The granddaughter of the late former General Secretary of the Chinese Communist Party, Hu Yaobang, Hu Zhizhi, has recently been appointed as the Vice Chairman of UBS Securities and will also assume the position of CEO of UBS Group in China. The movements of descendants of Chinese Communist Party elders have been intensively exposed in recent times.
According to reports from mainland Chinese media such as The Paper and Caixin, Hu Zhizhi will officially assume the role of CEO of UBS Group in China starting on September 16, taking overall responsibility for leading and advancing UBS’s strategic layout and business development in China.
Previously, the CEO of UBS Group in China was concurrently held by Qian Yujun, the Chairman of UBS Securities, who currently remains in the position of Chairman of UBS Securities.
On June 24 this year, Beijing State-owned Assets Investment announced the acquisition of 36.01% of the shares of UBS Securities held by UBS Group, totaling 85.01% of the shares of UBS Securities. After the completion of the transaction, UBS Group still holds 14.99% of the shares of UBS Securities.
Hu Zhizhi joined UBS in 2001, holding various positions such as Head of UBS China Investment Banking Business, Vice President of UBS China, CEO of UBS China, and Chairman of UBS Securities (China).
On July 11 this year, UBS Securities announced that Hu Zhizhi, the former Chairman of UBS Securities, has been appointed as Vice Chairman of UBS Securities. According to Caixin, UBS Securities did not have the position of Vice Chairman before, this position was newly created for Hu Zhizhi.
Hu Zhizhi’s father is Hu Deping, the eldest son of former Chinese Communist Party General Secretary Hu Yaobang.
Many influential Chinese Communist Party families hold positions in foreign investment banks or domestic financial institutions, with their recent movements frequently coming to light.
On April 18, the Hong Kong media “Sing Tao Daily” reported that according to “Love Enterprise Search”, Deng Zhuifang, the son of Deng Zhaofang, the second son of former Chinese Communist Party leader Deng Xiaoping, has been appointed as a supervisor of China CITIC Financial Services Limited. China CITIC Financial Services is a subsidiary of the central enterprise CITIC Group.
Caixin reported on January 18 this year that Li Tong, the Chief Executive Officer of BOCI Holdings Limited, has resigned from the company, possibly due to a narrowing of Li Tong’s authority following a restructuring of the management structure. Li Tong, 54, is the daughter of former Chinese Communist Party Politburo Standing Committee member Li Changchun and has been employed at BOCI International for about 19 years. In 2011, she was promoted from Executive Director to CEO.
On November 20, 2023, Caixin reported that the head of the Technology Regulation Division of the newly established China Banking and Insurance Regulatory Commission’s Technology Supervision Bureau was Liu Chunhang, the former Director of Statistical Information and Risk Monitoring Department of the Banking and Insurance Regulatory Commission.
Liu Chunhang is the husband of Wen Ruchun, the daughter of former Chinese Premier Wen Jiabao, and has previously worked in financial institutions like Morgan Stanley.