After four years of stepping down from his position, Wang Xuedong, former senior expert at the China Development Bank and former chairman of the leading financial leasing enterprise in China, Guoyin Financial Leasing Co., Ltd. (Guoyin Finance Lease), is under investigation.
According to a notice on the official website of the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission on the evening of October 14th, Wang Xuedong, the former senior expert of the China Development Bank, is suspected of serious violations of discipline and law and is currently under investigation.
Public information shows that Wang Xuedong was born in 1963 and had worked in the National Development and Reform Commission (now the National Development and Reform Commission), the National Transportation Investment Corporation, and the General Office of the China Development Bank. At the end of 1999, Wang Xuedong was appointed as the Vice President of the Shanghai Branch of the China Development Bank, and in early 2008, he was transferred to be the President of the Hunan Provincial Branch.
Starting from October 2014, Wang Xuedong served as the Chairman and Executive Director of Guoyin Finance Lease.
Guoyin Finance Lease is the sole leasing business platform under the China Development Bank and the first listed leasing company in China. As of the end of June this year, the company’s assets amounted to approximately 417.7 billion yuan, ranking second only to Jiaoyin Finance Lease (a wholly-owned subsidiary of the Bank of Communications) and Gongyin Finance Lease (a wholly-owned subsidiary of the Industrial and Commercial Bank of China).
In July 2016, Guoyin Finance Lease was listed on the Hong Kong Stock Exchange, becoming the first domestically listed financial leasing company.
In July 2021, Guoyin Finance Lease announced that Wang Xuedong resigned from various positions within the company, including Chairman of the Board, Executive Director, Chairman and member of the Board’s Strategic Decision-Making Committee, Chairman and member of the Risk Management and Internal Control Committee, and member of the Nomination Committee, due to job adjustment reasons. At that time, Guoyin Finance Lease had assets totaling 300 billion yuan, ranking first in the industry.
Since leaving Guoyin Finance Lease, Wang Xuedong has participated in various activities with personnel from relevant branches of the China Development Bank multiple times in the capacity of a “senior expert of Guoyin Financial Leasing Co., Ltd.”