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Thread: Chinese Tycoons, CEOs & Tuhao

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  1. #1
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    Billionaire Vicky

    I've just created a new thread dedicated to Vicky Zhao Wei by poaching the posts above from the Tiger Mothers and FOB Moms thread. There are surely other mentions of her on this forum, but I'm not going to link those up right now. I'm also copying this to the Chinese Tycoons, CEOs & Tuhao thread.

    Man, China is going after its starlets. First Fan Bingbing, now Vicky.

    NOVEMBER 20, 2018 / 6:47 AM / UPDATED 6 HOURS AGO
    China bars actress Zhao Wei from holding key positions in companies for five years
    3 MIN READ

    HONG KONG (Reuters) - Billionaire Chinese actress Zhao Wei and her husband have been barred from taking on key positions at listed companies for five years for violating securities regulations, the Shanghai Stock Exchange said on Tuesday.


    Actress Zhao Wei, member of Venezia 73 International Jury, poses for photographers during a photocall at the 73rd Venice Film Festival in Venice, Italy August 31, 2016. REUTERS/Alessandro Bianchi

    The exchange’s announcement comes more than a month after another Chinese actress Fan Bingbing came under fire for failing to pay millions of dollars in taxes and fines.

    On Tuesday, the exchange said Zhao and her husband Huang Youlong, as well as several other former executives of Tibet Longwei Culture Media and Zhejiang Sunriver Culture Co Ltd, were unfit to be directors, supervisors and senior executives of listed companies.

    They will not be allowed to assume these positions for five years, the exchange said.

    Zhejiang Sunriver, Tibet Longwei, Zhao and Huang were all not immediately available for comment.

    In late 2016, Tibet Longwei, controlled by Zhao and Huang, made a failed attempt to buy a 29.1 percent stake in Zhejiang Wanjia, which was later taken over by another investor and renamed Zhejiang Sunriver Culture.

    Longwei’s bid had then drawn the scrutiny of the China Securities Regulatory Commission regarding information disclosure and its ability in financing takeovers as there were misleading statements and major omissions in the filings.

    U.S.-China rift divides Asian summit
    In November 2017, China’s securities regulator fined and barred Zhao, who became a household name in China for starring in popular TV dramas, and Huang from trading in the mainland stock market for five years due to the takeover case.

    “Due to the celebrity effect, Tibet Longwei has severely misled the market and its investors. This has seriously disrupted normal market operations and order,” the exchange said on Tuesday.

    Zhao and Fan’s cases have prompted the Chinese government to crack down on celebrity hype.

    In November, state media quoted the National Radio and Television Administration as saying that Chinese broadcasters and online entertainment sites should avoid celebrity hype and crack down on fake audience and click-through rates.

    Reporting by Twinnie Siu in Hong Kong and Lee Chyen Yee in Singapore; editing by Louise Heavens
    Gene Ching
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  2. #2
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    Annabel Yao

    Huawei founder’s debutante daughter Annabel Yao: ‘I still consider myself a normal girl’
    Yao, chosen to perform the opening waltz at Le Bal des Débutantes in Paris, was one of 19 young women to make their society debut this year
    Harvard computer science student and ballerina says, ‘As much as I enjoy coding … I have a passion for fashion, PR and entertainment’
    PUBLISHED : Wednesday, 05 December, 2018, 8:47am
    UPDATED : Thursday, 06 December, 2018, 7:06pm
    Jing Zhang
    http://twitter.com/jingerzhanger
    jing.zhang@scmp.com



    While Le Bal des Debutantes in Paris each year is a nod to the tradition of young society ladies entering the elite social scene of Europe, these days it courts modern debutantes, aged 16 to 21, who are chosen for their looks, brains and famous parents – prominent in business, entertainment and politics.


    Annabel Yao danced with European royalty at Le Bal des Debutantes in Paris last month.

    The schedule at the event, organised by Ophélie Renouard, is full of young women such as Baroness Ludmilla von Oppenheim, from Germany; Julia McCaw, daughter of AT&T founder Craig McCaw; and Annabel Yao, daughter of Chinese telecommunications firm Huawei’s founder, Ren Zhengfei – the latter of whom was one of three debutantes chosen for the opening waltz this year.

    “I definitely treated this as a debut to the world,” says Yao when we speak just after the ball. “From now on, I’ll no longer be this girl living in her own world, I’ll be stepping into the adult world where I have to watch my own actions and have my actions be watched by others.”

    Today’s Le Bal, or Crillon Ball, is a diverse affair, a microcosm of the shifting tides of the global elite. Of the 19 debutantes of 2018, there were young ladies from India and America, Europeans from Portugal, France, Belgium and Germany, as well as Hong Kong’s Angel Lee, Kayla Uytengsu from the Philippines and China’s Yao.

    Yao – a 21-year-old Harvard computer science student and ballerina who has lived in Britain, Hong Kong and Shanghai – is one of several Chinese debutantes in recent years. Hollywood offspring, such as the daughters of actors Forest Whitaker, Bruce Willis and Sylvester Stallone, have also become Le Bal regulars.

    “All the girls were down-to-earth, easygoing, helpful and outgoing. No one was pretentious,” says Yao. “All of them attended top universities or high schools like Stanford, Brown and Columbia, so it’s a group of girls who are privileged, but also work really hard.”

    As they swap their jeans for tiaras and couture gowns and trade teenage antics for waltzing, the girls get to play fairytale princesses for three days and make their grand debut in high society.


    Annabel Yao, daughter of the founder of Huawei, Ren Zhengfei, and Yao Ling

    They all arrive in Paris two days before the ball to meet, socialise with other girls and their cavaliers (Yao’s cavalier was the young Count Gaspard de Limburg-Stirum), rehearse and take part in portrait sessions.

    Girls are given questionnaires about the fashion styles they like, and then choose from a selection. Yao donned a champagne gold J Mendel gown.

