Jul 03, 2024 05:09 AM
CHINA
Former Ningxia State Asset Investment Boss Under Investigation
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Zhao Qihong
A former chief of a state-owned asset investment conglomerate backed by northwest China’s Ningxia regional government has come into the graft buster’s sights, possibly related to bad asset deals, Caixin has learned.
Zhao Qihong, who served as Communist Party chief and chairman of Ningxia State-owned Asset Investment Holding Group Co. Ltd. between 2018 and 2024, has been placed under investigation, the anti-graft watchdog at the Ningxia Hui Autonomous Region said in a brief statement.
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- Zhao Qihong, ex-chief of Ningxia State-owned Asset Investment Holding Group, is under investigation for corruption.
- The probe may relate to his role in bad asset deals involving Ningxia Financial Asset Management Co. Ltd.
- Ningxia State-owned Asset Investment handles various financial operations and owns subsidiaries in bad asset management, credit scoring, and more.
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Who’s Who
- Ningxia State-owned Asset Investment Holding Group Co. Ltd.
- Ningxia State-owned Asset Investment Holding Group Co. Ltd. was established in 2016 with 3 billion yuan ($413 million) in registered capital. Majority-owned by the Ningxia regional government, it spans fund management, asset management, financing guarantees, and equity investments. The conglomerate controls various subsidiaries engaged in bad asset management, credit scoring, equity trading, and financing guarantees. It also owns Ningxia Financial Asset Management Co. Ltd., a key state-owned financial asset manager in the region.
- Ningxia Financial Asset Management Co. Ltd.
- Ningxia Financial Asset Management Co. Ltd., founded in 2017, is a state-owned bad asset manager in Ningxia. It is controlled by Ningxia State-owned Asset Investment Holding Group with a 51% stake. The company deals with non-performing assets and has faced controversies related to acquisitions from Bank of Ningxia and Yellow River Rural Commercial Bank. Other investors include China Great Wall Asset Management, Ningxia Tourism Investment Group, and China Railway Group.
- China Great Wall Asset Management Co. Ltd.
- China Great Wall Asset Management Co. Ltd. is a former stakeholder in Ningxia Financial Asset Management Co. Ltd., having sold its entire 34% stake in December 2021 to Shanghai Quankun Information Technology Co. Ltd. Great Wall Asset Management is involved in asset management and investment, playing a significant role in managing non-performing assets in China.
- Ningxia Tourism Investment Group Co., Ltd.
- Ningxia Tourism Investment Group Co., Ltd. is one of the investors in Ningxia Financial Asset Management Co. Ltd., which was founded in 2017. The group is involved in investments in the tourism sector within the Ningxia region and has collaborated with other investors, including Ningxia State-owned Asset Investment and China Great Wall Asset Management Co. Ltd. in the financial asset management field.
- China Railway Group Ltd.
- China Railway Group Ltd. is one of the investors in Ningxia Financial Asset Management Co. Ltd., which operates under Ningxia State-owned Asset Investment Holding Group Co. Ltd. The company was involved in Ningxia Financial Asset Management's funding and establishment. However, the article does not provide further specifics about China Railway Group Ltd.'s role or other activities.
- Shanghai Quankun Information Technology Co. Ltd.
- The article mentions that Shanghai Quankun Information Technology Co. Ltd. purchased a 34% stake in Ningxia Financial Asset from China Great Wall Asset Management Co. Ltd. in December 2021. However, no further details about Shanghai Quankun Information Technology Co. Ltd. are provided in the article. For more information, further research would be required.
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What Happened When
- 2016：
- Ningxia State-owned Asset Investment Holding Group Co. Ltd. was established with 3 billion yuan in registered capital.
- 2017：
- Ningxia Financial Asset Management Co. Ltd. was founded with 51% of the investment from Ningxia State-owned Asset Investment.
- Between 2018 and 2024：
- Zhao Qihong served as Communist Party chief and chairman of Ningxia State-owned Asset Investment Holding Group Co. Ltd.
- December 2021：
- China Great Wall sold its entire 34% stake in Ningxia Financial Asset to Shanghai Quankun Information Technology Co. Ltd.
- January 2024：
- Zhao Qihong became the regional government’s investment vehicle’s senior adviser.
- As of 2024：
- Zhao Qihong was placed under investigation by the anti-graft watchdog at the Ningxia Hui Autonomous Region.
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