[Epoch Times February 23, 2021](Epoch Times reporter Lin Yan reported) The Wall Street Journal on Monday (February 22) quoted sources familiar with the matter as saying that the Boyu Capital of the Jiang Zemin family will be transferred to Singapore from 2019. The main reason for the transfer is that Jiang Zemin’s influence will weaken. Once Jiang passes away, his family and cronies may be liquidated.
According to the report, Boyu Capital, a private equity firm owned by the former party leader Jiang Zemin’s family, has moved part of its business from its Hong Kong headquarters to Singapore, and its two co-founders have also moved to Singapore.
Jiang Zemin is 94 years old this year. His eldest grandson, Jiang Mianheng’s son, Alvin Jiang, founded Boyu Capital in 2010, and the Jiang family’s name has been revealed since the establishment of the private equity fund. Boyu Capital’s first phase of funding (2011) also came from the Hong Kong giant Li Ka-shing Foundation and Singapore’s sovereign fund Temasek (Temasek).
In the past 10 years, Boyu Capital has transformed the political relationships owned by the Jiang family into huge commercial wealth. No matter the number of projects it participates in financing or the scale of funds, no one can match it.
The report said that when the Chinese Communist Party leader Xi Jinping took measures to curb the influence of senior retired seniors and strengthen Beijing’s control of Hong Kong, Boyu, controlled by Jiang Zhicheng, began to transfer to Singapore from the end of 2019.
Boyu’s Singapore office is its first office outside of China. Sources said that compared with Hong Kong, Singapore provides Boyu with a greater distance to protect it from potential scrutiny or adverse actions by the Beijing authorities.
Jiang Zemin served as the leader of the Communist Party of China for 13 years, and until 2002, he was the umbrella of the so-called “Shanghai Gang” officials. Many of these officials promoted by Jiang have since faded out of the public eye, and some were cleared by Xi Jinping during anti-corruption operations.
“Hua Ri” quoted a party insider as saying, “Xi Jinping has weakened the influence of retired veterans in the process of centralization. These old people are trying to guide decisions that benefit them.” “As Xi Jinping gradually dominates, the elderly Jiang Zemin influences His power has weakened. After Jiang Zemin’s death, it may further change the power structure within the party, making his family and cronies more vulnerable to cleaning.”
“Hua Ri” published a long article on February 16 to reveal the relationship between Alibaba and Boyu. Since coming to power at the end of 2012, Xi Jinping pointed to the cleanup of corruption within the party, and the stories of luxurious banquets and mistress corruption of high-level party members have also been outraged by ordinary Chinese.
The report quoted Xi Jinping’s internal speech reprimanding the corrupt officials of the Chinese Communist Party as saying, “You people die either on the wine table or on the bed.”
Both Boyu’s co-founders have moved to Singapore
The three well-known private equity partners dug up by Boyu Capital at the beginning of its establishment are currently only Tong Xiaoyao and Zhang Zixin.
“Hua Ri” reported that according to Singapore’s corporate and government records, Boyu Capital began to establish new business in Singapore at the end of 2019. At that time, at a time when a demonstration in Hong Kong was taking place, all the people opposed the Hong Kong Government’s amendment to the Fugitive Offenders Ordinance.
Tong Xiaoyao, one of Boyu’s co-founders, has recently obtained permanent residency in Singapore. He established a company called Boyu Capital Management (Singapore) in Singapore in November 2019 and served as the CEO.
According to people familiar with the matter, Tong Xiaoyao has met with the Economic Development Board of Singapore (Economic Development Board) to discuss the establishment of Boyu’s business in Singapore. The bureau is Singapore’s government agency responsible for attracting foreign investment.
One of the people familiar with the matter said that Tong Xiaoyao obtained her permanent residency through the Singapore Economic Development Board’s “Global Investor Programme” (Global Investor Programme) at the end of last year. According to the plan, eligible foreigners can invest at least 2.5 million Singapore dollars (approximately US$1.9 million) to establish a new company to obtain permanent residency in Singapore, among other options.
According to the Singapore Economic Development Board, the processing time for this type of application is about 9 to 12 months. The Singapore Economic Development Board declined to comment.
According to people familiar with the matter, Boyu’s founder and CEO Zhang Zixin has also moved to Singapore. According to company announcements, Zhang Zixin and Tong Xiaoyao are Chinese citizens with permanent residency in Hong Kong, while Zhang Zixin holds a Singapore work visa.
One of them said that Boyu is also transferring part of its Hong Kong business to its Shanghai branch. The person familiar with the matter said that Jiang Zhicheng is now in Shanghai most of the time. At present, it is unclear how many operations Boyu will move to Singapore or Shanghai.
Editor in charge: Ye Ziwei#