Recently, there has been ongoing turmoil within the Chinese private equity giant Zhongjin Capital Investment Co., Ltd. (referred to as Zhongjin Capital), following the incidents involving several senior figures in the company. The current chairman of Zhongjin Capital, Shan Junbao, has reportedly lost contact with the outside world.
According to a report from Caixin on October 30, Shan Junbao, the current chairman of Zhongjin Capital, has been unreachable for over a week, with unanswered phone calls, unresponsive WeChat messages, and text messages. Sources revealed that Shan Junbao was taken away by the authorities last week.
Red Star News reported on November 1 that when they called the phone number disclosed by Zhongjin Capital, the operator claimed it was a general line and was unsure about Shan Junbao’s whereabouts. They were able to transfer the call anonymously to Shan Junbao through the general line, but there was no answer.
It is known that Shan Junbao appeared at the 6th China Mother Fund Summit held in Beijing at the end of August 2025.
Notably, Shan Junbao’s name is no longer listed in the “Core Team” section on the official website of Zhongjin Capital.
Public records show that Shan Junbao, born in 1966 in Jiangsu, attended Fudan University School of Management in the 1980s for both undergraduate and postgraduate studies. He joined Zhongjin Capital in 2001 and has worked for 24 years, holding positions such as head of Zhongjin Company’s Shanghai branch, head of Zhongjin Company’s Corporate Finance Advisory Department, and Managing Director of Zhongjin Company’s Investment Banking Department.
Around 2015, Shan Junbao was in charge of Zhongjin Smart Virtue, a direct investment platform established by Zhongjin Company, as its general manager. When Zhongjin Capital was established in 2017, the equity of Zhongjin Smart Virtue was transferred to Zhongjin Capital. Zhongjin Smart Virtue was dissolved in February 2022.
Shan Junbao joined the management team of Zhongjin Capital in 2021 and became the legal representative in August 2022, stepping down from the position in May 2025.
Prior to this, in August 2025, senior figures of Zhongjin Capital, Ding Wei, a member of the Zhongjin Capital Operations Management Committee An Yuan, and former president of Zhongjin Capital Xiao Feng, were investigated.
According to Caixin, sources stated that Shan Junbao was essentially in a state of retirement before his disappearance. Rumors in July suggested that Shan Junbao was being investigated, which later turned out to involve Ding Wei and a few others, and Shan Junbao quickly reappeared.
The report mentioned that with Shan Junbao missing, almost the entire original management team of Zhongjin Capital, which he helped build, has been wiped out, causing internal unrest.
As of September 2024, Zhongjin Capital’s accumulated assets under management have exceeded 560 billion yuan, with investments in nearly 150 direct projects and ownership of 390 sub-funds.
Zhongjin Company has always been considered a stronghold of interest for Chinese Communist Party elites like Zhu Rongji and Wang Qishan. The company has been dubbed the “noble investment bank,” with children of powerful figures often clustering there.
In June 1993, during Zhu Rongji’s tenure as Vice Premier of the People’s Republic of China, Wang Qishan rose through the ranks and eventually took on roles such as Deputy Governor of the People’s Bank of China in 1993 and President of China Construction Bank in 1994. In 1995, Wang Qishan initiated cooperation between CCB and Morgan Stanley, establishing China’s first joint venture investment bank – Zhongjin Company, where he served as chairman.
Zhu Rongji’s son, Zhu Yunlai, joined the Zhongjin Company Management Committee in 2000, then became the CEO in 2004 before resigning from the positions of president and chairman of the Management Committee in 2014.
Former Chairman of the China Securities Regulatory Commission, Yi Huiman, was officially investigated on September 6 this year. Sources cited by the Financial Times revealed that Yi Huiman’s son, Yi Chenyang, is an up-and-coming figure at Zhongjin Company. Following the authorities’ investigation of his father, Yi Chenyang was also taken away by relevant departments.
Hong Kong media disclosed that the former chairman of Zhongjin Capital, Ding Wei, is under investigation regarding a large-scale private equity investment project, and Yi Chenyang, who worked at Zhongjin in Hong Kong, is implicated in the case.