Xiao Jianhua

Xiao Jianhua
Xiao Jianhua
Born	January 13, 1972 (age 54); Feicheng, Shandong, China
Occupation	Businessman
Known for	Managing wealth for descendants of influential Chinese political figures; founder of Tomorrow Holding
Spouse	Zhou Hongwen

Xiao Jianhua (, born 13 January 1972) is a billionaire businessman with Chinese-Canadian citizenship, recognized for managing wealth on behalf of descendants of influential Chinese political figures. In 2017, he was transferred from Hong Kong to mainland China. Canadian diplomatic officials were refused entry to his legal proceedings in Shanghai, where he received a 13-year prison sentence and his company was fined over $8 billion for charges including embezzlement and bribery.

Early life

Born in 1972 in Feicheng, Shandong, China, Xiao was one of six siblings in a family headed by a schoolteacher. At just 14 years old, he secured a scholarship to attend Peking University, where he joined the Chinese Communist Party during his studies. He opposed the Tiananmen Square protests and ultimately graduated with a law degree from Peking University.

Career

Xiao launched his entrepreneurial journey in the 1990s by selling IBM and Dell computers near the Peking University campus and also collaborated with Microsoft. Within a few years, his estimated net worth climbed to around $150 million.

He is the owner of Tomorrow Holding (also known as Tomorrow Group), an investment firm with diversified holdings spanning banking, insurance, real estate development, coal mining, cement production, and rare earth minerals. As reported by The New York Times, Xiao possesses minority stakes through various investment channels in institutions such as Ping An Insurance, Harbin Bank, Huaxia Bank, and the Industrial Bank. He is also the principal shareholder of Baotou Tomorrow Technology.

The New York Times has characterized him as "a banker for the ruling class," noting his role in managing assets for powerful Chinese families. By 2016, his wealth was approximated at $6 billion. His ties to China's elite include acquiring half ownership of CCB International Yuanwei Fund Management, a company owned by Qi Qiaoqiao, sister of Xi Jinping. Additionally, he had involvement with Pacific Securities, which was later implicated in money laundering allegations.

Beijing Beida Tomorrow Resources Technology

Xiao's business ventures originated with Beijing Beida Tomorrow Resources Technology (北京北大明天资源科技), an enterprise in which Peking University Resources Group held a 20% stake. In 1999, it purchased a 47% share in an intermediate holding company of Baotou Tomorrow Technology (previously Baotou Yellow River Chemical Industry) from the Baotou Municipal Government. This entity controlled the right to appoint three out of five directors, including key positions such as chairman and general manager of what became Baotou Beida Tomorrow Resources Technology. Xiao Jianhua assumed the chairmanship of Baotou Tomorrow Technology, while his spouse Zhou Hongwen took on the presidency of Beijing Beida Tomorrow Resources Technology.

Tomorrow Holding

A 2015 disclosure from Baotou Tomorrow Technology indicated that Xiao's cousin, Xiao Weihua, owned 29% of Tomorrow Holding. Reports suggest that Xiao Jianhua manages assets indirectly via family members or his wife. Initially, Xiao and Zhou collectively held half of the company’s shares.

In 2000, Tomorrow Holding and its affiliates possessed a 5.75% stake in Shanghai Ace (SSE:600652). Directors appointed included Xiao, Zhou, and four associates, enabling Tomorrow Holding to command majority control over the board. Deng Jingshun served as chairman and later vice-president of Tomorrow Holding; notably, he appeared unconnected to the core group.

In 2008, Tomorrow Holding divested its shares in Baotou Tomorrow Technology to Zhengyuan Investment, predominantly owned by Beijing Beida Jade Bird (affiliated with Peking University) alongside other parties. By 2012, Tomorrow Holding had reacquired a 36% interest in Zhengyuan Investment from shareholders outside Beida Jade Bird. Zhengyuan controlled 34.60% of Baotou Tomorrow Technology and held 95% ownership of Baotou Beipu Industry; Xiao Weihua was recorded as owning 5% of Beipu. The latter also maintained an additional 0.25% stake in Baotou Tomorrow Technology.

Several firms associated with Tomorrow Holding have since come under regulatory control by Chinese authorities, including Huaxia Life, Tianan Life Insurance, Tianan Property Insurance, New Times Trust, Yi'An Property Insurance, and New China Trust—all overseen by the China Banking and Insurance Regulatory Commission.

Criminal case

According to a 2017 disclosure, arrest warrants for Xiao had been issued back in 2013; however, he was alerted by government contacts, enabling him to flee to Hong Kong, where he resided at the Four Seasons Hotel. On January 28, 2017, officers from Chinese public security reportedly apprehended Xiao within his hotel apartment. Unidentified plainclothes agents encountered him inside his room before escorting him, along with two bodyguards, across a border. Reports suggest he was transported in a wheelchair with his head obscured, showing no signs of resistance. The Hong Kong police acknowledged their request for assistance from mainland authorities but refrained from providing additional details.

In September 2018, the South China Morning Post disclosed that Xiao was facing an impending trial on charges of "market manipulation involving stocks and futures" and "bribery on behalf of organizations." On August 19, 2022, he received a 13-year prison sentence in China for crimes related to fraud and corruption.

Philanthropy

Xiao contributed $50 million each to Peking University and Tsinghua University, and committed $10 million to Harvard University.

Personal life

Xiao is married to Zhou Hongwen (), who hails from Baotou, Inner Mongolia. He obtained Canadian citizenship through real estate investments and secured an Antigua and Barbuda diplomatic passport shortly prior to his arrest. His holdings include real estate in the United States as well as ownership of a private aircraft.

References