    “An American designer with a very French style … I wanted something modern,” she says. “I’m not super girlie inside, so I prefer something more chic and not so princessy … It’s very elegant, and I’m not a fan of very [strongly] pigmented hues. I also loved the tulle texture of the dress, as it reminds me of a ballerina.”


    Annabel Yao wore a J Mendel gown at the ball

    “I definitely feel very honoured to be included, as there are only 19 girls in the world this year,” Yao says. “It means I have to work harder, try to accomplish great things in my life and be a role model for other girls.”

    She adds: “As people who have more privilege than others, it’s more important for us to help those with less opportunity. I want to get involved in philanthropy and charity … I still consider myself a normal girl; it’s important for me to work hard and better myself every day.

    “My daily life is actually pretty boring compared to this. I usually live like a normal student.”


    Annabel Yao at the ball in Paris. “My daily life is actually pretty boring compared to this,” she says.

    Computer science is a heavy subject with a high workload, so she studies a lot. Her spare time is often taken up at the Harvard Ballet company (she’s been dancing since childhood). “I try to dance as much as possible,” she says.

    A quick glance at the Ivy League student’s social media shows her jetting around the world wearing Dior, Louis Vuitton and Saint Laurent, but she’s quick to show her serious side. This summer, she did an internship at Microsoft “on a team focusing on machine learning and image recognition”.

    However, she adds: “As much as I enjoy coding, I enjoy personal interactions a lot … I have a passion for fashion, PR and entertainment.”

    In the future, she sees herself working on the business side of technology. “I’ll try to integrate the tech knowledge I have,” she says. “I don’t think I’ll be a software engineer but maybe I’ll be more on the management side. I enjoy building connections.”

    This article appeared in the South China Morning Post print edition as: Huawei founder’s daughter a belle of the debutante ball
    Annabel looks disturbingly like one of my shimei.
    Gene Ching
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    Huang Xiangmo

    Huang Xiangmo: China billionaire mocks 'giant baby' Australia
    5 hours ago


    AFP/GETTY
    There are growing worries in Australia about Chinese influence

    A Chinese billionaire and political donor has dubbed Australia a "giant baby" after he lost residency rights.

    It is an "objective fact" that the country has a baby's "innate characteristics", Huang Xiangmo told state tabloid Global Times.

    The property developer has lived in Sydney since 2011 and has donated millions to major political parties.

    But he was stranded overseas when the government rejected his citizenship bid and cancelled his permanent residency.

    The Sydney Morning Herald first reported the visa denial earlier this month, describing Mr Huang as "Beijing's former top lobbyist in Australia".

    He reportedly has links with the Chinese Communist Party, and Australia's national security agency has warned politicians not to accept money from him.

    It comes amid a row over Chinese influence in Australia which has strained relations between the two nations.

    What did Mr Huang say?
    Mr Huang attacked his adopted country in his interview with the Global Times, a newspaper known for its strident, nationalist tone.

    Global Times
    Verified account
    @globaltimesnews

    More
    #Australia has “characteristics of a giant baby:” tycoon Huang Xiangmo http://bit.ly/2I8QIB5

    8:00 AM - 11 Feb 2019
    Asked what he thought was behind the tense relations in recent years, the billionaire said: "The history of Australia has determined the innate characteristics of a giant baby."

    "This is an objective fact and it does not mean Australia has to feel inferior," he said. "The growth of a giant baby takes time, and Australia still has a long way to go."

    Mr Huang said he moved to the country for its "beautiful scenery and simple folk customs" and accused some Australian media outlets of smearing him.

    Who is Mr Huang?

    The billionaire has reportedly donated about A$2.7 million ($1.91m; £1.49m) to both major parties.

    Mr Huang said these donations came from his desire to "promote Chinese people's legal involvement in politics".

    He was linked with Sam Dastyari, a Labor party politician who announced his resignation in 2017 after making pro-Beijing remarks over the South China Sea dispute.

    Mr Dastyari reportedly told Mr Huang he may be under surveillance - something the senator denies.

    Why are relations strained between China and Australia?

    Australia has been increasingly vocal about what it sees as growing Chinese influence in recent years.

    Former Prime Minister Malcolm Turnbull urged a crackdown on "covert, coercive" activities by foreign governments in 2017, noting "disturbing reports" of Chinese influence while stressing the rules were not targeted at any one country.

    That same year Chinese students complained about teaching materials at Australian universities - drawing fears that China was exerting pressure on campuses.

    Last November, Prime Minister Scott Morrison announced a new multi-billion dollar fund for Pacific island nations, seemingly to counter Chinese influence in the area.

    "Australia cannot take its influence in the south-west Pacific for granted," he said, calling the region "our patch".

    Top Chinese diplomat Wang Yi stressed the two nations should work together in the ocean.

    Since 2011 Beijing has become the second-largest donor of foreign aid to Pacific islands after Australia.
    I imagine this connects to Shaolin Temple OZ
    Gene Ching
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    New PRC philanthropy

    A New Generation of Philanthropy in China
    March 26, 2019 12:00 p.m. ET


    From left: Lawrence Chan, Niu Gensheng, Dee Dee Chan, Jet Li, Jack Ma, Li Ka-shing. ILLUSTRATION BY GLUEKIT; SOURCE IMAGES: GETTY IMAGES AND BLOOMBERG

    In Hong Kong, home to some of the richest people in the world, philanthropist Dee Dee Chan is making sure her generation learns how to give back.

    In 2014, Chan, who is in her 30s, started a group for her peers—young people from families with at least US$500 million in assets who play an active role in their families’ businesses—to learn about philanthropy and to put it into practice. The hope is to “raise the ‘future generals’ who will make a huge impact on society through their own charitable efforts,” she says.

