What’s new: Xu Heyi, the former Communist Party chief and chairman of the board at the state-owned Beijing Automotive Group Co., Ltd. (BAIC) has been placed under investigation for “serious violations of discipline and law” - a common euphemism for graft - according to a one-line statement released by capital’s graft buster on Friday without giving further details.
The background: The announcement by the Beijing Commission for Discipline Inspection came about three years after the 66 year old retired from the top job at BAIC in July 2020.
Xu joined the capital city’s automobile manufactuer in 2002 as the deputy party chief and vice chairman of the board. Four years later, he was promoted to the top executive for the following 14 years.
During his tenure, Xu developed electric vehicle maker BAIC BluePark and assisted Hyundai and Daimler to expand their production in China through joint ventures with his company. In 2014, BAIC listed on the Hong Kong stock market, while its electric vehicle unit listed on mainland’s A-share market.
Contact reporter Lu Zhenhua (zhenhualu@caixin.com)
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