As Evergrande Group comes to an end, the so-called “right-hand man” of Evergrande’s founder Xu Jiayin, has recently been penalized. Evergrande Life Insurance has been warned and fined for illegal activities including non-compliant utilization of insurance funds, resulting in penalties for 20 individuals.
On September 12, the Chinese Communist Party’s Financial Regulatory Agency issued warnings and fines totaling approximately 2.825 million yuan to Evergrande Life Insurance and 20 individuals responsible. Among these individuals are Liang Dong, Zhu Jialin, Zeng Songbai, Chen Dun, Liu Guohui, and others. Five of them have been banned from engaging in related industries.
Furthermore, the former and current three chairpersons of Evergrande Life Insurance, Peng Jianjun, Zhu Jialin, and Liang Dong, were also included in the list of those penalized. Chinese media reported that Peng Jianjun and Zhu Jialin were once regarded as Xu Jiayin’s “right-hand men.”
The Financial Regulatory Agency of the Chinese Communist Party issued warnings and fines to 20 individuals at Evergrande Life Insurance. These individuals include Liang Dong, Zhu Jialin, Zeng Songbai, Chen Kun, Liu Guohui, Wang Shouxiang, Fang Yuanfu, Zhang Xinrong, Mo Yongguang, Chen Lida, Luo Song, Peng Jianjun, Jiang Jinfeng, Hu Feng, Xu Xiaoguang, Chen Min, Zhao Hongtao, Liu Quzhang, Zhang Yan, and Wang Xu, with total fines amounting to 2.825 million yuan.
Among them, Liang Dong has been banned for life from entering the insurance industry, and Chen Kun has been banned for 10 years. Zhu Jialin, Zeng Songbai, and Liu Guohui have been banned for 5 years from entering the insurance industry.
On the same day, due to “irregularities in shareholder equity and seal management” at Evergrande Life Insurance, the Shenzhen Financial Regulatory Bureau issued a warning and fined the company 410,000 yuan. Zhao Dongmei, Liu Hao, Peng Jianjun, Zhu Jialin, Liang Dong, Zeng Zhi, Luo Song, Peng Lingjiang, and eight others were individually warned and fined 100,000 yuan, while Xiong Qiuqiu was warned and fined 10,000 yuan.
Peng Jianjun, an Evergrande veteran touted as Xu Jiayin’s “right-hand man,” joined Evergrande Group in 2007 and held positions such as Vice President of Evergrande Real Estate, General Manager of Evergrande Hotel Management Group, Chairman of Evergrande Grain and Oil, Chairman of Evergrande Life Insurance, and Vice President of Evergrande Finance. After 2018, with Xu Jiayin’s focus on the automobile industry, Peng Jianjun moved on to become Vice President of Evergrande High-Tech Group, Vice Chairman of Evergrande Health, President of Evergrande New Energy Automobile Group, and Chairman of Evergrande Power Technology Group.
Another “right-hand man” of Xu Jiayin, Zhu Jialin, formerly Vice President of China CITIC Bank, gained Xu Jiayin’s trust after joining China Evergrande Group in 2017, overseeing the financial sector and later rising to become Executive Vice President within the group, responsible for investment and financial management matters. He served as Chairman of Evergrande Life Insurance from July 2018 to October 2019. Starting in 2022, Zhu Jialin became Vice Chairman of China Rong Life, and within Evergrande Group, he was promoted to Executive Vice President. In September 2023, multiple media outlets reported that Zhu Jialin had been taken away for investigation, and no public updates have been provided since.
Liang Dong, a former Chairman of Evergrande Life Insurance, ventured into the insurance industry in 1998, holding roles at Ping An Life Insurance, Tai Ping Life Insurance, and Everbright Sun Life Insurance before joining Evergrande Life Insurance in April 2016. In September of the same year, he was promoted to General Manager, and on March 16, 2020, he officially succeeded Zhu Jialin as the Chairman of Evergrande Life Insurance. In 2023, impacted by Evergrande Group’s financial crisis, the company’s insurance business was entirely transferred to Harbor Life.
Additionally, Zeng Songbai formerly served as Vice General Manager, General Manager, and Chief Risk Officer of Evergrande Life Insurance, while Chen Kun was previously Vice General Manager and Chief Investment Officer of Evergrande Life Insurance.
Established on May 11, 2006, Evergrande Life Insurance Co., Ltd., formerly known as Sino-New Oriental Life, was acquired and renamed by Evergrande Group in November 2015. Headquartered in Shenzhen with a registered capital of 1 billion yuan, it primarily engages in life, health, and accident insurance businesses with 88 branch institutions nationwide. In 2023, due to insolvency, its insurance business and assets were fully taken over by Harbor Life.