Xiao Jianhua (, born 13 January 1972) is a
Chinese
Chinese can refer to:
* Something related to China
* Chinese people, people of Chinese nationality, citizenship, and/or ethnicity
**''Zhonghua minzu'', the supra-ethnic concept of the Chinese nation
** List of ethnic groups in China, people of ...
-
Canadian
Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively the source of ...
businessman and billionaire known for managing assets for descendants of prominent Chinese leaders. He was reported to have been abducted from
Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...
to
Mainland China
"Mainland China" is a geopolitical term defined as the territory governed by the People's Republic of China (including islands like Hainan or Chongming), excluding dependent territories of the PRC, and other territories within Greater China. ...
in 2017.
His reported trial was denied to Canadian diplomats by China.
Early life
Xiao was born in 1972 to a schoolteacher from
Feicheng
Feicheng ( zh, s=肥城, p=Féichéng) is a county-level city under the administration of Tai'an City in the west of Shandong Province, China. , the population was 992,000. Part of the Great Wall of Qi starts here and is listed on the People's ...
,
Shandong
Shandong ( , ; ; alternately romanized as Shantung) is a coastal province of the People's Republic of China and is part of the East China region.
Shandong has played a major role in Chinese history since the beginning of Chinese civilizati ...
, China.
[ He was one of six children.]
Xiao attended
Peking University
Peking University (PKU; ) is a public research university in Beijing, China. The university is funded by the Ministry of Education.
Peking University was established as the Imperial University of Peking in 1898 when it received its royal charter ...
at age 14 on a scholarship,
and he was a member of the
Communist Party of China
The Chinese Communist Party (CCP), officially the Communist Party of China (CPC), is the founding and sole ruling party of the People's Republic of China (PRC). Under the leadership of Mao Zedong, the CCP emerged victorious in the Chinese Civil ...
on campus.
He was opposed to the
Tiananmen Square protests of 1989
The Tiananmen Square protests, known in Chinese as the June Fourth Incident (), were student-led demonstrations held in Tiananmen Square, Beijing during 1989. In what is known as the Tiananmen Square Massacre, or in Chinese the June Fourth ...
.
He received a law degree from Peking University.
=Career=
Xiao began his career in business by selling
IBM and
Dell
Dell is an American based technology company. It develops, sells, repairs, and supports computers and related products and services. Dell is owned by its parent company, Dell Technologies.
Dell sells personal computers (PCs), servers, data ...
computers near the
Peking University
Peking University (PKU; ) is a public research university in Beijing, China. The university is funded by the Ministry of Education.
Peking University was established as the Imperial University of Peking in 1898 when it received its royal charter ...
campus in the 1990s.
He also worked with Microsoft.
Within a few years, he was worth an estimated $150 million.
Xiao is the owner of Tomorrow Holding (trading as Tomorrow Group), a
diversified investment company involved with banking, insurance, real estate development, coal, cement and rare earth minerals.
According to ''
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'', he owns non-controlling stakes in
Ping An Insurance
Ping An Insurance known also as Ping An of China (), full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese holding conglomerate whose subsidiaries provide insurance, banking, asset management, financial, healthcare services. ...
,
Harbin Bank
Harbin Bank Co., Ltd. is a Chinese city-based commercial bank (), with its headquarters in Harbin, Heilongjiang Province. It was established in 1997 as Harbin City Commercial Bank, opened its branches in Harbin City only, but changed its name ...
,
Huaxia Bank
Huaxia Bank Co., Ltd. is a publicly traded commercial bank in China. It is based in Beijing and was founded in 1992. Germany's Deutsche Bank holds 19.99% of the bank's shares as of 2010. In December 2015, it was announced that People's Insurance ...
and the
Industrial Bank through a series of other investment vehicles,
in addition to being the major shareholder in
Baotou Tomorrow Technology.
Xiao reportedly, "worked on behalf of a number of powerful families," in China over the course of his career,
and he has been described by ''The New York Times'' as "a banker for the ruling class."
By 2016, he was worth an estimated $6 billion.
Xiao's connections with
relatives of China's government leaders were demonstrated by his purchase of a 50% stake in CCB International Yuanwei Fund Management, an investment management company owned by
Qi Qiaoqiao
Qi Qiaoqiao (born 1 March 1949) is a Chinese businesswoman, former civil official, and elder sister to Xi Jinping, current Chinese Communist Party general secretary and Paramount leader of China.
