Published: November 24, 2012
Ping An’s Hidden Shareholders: Friends and Family of Wen Jiabao
Rise of a Financial Giant
Friend of Wen
Jiabao’s wife
21.2 million
Duan Weihong
Two investment vehicles partly controlled by the mother of Wen Jiabao show her holding a stake in Ping An worth $120 million.
Ping An sells stock in Shanghai, raising $5 billion.
A company that would later be partly controlled by the relatives of Wen Jiabao acquires a Ping An stake.
Investment vehicles controlled by associates of Cheng Yu-tung buy a large stake from the China Merchants Group.
British bank HSBC pays $600 million for a 10 percent stake in Ping An.
An associate of Hong Kong billionaire Cheng Yu-tung begins acquiring large stakes in Ping An using investment vehicles that later co-invest in companies with the relatives of Wen Jiabao.
Executives from Morgan Stanley and Goldman Sachs write a letter to Wen Jiabao arguing that breaking up Ping An would damage foreign investment.
The wife of then-vice premier Wen Jiabao visits Ping An’s chairman. A diamond company partly controlled by her relatives occupies space in a Ping An office building.
A new law orders insurance companies to choose between life and property insurance and to sell off other units.
1995
2012
2007
2004
2002
2000
1999
1998
1994
Delegates at the Ninth National People’s Congress in Beijing sought measures to address the financial crisis.
Ping An raises $1.8 billion in Hong Kong public stock offering.
Regulators approve Ping An’s proposal to avoid a split-up.
Wen Jiabao’s son co-founds an I.T. company that later wins a lucrative Ping An contract.
Ping An executives campaign to prevent regulators from breaking up the company.
After the Asian financial crisis, regulators step up efforts to break up insurance companies and other financial institutions.
Morgan Stanley and Goldman Sachs each pay $35 million to acquire a stake in Ping An, the largest foreign investment in a Chinese financial institution.
The Ping An Insurance Company was founded in Shenzhen in 1988. At that time, the Chinese insurance market was dominated by a single state-owned giant, People’s Insurance.
Ping An, today a hugely successful conglomerate, is building a 115-story headquarters in Shenzhen.
Mother-in-law
of Wen
Jiabao’s
son, Winston
Wen
13.4 million
Brother of Wen
Jiabao’s wife
3.3 million
Family friend and colleague
of Wen Jiabao’s brother
9.1 million
Colleague of
Wen Jiabao’s wife
Brother of
Wen Jiabao’s wife
(27% of Shijixing)
1 million
7.5 million
In October 2004, 135 million shares of Ping An Insurance were owned by Taihong, an investment vehicle owned by:
Two relatives obtained stakes in Ping An through Hongrui, beginning in 2005. By 2007, Yang Zhiyun, left, the prime minister’s mother, held $120 million worth of Ping An stock; and Yang Quanmei, the father-in-law of the prime minister’s son, held $113 million.
Zhang
Jiankun
KEY
Relatives of Wen Jiabao and his wife, or her friends and colleagues
boldface
individuals in
Investment
companies shown in
Owned by
Owned by
Partly
owned by
Owned by
Owned by
Owned by
Owned by
Owner
Share of ownership
17%
Zhang Jianhong
Zhang Yuhong
40%
43%
27%
23%
50%
10%
90%
12%
25%
30%
70%
32%
20%
80%
48%
10%
25%
20%
28%
SHIJIXING
Wang
Lan
He
Wen
Dalian
Haichang
Liu Donsheng
BEIJING
TAIHONG
Wang Zhuangli
DONGFANG-
SHIYUAN
KANG-
SHENGYUAN
Li
Baozhen
HESHENG
SHENGCHURUI
Number of
Ping An shares
effectively
controlled
Feng Zhixi
Wife of Wen
Jiabao’s brother
33.7 million
CAPITAL LETTERS;
HONGRUI
Chen Hengmei
TIANJIN SHIJI
HEPING
XUANDA
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