Chairman of China Jianyin Investment Securities Jumps to Death in Beijing’s Finance Street; State-owned investment co refutes online speculation that the death was tied to heavy losses incurred by gold investments

April 19, 2013 Leave a comment

04.18.2013 17:39

Banker Jumps to Death in Beijing’s Finance Street

State-owned investment company China Jianyin Investment Securities Co. said the chairman passed away for health problems

By staff reporter Yang Lu

(Beijing) – In an apparent suicide, a high-level executive of a state-owned investment company leapt to his death in downtown Beijing.

Wang Shiqiang, 60-year-old chairman of the board of supervisors for China Jianyin Investment Securities Co., appeared to have jumped to his death on the afternoon of April 16 from the top of the office tower that houses China Jianyin.

In an issued statement, China Jianyin said the suicide was due to personal issues in Wang’s life, refuting online speculation that the death was tied to heavy losses incurred by gold investments. It is yet unclear how much risk exposure China Jianyin has to gold futures.

The company published an obituary on its website two days later which said Wang “passed away from health problems.”Wang joined China Jianyin in 2006, having worked for three years at the China Banking Regulatory Commission. Prior to that, he served in various positions within the central bank between 1977 and 2003.

China Jianyin was founded in September 2004 with registered capital of 20.7 billion yuan. The company was originally tasked with taking over policy lending from China Construction Bank during the bank’s restructuring for a public listing.

It began pursuing a wider range of financial services with the State Council’s approval in 2008, and became an investment platform of China Investment Corp., a sovereign wealth fund.

By the end of 2012, China Jianyin developed into a conglomerate with businesses ranging from financial consulting to commercial property development. Its assets totaled 76 billion yuan.

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