{"id":9070,"date":"2023-11-03T11:44:37","date_gmt":"2023-11-03T11:44:37","guid":{"rendered":"https:\/\/infundpros.com\/business\/beijing-bans-communist-party-officials-from-private-equity-investing\/"},"modified":"2023-11-03T11:44:37","modified_gmt":"2023-11-03T11:44:37","slug":"beijing-bans-communist-party-officials-from-private-equity-investing","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9070","title":{"rendered":"Beijing bans Communist party officials from private equity investing"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Chinese politics &amp; policy<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=374d7ecb-bd71-4a13-986a-61a080cceba6&amp;concept-id=02249f44-ac1f-48d6-bba5-820471c18ca5\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Beijing has told Communist party cadres to stay away from private equity as President Xi Jinping\u2019s anti-corruption drive intensifies.<\/p>\n<p>Officials have been banned from pouring their savings into domestic Chinese private equity funds, according to state media this week. The ban officially aims to tackle the myriad corruption risks that accompany cadres indirectly taking shares in companies. <\/p>\n<p>The party last year required top officials and their relatives to report any private equity investments or roles they held in the industry. This year\u2019s ban on investing in private equity funds is targeted at mid- to high-level cadres and focuses on private funds which require minimum investments of Rmb1mn ($137,000). State media reports did not say whether the ban extended to relatives. <\/p>\n<p>State media said China\u2019s graft-busting agency, the Central Commission for Discipline Inspection, had uncovered cases of officials providing benefits to groups they had invested in through PE funds, including helping the companies to sell shares in public markets. \u201cThey reaped huge gains after the company\u2019s public listing,\u201d the report said.\u00a0<\/p>\n<p>\u201cThose who have been verified to have invested in private equity funds should be treated as having violated rules against operating businesses,\u201d the CCDI said in <em>Research on the Application of Disciplinary Inspection and Supervision Laws<\/em>, a book published in the summer. <\/p>\n<p>As well as smaller local private funds, there is an established industry of Chinese private equity firms. These have long been a draw for the \u201cprinceling\u201d sons and daughters of top officials. The son of former vice-premier Liu He founded Skycus Capital, which reaped rewards from investing in spin-offs from Tencent and JD.com. Alvin Jiang, the grandson of China\u2019s former president Jiang Zemin, helped set up Hong Kong-based private equity firm Boyu, an early backer of Alibaba.\u00a0<\/p>\n<p>The ban comes as Xi shakes up the finance industry. State-owned banks have cut salaries and perks for staff this year while the party\u2019s anti-corruption agency has investigated dozens of top bankers and officials responsible for financial regulation.\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>Meanwhile, China\u2019s spy agency on Wednesday also said it was turning its sights on the country\u2019s financial system, claiming \u201cstate security agencies are the steadfast guardians of financial security!\u201d in a social media post.<\/p>\n<p>The state security agency said it was working to ferret out risks and scrutinising \u201cnaysayers\u201d who were trying to whip up panic in the country\u2019s battered markets.<\/p>\n<p>\u201cThere are not only \u2018bears\u2019 and \u2018short sellers\u2019, but also \u2018naysayers\u2019 and \u2018undercutters\u2019 who attempt to shake international investment confidence in China and trigger domestic financial turmoil,\u201d the Ministry of State Security said in a post on its recently established WeChat account.<\/p>\n<p>The agency pledged to \u201clegally crack down on and punish illegal and criminal activities that endanger national security within the financial sector\u201d.<\/p>\n<p><em>Additional reporting by Will Langley in Hong Kong<\/em> <em>and Nian Liu from Beijing<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/374d7ecb-bd71-4a13-986a-61a080cceba6\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Chinese politics &amp; policy myFT Digest &#8212; delivered directly to your inbox&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-9070","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Beijing bans Communist party officials from private equity investing | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Chinese politics &amp; policy myFT Digest -- delivered directly to your inbox.Beijing has told\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=9070\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beijing bans Communist party officials from private equity investing | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Stay informed with free updatesSimply sign up to the Chinese politics &amp; 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