regulators to clean it up, recapitalise and resuscitate it to avoid a whole scale collapse in China’s financial system.

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Central banks

Chinese bank’s collapse caused by illegal loans of US$22 billion: PBOC

Tomorrow Group, founded by vanished oligarch Xiao Jianhua, illegally took US$22.3 billion of loans from Baoshang Bank over the course of 14 years, but did not repay them.

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Banking & finance

Statement purportedly by Tomorrow Group hits back at regulators

Still, coming in the wake of the takeovers by China’s financial regulators of several insurers, financial trusts and brokers linked to Xiao and the Tomorrow Group, the statement raised questions about the way by which the Chinese authorities are going about in taking down one of the country’s most powerful oligarchs.

The Tomorrow Group’s building in Beijing on February 1, 2017. Photo: Agence France-Presse PHOTO
Insurance

China trims oligarch’s empire by seizing his insurers, trusts, brokers

Five out of the six firms are linked to Tomorrow Group, the investment vehicle of tycoon Xiao Jinhua, as the extension of the regulator’s effort to break up his empire. The latest seizures come more than a year after taking his flagship banks that had engaged in errant lending.

Insurance

Chinese tycoon’s Huaxia Life in talks for possible sale to Ping An

The ongoing discussions between Beijing-based Huaxia Life and Ping An Insurance have stalled over price and stake size, say sources.

China economy

China’s first bank failure in 20 years still holding back small banks

Baoshang Bank was taken over by the government in May, with HengFeng Bank and the Bank of Jinzhou also since requiring help.

Net new national aggregate financing – a broad measure of credit and liquidity in the world’s second largest economy – slumped to 1.01 trillion yuan (US$144 billion) in July. Photo: Reuters
Banking & finance

China takes over HengFeng Bank, in third nationalisation since May

It’s also the second of several banks in Xiao’s financial empire to be put under state ward, after the May 24 nationalisation of Baoshang Bank in Inner Mongolia’s Baotou city.

Heng Feng Bank’s signage, based in Yantai city in Shandong province. Photo: Shutterstock Images
China economy

Exclusive | Former top aide to Xiao Jianhua released without trial, sources say

Wen Yingjie, a top aide to Chinese tycoon Xiao Jianhua, was set free without trial in June after years under investigation, according to three independent sources.

China Briefing

China Briefing | Extradition law: one country, two systems and a vicious circle of mistrust

In Hong Kong, residents are worried about Beijing’s attempts to tighten its grip on the city, while central government officials are more concerned with losing control, says Wang Xiangwei.

Central banks

China’s central bank says government takeover of Baoshang was isolated case

People’s Bank of China says an investment conglomerate led by financier Xiao Jianhua misappropriated bank funds, triggering credit risks and prompting the government to step in.

The PBOC and China Banking and Insurance Regulatory Commission assumed control of Inner-Mongolia-based Baoshang Bank last month. Photo: Reuters
Banking & finance

China puts city, rural banks on notice after nationalising Baoshang

Baoshang Bank’s case reflects credit risks hidden in China’s small and medium lenders and more of these issues will surface as regulations are tightened

China’s regulators put city-level banks and rural lenders on notice after the first state takeover of a private bank since 1998
Banking & finance

Chinese regulators take over bank linked to financier Xiao Jianhua

Baoshang is a key piece in Xiao’s business empire, which holds stakes in hundreds of Chinese listed companies via proxies, spanning energy, financial services, technology and real estate, among a myriad of industries.

Video | Missing Chinese billionaire Xiao Jianhua

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Corruption in China

Exclusive | Billionaire who vanished from Hong Kong about to face trial in Shanghai

Chinese tycoon Xiao Jianhua has not been seen in public since disappearing from a luxury Hong Kong hotel in January 2017.

Billionaire has not been seen in public since disappearing from a luxury Hong Kong hotel in January 2017
China economy

Exclusive | Billionaire who vanished from Hong Kong awaits trial as asset sell-off slows

The trial of Xiao Jianhua, the Chinese billionaire who vanished from a luxury Hong Kong hotel in 2017, won’t take place in China until the second half of this year as his former flagship company struggles to dispose of assets.

Hong Kong Basic Law

EU concerned over ‘gradual erosion’ of Hong Kong’s autonomy

Issues raised in European Commission report include British activist being refused entry and Chinese businessman going missing from hotel in city.

Human rights

US told to stay out of Hong Kong affairs after ‘chilling effect’ report

United States Department of State report referred to disappearance of tycoon Xiao Jianhua from Hong Kong hotel in January 2017 and the jailing of three student Occupy leaders including Joshua Wong

Prosecutors in Hong Kong sought harsher penalties against Joshua Wong and two of his fellow student activists although they were originally given community service orders or suspended jail terms. Photo: K.Y. Cheng
China economy

Exclusive | Mysterious tycoon's empire proves tough for Beijing to split up

Sources have suggested that Xiao Jianhua will face trial later this year. Photo: Handout
China economy

Exclusive | Xiao Jianhua firm offloads US$23 billion as China reins in tycoons

Corruption in China

Top Chinese cabinet official’s sacking ‘linked to missing billionaire’ Xiao

Stocks

Hengtou Securities ends up 29 per cent after Citic unit buys HK$11 billion stake

A company controlled by missing tycoon Xiao Jianhua’s Tomorrow Holding owns an 11.83 per cent stake in Hengtou Securities. Photo: SCMP Handout
Banking & finance

Stake sold in unit of missing tycoon Xiao Jianhua’s empire

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Analysts say the sale of 25 per cent of Huaxia Life could be a sign that the authorities are acting on their pledges to safeguard financial stability
Hong Kong high-speed rail

Hong Kong’s pan-democrats on wrong track with express rail row

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Banking & finance

Exclusive | Will Xiao Jianhua show up to collect on Wanda’s privatisation?

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