    Chan is the granddaughter of billionaire Chan Chak Fu, who ran a global hotel and real estate business. Today, she’s managing director at Park Lane Capital Holdings, formed in 2007 from the fortune made by her father, Lawrence Chan, who developed and operated hotels and real estate projects.

    She’s also director of the Seal of Love Charitable Foundation, a foundation started by her father in 2010, which donated 80 million Hong Kong dollars (US$10.2 million) in 2017 to the School of Hotel and Tourism Management at The Hong Kong Polytechnic University to support an industry that has become a growing employment sector for the underprivileged in Southeast Asia.

    The six or seven core members in each of the two chapters of Chan’s Next Generational Organization (NGO, for short) contribute to a collective pot that they allocate as a group, traveling twice a year for field visits to grassroots nonprofits in Thailand, Cambodia, and Vietnam. “The point is really to make mistakes early together and also have a forum in which we can actually do this together,” Chan says.

    Lawrence Chan, 65, says his daughter’s NGO chapters will redefine philanthropy, as his generation—including Hong Kong’s wealthiest man and philanthropist, Li Ka-shing—is “starting to fade away.”

    “ The point is to have a forum in which we can actually do this together. ”

    —Dee Dee Chan
    Great fortunes have been made in Asia in the past decade. But as the region’s riches have swelled, and as a younger generation emerges, China’s wealthy are increasingly seeking to maintain their family legacies and to give back. Groups have formed to encourage collaboration and education, including the China Global Philanthropy Institute, founded by three Chinese philanthropists—Niu Gensheng, He Qiaonyu, and Ye Qingjun—along with U.S. billionaires Bill Gates and Ray Dalio. Jack Ma, through the Alibaba Foundation, meanwhile, has sponsored the biannual Xin Philanthropy Conference since 2016.

    Ma represents a newer, more visible wave of philanthropists who are trained abroad, globally engaged, and in touch with the concepts of philanthropy, says Anthony Saich, director of the Ash Center at Harvard, which runs the China Philanthropy Project. But there are a rising number of individual philanthropists within China who are having a profound influence, notably Niu Gensheng, a billionaire born to extreme poverty who made a fortune as the founder of China Mengniu Dairyin Inner Mongolia. Niu, 61, began the Lao Niu Foundation in 2004 to support the environment, cultural education, and development of the philanthropic sector.

    One strategy that the Lao Niu Foundation is using to boost philanthropy is to train nonprofit professionals, “so that they’re regarded as professionals, just as public officials and private-sector individuals are,” says Melissa Berman, president of Rockefeller Philanthropy Advisors, which is aiding the foundation.

    The One Foundation, founded by Chinese actor Jet Li, is also helping to strengthen nonprofits by being transparent about what they fund, and which outcomes they achieve, Berman says.

    While Niu and others have turned to the West for inspiration and practical advice, Rob Rosen, a director at the Gates Foundation, expects philanthropy in China to remain uniquely Chinese.

    China’s philanthropists will want to know whether their funds are “being directed toward important issues in a deeply thoughtful way, and if they are taking an appropriate level of risk to really lead to bold change,” Rosen says. “They’re definitely on the pathway there.”

    THREADS
    Jet Li’s ONE Foundation
    Jack Ma & Alibaba
    Chinese Tycoons, CEOs & Tuhao
    Gene Ching
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    Alex Shih

    Hong Kong Property Tycoon Gave Away Children’s $400m Inheritance
    By Shawna Kwan and Venus Feng
    April 22, 2019, 2:00 PM PDT
    Alex Shih’s dad gave $400 million Centaline stake to charity
    Like many other Hong Kongers, Shih is saving for first house

    The heir to the biggest real estate agency in property-mad Hong Kong doesn’t own a house.

    Not only that, he won’t inherit his father’s stake in Centaline Group, estimated to be worth about $400 million according to the Bloomberg Billionaires Index, because it was donated to charity more than a decade ago.

    But Alex Shih isn’t perturbed, even though he’s missing out on the wealth that the offspring of some Hong Kong tycoons are taking control of along with the family business. Li Ka-shing, the city’s richest man, last year handed the reins to son Victor, while billionaire Lee Shau Kee last month said he was considering retiring from Henderson Land Development Co. and putting his two sons in charge.

    “I personally accept it,’’ the 30-year-old Shih said of his father’s decision not to pass on the family fortune to his three children. “He told us when we were very young and we didn’t have a choice. He would say that it’s better not to lead a life that’s too comfortable in one go. You’ll treasure more if you gain things step by step.”

    Shih took over running Centaline, which handles two out of every five property transactions in Hong Kong, at the start of this year when he was named vice-chairman. He is set to become chairman when his 70-year-old father Wing-Ching Shih retires, which he expects to happen sometime soon.

    He ascended to the top job after a difficult year for Centaline, which was founded in 1978. Commission revenue rose a bare 1 percent to about HK$19 billion ($2.4 billion) last year, and net income slumped 52 percent to HK$501 million, as a downturn in Hong Kong’s property market and growing competition in mainland China took its toll.

    Hong Kong’s property market has since rebounded, and Shih is looking to modernize the agency. He oversaw the introduction of virtual-reality house viewing in 2017, and more recently a blockchain platform to streamline sales and rental agreements.

    “The company is like a big ship,” Shih said. “I am trying to provide new technology tools to make it move faster.”

    While the firm handles millions of dollars of transactions a day, the softly-spoken Shih says he earns only a regular salary. The foundation that his father donated the Centaline stake to aims to alleviate poverty in rural China, from building infrastructure to supporting under-privileged children’s education.

    “My friends who are working in finance are making more money than I do,” he said.

    A graduate of the London School of Economics and Political Science, Shih said he considers himself an average Hong Kong citizen. His office is small and sparsely decorated, and he enjoys hiking and playing badminton -- hardly the pursuits of the billionaire set.


