Another Chinese billionaire has tragically passed away. Shao Gang, the chairman of Shenzhen Gaoxin Investment Group, unexpectedly died in late February at the age of 54.
According to reports from several mainland Chinese media outlets, Shao Gang, the Party Secretary and Chairman of Shenzhen Gaoxin Investment Group Co., Ltd., passed away unexpectedly in late February 2026.
Sources quoted by Caixin said that Shao Gang died from falling off a building and preliminary understanding suggests it was due to a bout of depression, constituting a personal tragedy without involving any work-related issues.
Public records show that Shao Gang, a Master of National Economics from Jilin University, joined Shenzhen Gaoxin Investment Group in July 2008. He had previously held positions such as Deputy Secretary of the Party Committee and Director at Shenzhen Gaoxin Investment Group. Additionally, Shao Gang served as the general manager and chairman of the Red Soil Innovation Fund public fund, being its first general manager.
Information indicates that Shenzhen Gaoxin Investment Group, established in 1994, is a state-owned financial platform initiated and established by the Shenzhen municipal government. The group’s main business includes financing guarantees, venture capital investment, bond credit enhancement, and has served over 76,000 enterprises with total assets of 45.9 billion yuan. Shao Gang had worked at Gaoxin Investment Group for just over a year.
This tragic incident adds to the list of recent cases involving the untimely deaths of wealthy individuals in China, raising concerns about mental health and the pressures faced by business leaders in the country.