Early life and education
Qi was born in Yan'an ...
,
Xi Jinping
Xi Jinping ( ; ; ; born 15 June 1953) is a Chinese politician who has served as the general secretary of the Chinese Communist Party (CCP) and chairman of the Central Military Commission (CMC), and thus as the paramount leader of China, s ...
's sister. According to news reports, Xiao was also involved with the business
Pacific Securities
The Pacific Securities Co., Ltd. is a Chinese investment bank and brokerage firm. The company is listed on the Shanghai Stock Exchange.
As on 28 November 2016, The Pacific Securities is a constituent of CSI 300 Index (and mid-cap sub-index CSI ...
,
a company later accused of facilitating money laundering.
Beijing Beida Tomorrow Resources Technology
Xiao's business empire started with "Beijing
Beida Tomorrow Resources Technology" (), a company that was 20% owned by
Peking University Resources Group
Founder Group () is a major Chinese technology conglomerate that deals with information technology, pharmaceuticals, real estate, finance, and commodities trading. It is divided into five major industry groups, each covering a separate industr ...
.
[ In 1999, the company acquired a 47% stake in an intermediate parent company of Baotou Tomorrow Technology (formerly known as Baotou Yellow River Chemical Industry) from ]Baotou
Baotou (; mn, Buɣutu qota, Бугат хот) is the largest city by urban population in Inner Mongolia, China. Governed as a prefecture-level city, as of the 2020 census, its built-up (''or metro'') area made up of its 5 urban districts is h ...
Municipal Government. Beijing Beida Tomorrow Resources Technology also held the right to nominate three out of the company's five directors, as well as the chairman of the board and general manager of the intermediate parent company. The intermediate parent company was renamed Baotou Beida Tomorrow Resources Technology. In 1999, Xiao Jianhua was nominated as the chairman of Baotou Tomorrow Technology, while Zhou Hongwen, his wife, was the president
President most commonly refers to:
*President (corporate title)
*President (education), a leader of a college or university
*President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ful ...
of Beijing Beida Tomorrow Resources Technology.
Tomorrow Holding
According to a 2015 annual report published by Baotou Tomorrow Technology, Tomorrow Holding is currently owned by Xiao's cousin, Xiao Weihua, who has a 29% stake in the company. It has been reported that Xiao Jianhua owns his assets through relatives or his wife, but not directly himself. According to one publication, Tomorrow Holding was originally owned by Xiao and his wife, who together had a 50% stake.
In 2000, Tomorrow Holding and its associate companies owned shares of 5.75% in Shanghai Ace (). However, Xiao Jianhua and his wife, Zhou Hongwen, as well as four other people associated with Tomorrow Holding, were elected as Shanghai Ace's new directors,[ though only seven new directors were elected that year, and the board consisted of only 13 directors total. The only new director with no apparent connection to Tomorrow Holding was the new chairman of Shanghai Ace, Deng Jingshun, who later became vice-president of Tomorrow Holding. The move made Tomorrow Holding having an absolute majority in the board of the listed company.
In 2008, Tomorrow Holding sold their stake in Baotou Tomorrow Technology to Zhengyuan Investment (), at that time majority owned by Beijing Beida Jade Bird for 30% (an associate company of ]Peking University
Peking University (PKU; ) is a public research university in Beijing, China. The university is funded by the Ministry of Education.
Peking University was established as the Imperial University of Peking in 1898 when it received its royal charter ...
) and other companies.
However, In 2012, Tomorrow Holding bought back a 36% stake in Zhengyuan Investment from shareholders other than Beijing Beida Jade Bird. In turn, Zhengyuan Investment owned a 34.60% stake in Baotou Tomorrow Technology and a 95% stake in Baotou Beipu Industry (), of which 5% Beipu Industry is owned by Xiao Weihua.[ Baotou Beipu Industry owns an additional 0.25% stake in Baotou Tomorrow Technology.]
Chinese regulators have since taken control of many Tomorrow Holding companies including Huaxia Life, Tianan Life Insurance, Tianan Property Insurance, New Times Trust, Yi'An Property Insurance, and New China Trust, the China Banking and Insurance Regulatory Commission.
