On November 19, 2025, the former Party Secretary and Chairman of China Xinhua Insurance, Li Quan, was sentenced to death with a reprieve for corruption and bribery, with the amount involved in the two charges exceeding 200 million yuan (RMB, Renminbi).
The Intermediate People’s Court of Jinan City, Shandong Province, issued the aforementioned judgment. The court stated that from June 2015 to March 2024, Li Quan illegally embezzled business profits, totaling over 1.08 billion yuan.
From 2010 to 2023, Li Quan took advantage of his position to assist relevant units and individuals in business cooperation, fund subscriptions, and other aspects, illegally receiving a total of over 1.05 billion yuan either alone or in collusion with others.
In April 2024, Li Quan went missing; On September 30, the Chinese Communist Party officially announced Li Quan’s expulsion from the party, cancellation of his benefits, and transfer to the prosecution for review and prosecution.
At that time, the announcement stated that Li Quan flagrantly “made a fortune through finance,” engaged in power-money transactions, illegally accepted huge amounts of money, and wantonly embezzled public funds.
In January 2025, Li Quan was publicly prosecuted, and on May 14, the first trial was held.
Public records show that Li Quan was born in 1963, with many years of investment management experience and a deep understanding of the capital market. Before joining China Xinhua Insurance, he had worked at Boshijijin for more than ten years. In 2010, Li Quan joined China Xinhua Insurance as the Chief Executive of Xinhua Asset Management.
From August 2019 to April 2023, Li Quan served as the President of China Xinhua Insurance. On September 26, 2022, the board of directors of China Xinhua Insurance elected Li Quan as the Chairman of the seventh board of directors. In April 2023, the China Banking and Insurance Regulatory Commission approved his qualification.
Four months later, China Xinhua Insurance announced that Li Quan resigned from all positions in the company, including Chairman of the Board, Executive Director, Chief Executive Officer, Chairman of the Board’s Strategic Committee, member of the Investment Committee, member of the Risk Management and Consumer Rights Protection Committee, and all other positions, citing age reasons.