    Shih in his office.Photographer: Billy H.C. Kwok/Bloomberg

    His modest upbringing has also helped keep him humble -- his father eschewed the elite international schools favored by Hong Kong’s wealthy and enrolled his children in local government-subsidized schools, and instilled his philosophy that money should be used to help the less fortunate from an early age.

    He even worked as a real estate agent when he first joined the family business. “It was quite tough -- staying outdoors to compete with other agents for limited customers, rain or shine.”

    And, like many other millennials in a city ranked the world’s least-affordable for the past nine years, he’s still saving for his first house.

    Shih’s advice to his peers? Be realistic.

    He aims to buy a two-bedroom apartment in a middle-class neighborhood in West Kowloon -- or the slightly more upmarket Ho Man Tin area if his parents chip in, citing those areas good public transport links and potential for price growth as draw cards -- a far cry from the multi-million dollar mansions his agency sells.

    “The first home may not be the one you want the most. But at least you get on the property ladder and then you slowly climb up.”
    I'd be like "**** dad. that's cold."
    Gene Ching
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  6. #6
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    Ding Chen

    Chinese tycoon’s son whines about Canadian taxes after buying $3.8 million supercar with daddy’s money
    Taxes made up about $680,000 of that total
    by Alex Linder April 18, 2019 in News



    Move over, Wang Sicong. There’s a new most infamous fuerdai on the block and his name is Ding Chen.

    Chen made headlines in Canada last week after complaining about the massive tax bill on his custom Bugatti supercar, bought through his daddy’s credit card at a Vancouver dealership. According to an invoice posted to Instagram by Chen, the purchase incurred C$210,404 ($157,000) in federal goods and service tax along with $C697,939 ($522,000) in provincial taxes for a total of C$908,343 ($680,000) in taxes.

    With a pre-tax sales price of C$4.2 million ($US3.1 million) that leaves Chen’s father footing a bill of upwards of C$5.1 million ($US3.8 million) for the Bugatti Chiron. “These taxes… my heart feels tired,” Chen wrote over the image of the invoice. Last year, British Columbia increased taxes on cars worth more than C$150,000 to 20 percent.



    Fortunately for Chen, it seems like his dad should be able to afford to splurge a bit. Starting out as a duck farmer, Chen Mailin is the owner of a Chinese investment firm. In 2015, he gained attention for purchasing one of Vancouver’s most lavish mansions for C$51.8 million ($40 million).

    Judging from his Instagram account, the younger Chen had been putting his father’s money to good use in Canada, posting pics of luxury watches, fancy cars and a private jet with his name on the tail.



    Unfortunately, Chen’s Instagram account has since been deleted, so we will no longer be able to stay updated on the progress of his Bugatti.

    [Images via SCMP]
    fuerdi = 富二代 'rich 2nd gen'
    Gene Ching
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  7. #7
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    RIP Wang Jun

    Wang Jun, the ‘princeling’ who chaired one of the world’s biggest asset-owning conglomerates at Citic Group, dies at the age of 78
    Wang Jun, former chairman of Citic Group and the Poly Group, has died at the age of 78, according to Chinese state media
    Wang was the son of Wang Zhen, one of the Eight Elders of the Chinese Communist Party and a founding elder of the modern People’s Republic
    Daniel Ren
    Published: 11:52am, 11 Jun, 2019


    An undated photograph of Wang Jun. Photo: Baidu

    Wang Jun, the son of one of communist China’s founding elders and a former chairman of the country’s largest state conglomerate, died on Monday, aged 78.
    Wang died at 10.56pm on June 10, according to a report by state-owned news outlet Thepaper.cn in Shanghai, citing unidentified sources and without elaborating. Xinhua News Agency, the government’s mouthpiece, has yet to report the news.
    Wang, who carried the rank of a full government minister, was chairman of China International Trust and Investment Corporation, better known as Citic, between 1995 and 2006.
    With 375 billion yuan (US$54 billion) in 2013 revenue, the Beijing-based state investment vehicle was China’s largest company and one of the biggest owners of foreign assets in the world, operating a range of businesses from banking and finance to real estate and heavy industries. The company has yet to issue a statement.


    Wang Jun, president of China International Trust and Investment Corporation (CITIC) and Poly Technologies, during a press conference in Beijing in 1995. Photo: AFP

    The company was founded in 1979 as a vehicle for the Chinese government to raise capital when it embarked on capitalist market reforms in the late 1970s. Citic’s founder Rong Yiren – dubbed the Red Capitalist – was China’s vice-president from 1993 until 1998.
    Wang was born in Hunan province in 1941, while his father Wang Zhen was a brigade commander in one of the most celebrated commune farms operated by the then communist guerillas. After the founding of the People’s Republic in 1949, the senior Wang was hailed as one of the Eight Elders of the Communist Party, and rose to the rank of the nation’s vice-president, between 1988 and 1993.


    Wang Jun (left) and Larry Yung Chi-Kin (right), the son of Citic’s founder Rong Yiren during a signing ceremony in Hainan on 16 November 2004. Yung was the wealthiest Chinese businessman of mainland China with an estimated wealth of US$2.9 billion in 2013, according to Hurun Report. Photo: SCMP

    The son of the late vice-president worked as a shipyard engineer at Shanghai’s Jiangnan Shipyard in 1996 after graduating from Harbin Military Engineering Institute. He served for two years with the People’s Liberation Army’s naval forces between 1977 and 1978, before joining the nascent Citic as a department chief.
    Wang was promoted to Citic’s president in 1993 and was elevated into the top position of the conglomerate three years later as chairman of the board. At that time before China’s membership in the World Trade Organisation and before hundreds of Chinese companies raised capital through global stock market listings, Citic was the largest single Chinese conglomerate. It answered directly to China’s State Council, as the government cabinet was called.
    During his lifetime, Wang also chaired the board of Poly Group, a state conglomerate with businesses that stretch from antiquities to real estate and military supplies and armaments.


