Boyu Capital Moves Operations Out of Hong Kong Amid Suspected Political Infighting: Report
Boyu Capital, a fund company owned by China’s former leader Jiang Zemin’s family, is moving its business from Hong Kong to Singapore and Shanghai, The Wall Street Journal (WSJ) reported on Feb. 22.
Jiang built a faction within the Chinese Communist Party (CCP) centered in Shanghai that controlled Hong Kong and had influence in other regions. Jiang’s faction, also called the Shanghai clique, is the main rival of current Chinese leader Xi Jinping within the party.
Xi’s actions, such as changing the leadership of China’s central government Hong Kong Liaison Office in January 2020 and suspending the IPO of Alibaba’s Ant Group which Boyu Capital holds shares in in November 2020, are designed to take over power from Jiang’s faction or block its development, according to a China affairs commentator.