Criminal case
According to a report published in 2017, orders for Xiao's detention had been given in 2013, but contacts within the Chinese government had informed him first and he had fled to Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...
. He resided at the Four Seasons Hotel there.
On January 28, 2017, during the Chinese New Year, Xiao was taken from his room in the Four Seasons Hotel Hong Kong by plainclothes Chinese security officers who were not officially authorized to operate there by Hong Kong authorities. Xiao was then transported to Mainland China
"Mainland China" is a geopolitical term defined as the territory governed by the People's Republic of China (including islands like Hainan or Chongming), excluding dependent territories of the PRC, and other territories within Greater China. ...
by boat to avoid immigration checks. Although no official announcement of Xiao's detention has been made by the Chinese government, it was reported that Xiao had close connections with many relatives of party leaders and officials, whose assets he had managed. In particular, Xiao was associated with the so-called ''Jiang Zemin
Jiang Zemin (17 August 1926 – 30 November 2022) was a Chinese politician who served as general secretary of the Chinese Communist Party (CCP) from 1989 to 2002, as chairman of the Central Military Commission from 1989 to 2004, and as pr ...
faction'', including the children of Zeng Qinghong
Zeng Qinghong (born 30 July 1939) is a retired Chinese politician. He was a member of the Politburo Standing Committee of the Chinese Communist Party, China's highest leadership council, and top-ranked member of the Secretariat of the Central ...
and Zhou Yongkang
Zhou Yongkang (born 3 December 1942) is a former senior leader of the Chinese Communist Party (CCP). He was a member of the 17th Politburo Standing Committee (PSC), China's highest decision-making body, and the Secretary of the Central Politic ...
.
In September 2018, a report from the ''South China Morning Post
The ''South China Morning Post'' (''SCMP''), with its Sunday edition, the ''Sunday Morning Post'', is a Hong Kong-based English-language newspaper owned by Alibaba Group. Founded in 1903 by Tse Tsan-tai and Alfred Cunningham, it has remained ...
'' citing unnamed sources stated that Xiao would soon be brought to trial over the crimes of "manipulating stock and futures markets" and "offering bribes on behalf of institutions".[China]
On August 19, 2022, Xiao was sentenced in China to 13 years in prison for fraud and corruption.
Philanthropy
Xiao donated $50 million to his alma mater, Peking University
Peking University (PKU; ) is a public research university in Beijing, China. The university is funded by the Ministry of Education.
Peking University was established as the Imperial University of Peking in 1898 when it received its royal charter ...
, and Tsinghua University
Tsinghua University (; abbreviation, abbr. THU) is a National university, national Public university, public research university in Beijing, China. The university is funded by the Ministry of Education of the People's Republic of China, Minis ...
. He also pledged a $10 million donation to Harvard University
Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...
.
Personal life
Xiao is married to Zhou Hongwen (), who is from Baotou
Baotou (; mn, Buɣutu qota, Бугат хот) is the largest city by urban population in Inner Mongolia, China. Governed as a prefecture-level city, as of the 2020 census, its built-up (''or metro'') area made up of its 5 urban districts is h ...
, Inner Mongolia
Inner Mongolia, officially the Inner Mongolia Autonomous Region, is an autonomous region of the People's Republic of China. Its border includes most of the length of China's border with the country of Mongolia. Inner Mongolia also accounts for a ...
. He purchased a property in Canada and acquired Canadian citizenship. He also has a diplomatic passport
A passport is an official travel document issued by a government that contains a person's identity. A person with a passport can travel to and from foreign countries more easily and access consular assistance. A passport certifies the personal ...
from Antigua and Barbuda
Antigua and Barbuda (, ) is a sovereign country in the West Indies. It lies at the juncture of the Caribbean Sea and the Atlantic Ocean in the Leeward Islands part of the Lesser Antilles, at 17°N latitude. The country consists of two maj ...
, which he acquired several days before his abduction. He also owns properties in the United States, and a private jet.
See also
* List of kidnappings
References
{{DEFAULTSORT:Xiao, Jianhua
Living people
1970s births
Chinese expatriates in Hong Kong
Canadian people of Chinese descent
Peking University alumni
Businesspeople from Shandong
Chinese billionaires
Canadian businesspeople
Canadian billionaires
Chinese philanthropists
Canadian philanthropists
Chinese company founders
People from Feicheng