    An undated photo of Wang Jun at the Great Hall of the People near Beijing’s Tiananmen Square. Wang was appointed between 2003 and 2008 as a delegate to the Chinese People’s Political Consultative Conference (CPPCC), a political advisory body that meets every year in the Chinese capital. Photo: Sina

    Citic Pacific, the international arm of the group, was at the centre of a financial scandal in 2008 when it had to write off HK$14.7 billion (US$1.88 billion) in losses due to wrong-way bets in the currency market. The loss forced Larry Yung Chi-kin – the son of Citic’s founder and then one of China’s wealthiest men – to step down in 2009 as the Hong Kong-listed company’s executive chairman. Yung is also known in mainland China as Rong Zhijian.
    By the time the scandal broke, Wang had already reached his retirement age of 65, and had stepped down to make way for Kong Dan to take over the helm of the group.
    A chain smoker, Wang loved golf, and was the honorary vice-chairman of the China Golf Association, a curious title in a country where the elitist sport coexists uneasily with the proletarian ethos of the ruling Communist Party.
    Under Chinese President Xi Jinping’s crackdown on corruption and rid the Communist Party of ostentatious consumption, golfing was frowned upon, and club memberships for high-ranking government officials became an automatic flag for investigation.
    Wang was a princeling, as the children of China’s Communist Party leaders are known, and he was a senior among equals in the tight-knit community. Other prominent princelings include Bo Xilai, the former Chongqing commissar now serving a life term in jail for corruption, who was the son of Bo Yibo, one of the Eight Elders; and China’s president Xi, the son of the late Xi Zhongxun, who was a vice-chairman of China’s legislature.
    Wang is survived by his wife Ye Xiaoying, the youngest daughter of the late Marshal Ye Jianying, one of the country’s founding leaders. The couple has two sons Wang Jingchen and Wang Jingyang, and a daughter Wang Jingjing, according to Chinese media reports.

    This article appeared in the South China Morning Post print edition as: Ex-Citic Group boss Wang Jun dies at 78
    $2.9B USD in 2013 - wonder what he was worth now...
    Gene Ching
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  8. #8
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    Zhang Xiaolei busted

    Zhang Xiaolei, founder of Chinese fintech firm Qbao, to serve 15-year jail firm for fraudulent fundraising
    Zhang Xiaolei founded the online fundraising platform Qbao in 2012
    Court confiscates 100 million yuan worth of Zhang’s assets for his role in the illegal fundraising scheme
    Daniel Ren
    Published: 5:37pm, 21 Jun, 2019


    In this image taken from an undated video footage run by China’s CCTV, Qbao’s founder Zhang Xiaolei speaks with police while in custody in Nanjing in eastern China’s Jiangsu province. Photo: CCTV via AP Video

    Zhang Xiaolei, a prominent figure in China’s fintech sector, was sentenced to 15 years in prison for his involvement in a Ponzi scheme that involved at least 50 billion yuan (US$7.25 billion) of investors’ money.
    The Nanjing Intermediate People’s Court in Jiangsu province handed down the punishment to Zhang, 50, after charging him with financial fraud and embezzling depositors’ money through illegal fundraising, and confiscated 100 million yuan of his assets, Xinhua reported on Friday.
    Zhang, who founded Qbao.com, an online fundraising platform in 2012, pleaded guilty and said he would not appeal the ruling, it added.
    The punishment is the latest example that has exposed high risks in China’s once thriving fintech industry.
    Banquets, lies and protests: the collapse of Qbao, another popular Chinese Ponzi scheme
    Qbao was touted as a “unique ecosystem” to support small businesses three years ago by state-run China Central Television.
    “There are big lessons for Chinese financial regulators to learn after the collapse of a large number of fintech firms,” said Ding Haifeng, a consultant with Integrity Financial Consulting in Shanghai. “Bold steps taken to reform the finance industry offered huge loopholes for such unscrupulous people to tap and pocket illicit gains.”
    Qbao offered annualised returns between 20 and 60 per cent to investors, which had 200 million registered users.
    Zhang handed himself to police in Jiangsu province at the end of 2017 after his business failed to generate enough cash to repay depositors.
    Qbao was the main sponsor of the Spanish soccer team Real Sociedad, but it dumped the Chinese company in February 2018 when it could not keep up with its financial commitment to the La Liga team.
    It is unknown how much of investors’ money deposited at Qbao has been recovered.
    The Qbao case is the biggest scandal in China’s fintech sector after regulators, in 2015, uncovered frauds by Ezubao, one of the country’s largest peer-to-peer (P2P) lending platforms which illegally raised 76 billion yuan from more than 900,000 investors.
    In 2017, Ding Ning, head of Ezubao, was sentenced to life in prison for his role as the ringleader in the Ponzi scheme.
    P2P businesses grew by leaps and bounds since 2013 when Beijing encouraged online firms to help reform the country’s banking system.
    The P2P platforms are supposed to act as matchmakers between borrowers and investors, but thousands of businesses illegally raised funds from depositors before lending them to companies such as property developers to chase lofty interest income.
    Qbao also organised banquets for “bao fans” – the investors who had put their faith in the company and its business model.
    Chinese police investigated more than 10,000 cases of illegal fundraising last year, up 22 per cent from 2017, according to the Supreme People’s Procuratorate, the highest national level agency responsible for prosecution and investigation.
    It said that the total amount of money involved in these scams hit 300 billion yuan, more than double the figure a year earlier.

    This article appeared in the South China Morning Post print edition as: Qbao founder gets 15-year prison term for Ponzi scheme
    One thing I'll say about the chicoms - when they catch a corrupt tycoon, they make them do time.
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  9. #9
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    great read


    ALL PHOTOS COURTESY OF JONATHAN LAWRENCE
    Film
    What it’s Like Directing a Vanity Film for a Chinese Billionaire
    "Empires of the Deep" was supposed to be "Transformers meets Shakespeare." But $100 million and a string of Hollywood directors couldn't save it.
    CS
    By Chris Shearer
    January 13, 2021, 8:47pm

    “You’re nobody. You’ve done nothing. Why would I hire you?”

