Former Vice President of the Industrial and Commercial Bank of China (referred to as ICBC), Zhang Hongli, was sentenced to death with a reprieve for bribery in the first trial today (19th). Zhang Hongli was exposed for using Communist Party “princelings” from Deutsche Bank to engage in benefit delivery, implicating several influential families.
On February 19, 2025, the Intermediate People’s Court of Hangzhou, Zhejiang Province, sentenced Zhang Hongli to death with a reprieve for bribery, confiscated all his personal property, and ordered the recovery of his ill-gotten gains, which will be turned over to the national treasury. Any shortfall will continue to be pursued.
According to official reports, from 2011 to 2022, Zhang Hongli took advantage of his position as Vice President of ICBC to provide assistance to relevant entities and individuals in matters such as loans, financing, and job arrangements, directly or through intermediaries, illegally receiving more than 177 million yuan in total.
Born in 1965 in Heilongjiang, Zhang Hongli previously worked as a director in the China Investment Banking Department of Schroder International Merchant Bank and later served as the Chief Representative of Goldman Sachs in China. In 2001, he joined Deutsche Investment Bank, where he held positions as the Asia-Pacific Regional President and Chairman of Deutsche Bank (China) Limited for a total of ten years.
In 2010, Zhang Hongli became Vice President of the Industrial and Commercial Bank of China, overseeing overseas business and investment banking. In 2018, he left ICBC and became a partner and co-chairman of the private equity investment fund “Houpu Investment.”
Zhang Hongli fell from grace in November 2023. The charges announced by the Central Commission for Discipline Inspection (CCDI) earlier included unauthorized use of a private jet, obtaining a doctoral degree through deception, using official power for personal gain, and violating regulations by taking up a position after leaving office. Zhang Hongli was also accused of engaging in “political patronage for personal gain,” “manipulating the employment and adjustment of senior officials,” and more.
Regarding the violation of regulations by taking up a position, it is speculated that Zhang Hongli’s appointment as a partner and co-chairman of the private equity investment fund “Houpu Investment” after leaving ICBC in 2018 is under scrutiny.
The CCDI report also unusually mentioned Zhang Hongli’s involvement in “manipulating the employment and adjustment of senior officials.” In 2019, foreign media reported that Deutsche Bank hired dozens of inexperienced but well-connected “princelings” in its branches in mainland China and Hong Kong in order to secure orders for the bank. Zhang Hongli orchestrated this operation, which included the children of Liu Yunshan, Wang Yang, and Li Zhanshu.
Independent commentator Cai Shunkun previously told Epoch Times that Zhang Hongli’s key issue was facilitating money laundering and asset transfers for a large number of high-ranking Communist officials. While Zhang Hongli was investigated, these influential families remained unscathed, indicating that Xi Jinping’s anti-corruption campaign did not have a significant impact on the real “princelings,” and those families who had transferred massive wealth overseas were not held accountable. However, Xi Jinping seized their weaknesses, ensuring their loyalty in exchange for maintaining his supreme authority, keeping everyone unharmed and at peace.