On October 13, 2026, the former mayor of Chongqing, known as the “indestructible figure in politics,” Huang Qifan, was officially announced to be under investigation by the authorities, leading to attention on allegations of corruption and scandals involving mistresses within his family. Reports indicate that Huang Qifan and his son were both taken away from their home concurrently, with records surfacing of Huang Qifan’s past relationship with lawyer Peng Jing over a decade ago.
According to a report by Caixin Net on October 15, Huang Qifan was taken away from his home by relevant authorities around October 10. His son, Huang Ranfei, who currently serves as the Chairman of Hongqiao Investment Holdings (Shenzhen) Co., Ltd., a subsidiary of a private aluminum electrolysis company within Weiqiao Group, has been unreachable by phone for several days.
However, a report by Hong Kong’s Ming Pao on October 15 revealed that Huang Qifan attended a real estate opening event and delivered a speech at the Huayi Hotel in Zhongshan City, Guangdong on October 10. This event was considered his last public appearance before the investigation. Sources disclosed that he was detained at the Shenzhen airport on that day. Another report by Ming Pao cited insider information stating that Huang Qifan’s son, Huang Ranfei, involved in business, was also taken away for investigation.
During his tenure overseeing the economy in Chongqing, Huang Qifan vigorously promoted the “Yufu Model” and spearheaded a plethora of economic and reform initiatives.
Reports have revealed that in the past month, two key executives from the significant financial platform “Yufu” established by Huang Qifan during his time in Chongqing have been taken down. This includes Xie Wenhui, former Party Secretary and Chairman of Chongqing Yufu Holdings Group Co., Ltd., and Wu Jian, former Party Secretary and Chairman of Southwest Securities Co., Ltd., both integral figures in the reorganization of Southwest Securities by Yufu.
Another crucial figure in the “Yufu Model” of Chongqing, Liao Qingxuan, who held roles such as Chairman of Yufu, Director of the State-Owned Assets Supervision and Administration Commission of Chongqing Municipality, and Chairman of Southwest Securities, among others, suffered an unexpected incident after retiring for five years, though Caixin did not specify the nature of the incident.
Additionally, several individuals in Chongqing’s financial sector, including brokerage firms and banks, have been summoned for questioning by relevant departments.
An insider familiar with Chongqing’s political scene suggested that Huang Qifan’s downfall is related to issues exposed during his involvement in the mixed-ownership reform of certain state-owned enterprises in Chongqing.
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