    Jon Jiang wouldn’t even look at Jonathan Lawrence as he fired off short bursts of Mandarin for his assistant to translate. It was strange that these men were sharing a table in a Los Angeles restaurant. Jiang, a few years shy of 40, had founded a real estate empire that had grown with China’s middle class and made him a billionaire. Lawrence, an American on the wrong side of 40, had directed short films and music videos, and his last gig was unpaid.

    But the two men shared a love of Hollywood cinema. Since seeing Raiders of the Lost Ark as a teenager, Lawrence’s hero had been Steven Spielberg and he often wore an Indiana Jones-style fedora. Jiang too claimed to have watched over 4,000 films, and believed he could use his vast wealth to make Chinese epics in the vein of Spielberg, George Lucas or Peter Jackson. They were meeting because Jiang was considering hiring Lawrance to direct his debut screenwriting effort: a CGI-driven underwater epic called Empires of the Deep. But the men just weren’t connecting. Jiang was being standoffish, rude.

    “You don’t have to hire me,” Lawrence replied finally.

    Later, after the meeting, Lawrence handed the script to his assistant to make a few notes as a favour to his producer buddy, Mark Byers, who had set up the meeting. His assistant called the script “horrific and completely disjointed”. And that was the last Lawrance heard from Jiang for nearly two years, until he got another email from Byers. It wasn’t a long email, but it set Lawrence on a strange and frustrating journey that would ultimately consume a year of his life.

    “Would you like to direct this movie in China?”


    This is the story of how indie film director Jonathan Lawrence came to direct what was in 2007 billed as the most expensive Chinese film of all time. According to Jon Jiang, Empires of the Deep had a budget of US $100 million and a plot that was just as inflated.

    Set underwater in Ancient Greece, the film chronicled an epic war between mermaids and demons. Using a mixture of American and Chinese cast, and shooting in China, Jiang’s vision was to make “Transformers meets Shakespeare”—but from Lawrence’s telling the production was more like Apocalypse Now meets The Room. And in the end, no one saw the final product.

    In the two years since his first meeting with Jiang, Lawrence had heard a few rumours about the project. The French director known as Pitoff, best known for 2004’s Catwoman, was hired to direct, but Lawrence’s producer buddy said Pitoff and Jiang had been butting heads and little was achieved. Pitoff had apparently left the production for a short holiday and never returned. Now Jiang wanted Lawrence.

    “I was probably still a little bit hurt by how rudely I felt I’d been treated,” Lawrence says, “but I said ‘sure, I’ll direct a movie in China. Make a little money, have a little fun’.”

    The offer had come so suddenly that Lawrence was still reading the latest version of the script—which at this stage had been rewritten by multiple hands—on the plane to China. It certainly seemed as though it had been written via committee; it read to Lawrence as a convoluted, disjointed mess.

    “But I did see potential,” he admits. “I did see that this could be a really fun movie if it would lighten up and stop taking itself so seriously.”

    Lawrence got to work rewriting it yet again. The assistant director told him “this is in complete disarray. Nothing is ready and they want to shoot immediately”—supposedly because they knew winter was on the way. But Lawrence saw this as an opportunity. This could be his big break. The script could be more cohesive, and the CGI department was working on some great models of the giant monsters that would do battle on screen.

    He was taken to a warehouse filled with props so he could pick out what weapons and wardrobe he wanted for the main cast—many of whom hadn’t even been hired yet.


    “They took to me to this giant warehouse full of amazing sculptures and finely-crafted wardrobe and props and set pieces, and I was like ‘this is great!’ Then someone said ‘oh there’s nothing here, this has all been rejected by Jiang. We’re going to the next warehouse’.”

    Jiang’s touch was everywhere, and his vision was not to be altered. When Lawrence made suggestions, Jiang would reply via his interpreter “Pitoff said the same thing. I have no need for the ways of Hollywood, but I want to conquer Hollywood”.

    “At some point he permitted me to rewrite the first act, and he said ‘ok, this is actually really good’. And then he proceeded to cut all the heart out of what I had written,” Lawrence says.

    “He was like ‘ok, get to the action’, and I said ‘well the action isn’t important unless you care about the people that are in peril. I’m trying to build up that care first’. But no no, he wanted to get to the action.

    “He kept talking about Transformers: ‘this is going to be big like Transformers’. He said it was a cross between Transformers and Shakespeare. I was trying to wrap my head around that and said ‘I think you’re going to alienate one of those audiences’.”


    As the main cast began to arrive in China, it was clear things weren’t shaping up like in a Hollywood production. The script was still a mess, and sets and props had been scrapped and rebuilt. A very experienced cinematographer walked off the production, telling Lawrence “this is a train wreck, I’m not going to do this”. But Lawrence, after weeks of feeling out Jiang, was starting to feel like he had a little more pull on the production.

    “Initially I was feeling pretty good once we got on set,” he says. “The first thing we shot went quite well. Then we went to another set, and it was like, ‘this is harder’.”

    The several hundred fully-costumed extras that Lawrence had been promised never eventuated, so he had to make do with, at most, about 30. The locations were cold and wet, and the actors didn’t have trailers to warm up in. On one set the cages of chickens that were being used for background scenery were left unattended, so every morning there would be dead chickens that stunk out the set.

    Then there was the problem of communicating with the Chinese crew. Lawrence had been assigned an assistant to translate, but he only found out towards the end of his tenure that she was only fully translating about half of the time. She was worried about offending Jiang and being fired, Lawrence says.

