Feb. 26, 2021 - Epoch Times
03:47
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| Time | Text |
|---|---|
| On February 22nd, the Wall Street Journal quoted insiders who said that China's Boyu Capital, a private equity firm founded by former Chinese leader Jiang Zemin's grandson, Jiang Zhecheng, has moved part of its business from its Hong Kong headquarters to Singapore. | |
| Two co-founders of the company have also relocated to Singapore. | |
| The transition was mainly driven by concerns over the weakening influence of the elder Jiang, which will likely leave his family and allies more vulnerable to political purges in China, according to the sources. | |
| Established by the younger Jiang in 2010, Bowyu Capital was well known as a princeling-controlled company. | |
| Hong Kong tycoon Li Ka-shing's foundation and Singapore's government-owned sovereign fund Temasek We're both among the investors during Bowyer's first round fundraising in 2011. | |
| In just one and a half years after its establishment, Bowyer Capital made record-breaking profits from the IPOs of Alibaba and Cinder International Holdings. | |
| It also engaged in large-scale investment cooperation with China's state-run financial institutions. | |
| In the past ten years, the company has used its political and commercial connections from the Jiang faction to amass huge commercial wealth. | |
| The insiders told the Wall Street Journal that compared with Hong Kong, Singapore offers Boyu greater distance from potential scrutiny or adverse action by central authorities in Beijing. | |
| The insiders were reported to have said that Chinese leader Xi Jinping has centralised power and curtailed the influence of former regime leaders, leaving them more vulnerable to purges. | |
| Tong Xiaomeng, CEO and one of the co-founders of the company, who already has permanent residency in Singapore, recently relocated there. | |
| One of the insiders revealed that Bo Yu is also transferring part of its Hong Kong operations to a branch office in Shanghai. | |
| The younger Jiang, who had been primarily based in Hong Kong, now spends most of his time in Shanghai. | |
| Because Bo Yu is a private equity fund, it focuses on investments from mainland China. | |
| Therefore, its business model has determined that it is unacceptable from mainland China. | |
| So what does the Wall Street Journal report imply that the Jiang faction might decline due to the CCP's internal struggles? | |
| At this point, his grandson wanted to find a safe place for himself in advance. | |
| On February 17, the Wall Street Journal reported that the initial public offering IPO of Jack Ma's Ant Group was blocked by authorities due to the company's complex ownership structure. | |
| Beijing was unsettled by the people who stood to benefit from the mega-IPO. Some of them involved political families that pose a potential threat to Xi Jinping. | |
| Among these hidden investors, Boyu Capital owned nearly 1% of Ant Group in a roundabout way through Beijing Jingguan Investment Center, another private equity firm. | |
| Tang Jingyuan, a current affairs commentator living in the United States, believes that the Chinese Communist Party is now very fierce as there will be a change of term during the 20th National Congress of the CCP next year. | |
| The Wall Street Journal has been exposing inside stories about the CCP repeatedly, indicating that informants from within the CCP are intentionally disclosing secret information to the outside world. | |
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