On September 9, 2026, Hu Shengrong, former chairman of Nanjing Bank and a delegate to the National People’s Congress, had his delegate qualification terminated. His deputy and partner, former Nanjing Bank President Shu Xingnong, turned himself in and was sentenced to 5 years and 6 months in prison. Since 2025, Nanjing Bank has been experiencing concentrated outbreaks of compliance risks, leading to frequent penalties.
In a public announcement on September 9, 2026, the Standing Committee of the People’s Congress of Nanjing, Jiangsu Province, stated that Hu Shengrong, a delegate to the 17th People’s Congress, had resigned from his position, resulting in the termination of his delegate qualification.
One year ago, in October 2025, Hu Shengrong was relieved of his position as Vice Chairman of the Finance and Economic Committee of the Nanjing Municipal People’s Congress.
On September 9, 2026, a post on the mainland public account “Financial Opinion Assembly” indicated that Hu Shengrong’s resignation came as a sudden move to the public. Aged 63, Hu Shengrong, after stepping down as chairman of Nanjing Bank, took up a position in the Nanjing Municipal People’s Congress and has yet to finish his term.
According to his public resume, Hu Shengrong, born in May 1963 in Nanjing, Jiangsu province, graduated with a bachelor’s degree and is an economist. He held various positions in China Industrial and Commercial Bank before serving in leadership roles at Nanjing Bank and the finance sector in Nanjing city.
During Hu Shengrong’s tenure as chairman of Nanjing Bank, there were instances of misconduct among senior executives, such as the inability of key personnel to perform their duties properly. This led to investigations and legal actions within the bank.
In another development, Shu Xingnong, who served as president of Nanjing Bank, was found guilty of embezzlement and sentenced to 5 years and 6 months in prison in a case that shook the banking industry. He had been a key figure in the bank’s bond business before his resignation in May 2019, under circumstances said to be related to earlier investigations involving other executives.
Nanjing Bank, renowned as the “King of Bonds” in the mainland financial sector, faced challenges as compliance risks escalated, resulting in a series of penalties and warnings from regulatory authorities. The bank’s performance reflected a concerning trend of prioritizing scale over risk control, which had come under scrutiny.
Throughout 2025, Nanjing Bank and its branches accumulated a total of seven penalties, with fines amounting to 3.96 million RMB. By the first quarter of 2026, the bank incurred an additional two penalties totaling 2.15 million RMB. These penalties were due to various compliance failures, particularly in loan management and risk oversight.
The issues at Nanjing Bank extended beyond its headquarters in Jiangsu to branches in other regions like Zhejiang. Problems with loan quality, especially in personal loans, had become a major risk factor for the bank. The management of fund usage and credit applications had also been cited as areas of concern leading to regulatory sanctions.