    The culture on set was different too. In Hollywood everyone would keep quiet between takes, but on the Empires set the noise rose tremendously as soon as Lawrence yelled cut, slowing down takes.

    “At some point I just screamed at the top of my lungs to shut the **** up, you know? And everybody stopped, looked at me, and then went right back to talking,” Lawrence says.

    Throughout all of this, Jiang would be making contradictory choices or riding roughshod over Lawrence’s direction.

    “I had already recommended several times that we could shoot a lot of this on a stage, a 20-foot by 20-foot stage of sand with a green screen. But Jiang said ‘nope nope, gotta shoot location because Peter Jackson said you gotta shoot location’.”
    continued next post
    Gene Ching
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  10. #10
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    continued from previous post

    follow the link above for the vid below
    Watch this video to see the giant wall constructed after a translation issue.

    For a pivotal battle scene they’d found a beautiful stretch of coastline marred only by a beach resort off to one side. Lawrence had joked that they could just build a wall to hide it, and both he and the assistant director had laughed. But the humour didn’t translate.

    “When we finally came to shoot at the location I saw this giant wall being built, and I was like ‘oh, I was kidding’.” So they had to comp in a background after all.

    The script was still a mess too. Jiang wouldn’t budge on most things, and ignored Lawrence’s suggestions.

    “At one point about halfway through I said to my interpreter ‘tell him this is the worst ****ing script I’ve ever read’,” Lawrence recalls. “He didn’t seem offended, and without missing a beat he said ‘well who are you? You don’t have any credits on IMDB as a writer.’ And I said ‘neither do you!’

    “Looking back after all these years I probably should have listened to my assistant director who said ‘stop caring about this. Just get the shots. Stop trying to make it something it’s never going to be. Just realise this is what Jiang wants, and he’s going to get what he wants one way or the other, so stop caring and just go out and make pretty shots’.

    “I really couldn’t take that at the time,” Lawrence continues. “I couldn’t deal with that. I was really looking at this like, ‘hey I can see how fun this could be. A big fun movie’. He kept trying to make Shakespeare, but that’s not what it was. I should have somehow stopped caring, or cared just enough to get the shots, collect the paycheque and go home.”


    Collecting those paycheques weren’t even that easy. Actors constantly complained about being paid late, and when a group of Russian extras said they hadn’t been paid Jiang’s people sent police to their hotel to check visas as an intimidation tactic. Even Lawrence’s payments were sometimes late, so he threatened to walk off the production if the money wasn’t transferred immediately. One day the crew arrived at the studio to find they’d been locked out because someone had forgot to the pay the bill.

    By Lawrence’s own estimation, the claimed $100m budget was probably just Jiang talking up the production. He estimates that in reality it was more like $30m.

    “That’s a generous estimate,” he says. “But in many respects, there was money spent.”

    Such trying conditions also impacted the American cast, who many of the Chinese crew along with Jiang thought were being soft. After a day’s shooting inside a wet, cold cave—another of Jiang’s ‘shoot on location’ musts—actor Irena Violette walked off set. Whether she quit or was fired depends on who you ask, but the spat between Violette and Jiang’s people escalated until Jiang’s people said they wouldn’t return Violette’s passport—or her boyfriend’s passport—until she paid them back her fee.

    Lawrence spoke with the couple and together they hatched a plan. They had to get to the American embassy so they could get temporary travel documents, so in order to help them escape the hotel Lawrence called a full production meeting while they slipped out a window.

    Lawrence also had a trusted Chinese crew member write the couple a note explaining the situation to the police, who would hopefully help them get to the embassy. For the next few days following the couple’s flight, Lawrence secretly emptied the plates of food left at their door to maintain the illusion that they were still bunkered down in their room.

    A few days later they let him know they’d made it to the embassy, and were on their way out of China.

    “At that point my mind was just turning to the movie about the movie,” Lawrence says. “‘This movie may never be made, but the movie about the movie has to get made’. To me everything just kind of became a cinematic experience.”


    But Lawrence’s passion had been waning for a while. After five months of trials and tribulations on set, he’d had enough.

    He was due on another production back in the States, and Jiang’s people asked if he would stay on. When Lawrence gave them the figure it would take, Jiang called it highway robbery. So Lawrence thanked Jiang for the chance to work on his film, said his goodbyes, and left. He had mixed feelings about leaving the film incomplete, but it was time.

    “Had they scrounged up the money I was asking for I would have stayed another couple of months and tried,” he says. “But I think it’s probably best that it worked out the way it did, because I was so soured I don’t think I was much benefit to the production.”

    Another director followed after Lawrence, and then another. Lawrence kept abreast of what was happening on the production through the actors he had befriended. He heard about the new directors struggling with Jiang’s vision, heard about the legal troubles holding up the film’s release.

    Then, in 2012, these “godawful” trailers started coming out, and it looked like Empires of the Deep would finally see the light of day. It seemed in a perpetual state of being six months from being released—but that was almost a decade ago. Today, Lawrence thinks we’ll never see Empires on the screen, even though there is apparently a final cut.

    “I think there’s so much embarrassment and shame involved in this production that I don’t think the authorities that are in charge of cinema there will ever let it out,” he says. “I think there’s too much embarrassment and humiliation from this entire production.”

    In the years since, Lawrence’s opinions of Jiang and the production have softened, and he says he recognises he could have done things differently.

    “I think in the early days my own frustration contributed to making Jiang sound like an egomaniac, which maybe he was, but he did build this from the ground up. He did pull this together, as unconventional as it was; he did have quite a vision for it, no doubt. So I can’t really fault him for that, or for wanting to have this in a very particular way.

    “I actually respect Jiang for his vision and unrelenting drive to get it done his way. But that was also kind of the demise of the project, because he wouldn’t let much go when it wasn’t working.

    “If I had been a little more ‘go with the flow’ it might have gone a little smoother,” he says. “It might have gone smoother if they were a little more malleable too.”

    Today, Lawrence is still making smalltime films—but he’s happy in the work.

    “At this point in life I am removed from any bitterness or resentment of everything that went wrong, and I’ve made peace with my own shortcomings on the project,” he says.

    “I was a nobody at that time. Probably still am,” he adds after a moment’s pause. “But that’s okay, because I’m still having a good time making movies.”

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  11. #11
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    Zhong > Jack

    MARCH 2, 202112:35 AM UPDATED 4 HOURS AGO
    Jack Ma loses title as China's richest man after coming under Beijing's scrutiny
    By Yingzhi Yang, Brenda Goh

    3 MIN READ


    BEIJING (Reuters) - Alibaba and Ant Group founder Jack Ma has lost the title of China’s richest man, a list published on Tuesday showed, as his peers prospered while his empire was put under heavy scrutiny by Chinese regulators.

    Ma and his family had held the top spot for China’s richest in the Hurun Global Rich List in 2020 and 2019 but now trail in fourth place behind bottled water maker Nongfu Spring’s Zhong Shanshan, Tencent Holding’s Pony Ma and e-commerce upstart Pinduoduo’s Collin Huang, the latest list showed.

    His fall out of the top three comes “after China’s regulators reined in Ant Group and Alibaba on anti-trust issues,” the Hurun report said.

    Ma’s recent woes were triggered by an Oct. 24 speech in which he blasted China’s regulatory system, leading to the suspension of his Ant Group’s $37 billion IPO just days before the fintech giant’s public listing.

    Regulators have since tightened anti-trust scrutiny on the country’s tech sector, with Alibaba taking much of the heat; the market regulator launched an official anti-trust probe into Alibaba in December.

    Chinese regulators also began to tighten their grip on the fintech sector and have asked Ant to fold some of its businesses into a financial holding company to be regulated like traditional financial firms.

    Ma, who is not known for shying away from the limelight, then disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged in January with a 50-second video appearance.

    China’s current richest man, Zhong, made his first appearance at the top spot with a fortune of 550 billion yuan ($85 billion), largely thanks to the share price performances of Nongfu Spring and vaccine maker Beijing Wantai Biological Pharmacy Enterprise, which he also controls.

    Tencent’s Ma saw his wealth swell 70% over the year to 480 billion while Pinduoduo’s Huang’s fortune grew 283% to 450 billion yuan, the list said. In comparison, the wealth of Ma and his family grew 22%, to 360 billion yuan.

    Zhang Yiming, founder of TikTok owner ByteDance, broke into the top five rankings among Chinese billionaires in Hurun’s Global Rich List for the first time, with an estimated personal wealth of $54 billion.

    ($1 = 6.4696 Chinese yuan renminbi)

    Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai; Editing by Gerry Doyle and Raju Gopalakrishnan
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  12. #12
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    Something crazy is happening with Chinese media right now

    For Americans claiming censorship and media bias, ours is a capitalist economy so it is driven by private enterprise money, not the government. The PRC is communist so it is more likely government. But in all honesty, if I truly understood what was going on, I'd be an international market analyst making big bucks, not a martial arts writer posting on this forum here.

    Wang Zhongjun Steps Down as Chairman of Huayi Tencent Entertainment
    10:09 PM PDT 3/28/2021 by Patrick Brzeski

    China Photos/Getty Images

    The Hong Kong-based holding company has been used by Huayi Brothers, Tencent and other investors to make offshore investments into international films, such as the Russo brothers' 'Cherry' and Roland Emmerich's upcoming 'Moonfall.'
    Chinese movie mogul Wang Zhongjun, co-founder of Huayi Brothers Media, has stepped down as chairman of holding company Huayi Tencent Entertainment.

    Established in 2016, the firm, which is listed on the Hong Kong stock exchange, has been used by Huayi Brothers, Tencent and its other investors as a vehicle to co-finance international films and buy stakes in companies listed outside China. The joint venture was established when its backers took over a Hong Kong-listed shell company that was formerly a retirement home developer in Hong Kong.

    Huayi Tencent's recent investments include the South Korean sci-fi film Space Sweepers, the Russo brothers' crime drama Cherry and Roland Emmerich's forthcoming sci-fi action film Moonfall. The firm also owns a 31 percent stake in South Korean TV drama producer HB Entertainment.

    Huayi Tencent said in a statement Friday that Wang was resigning "as he needs to devote more time to his other business engagements," and that his exit would be effective March 30.

    Huayi Brothers Media, which Wang founded with his younger brother Wang Zhonglei in the 1990s, was previously the largest stakeholder in Huayi Tencent, but the Beijing-based parent company offloaded 13.17 percent of its shares last November, dropping its stake to just 5 percent. The sales were part of an ongoing retrenchment of the brothers' longstanding entertainment empire, which was battered by bad press following a tax evasion scandal that swept the Chinese industry in 2018. The company got a $100 million lifeline from Jack Ma's Alibaba in 2019, and began to see its fortunes recover last year with the $460 million success of its WWII tentpole The Eight Hundred.

    Wang's exit from the Hong Kong-listed holding firm comes at a time of radically diminished outbound investment by China's major entertainment companies. After a gold rush period five years ago, when Chinese firms were bankrolling everything from Hollywood slates to new U.S. production entities (Huayi co-financed an entire slate at STX Entertainment and bought a sizable stake in the Russos' production venture Agbo), investment ground to halt in 2017 amid official discouragement of such dealmaking by Chinese regulators, and its declined further amid the deteriorating diplomatic relations between Washington and Beijing.

    Huayi Tencent's current CEO Yuen Hoi Po, will temporary assume Wang's day-to-day management responsibilities. A new chairman will be elected "as soon as possible," the firm said in a statement. Yuen is currently Huayi Tencent's largest shareholder with a 17.8 percent stake.


    PATRICK BRZESKI

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