Exclusive: Zhongzhi Vice President Xie Among Those Probed Over Group’s Collapse

Beijing police are investigating Xie Zizheng and senior staff in four wealth management affiliates as a shortfall of up to 260 billion yuan was revealed, sources say

Beijing police are investigating Xie Zizheng and senior staff at four Zhongzhi-linked wealth management affiliates.

Some of the suspects under investigation over their involvement in troubled investment giant Zhongzhi Enterprise Group Co. Ltd. were senior staff in four Zhongzhi-linked wealth management firms whose money-losing bets have left investors nursing billions of yuan of losses, sources familiar with the matter told Caixin.

On Saturday night, the public security bureau of the Chaoyang district of Beijing announced they had recently launched an investigation into wealth management firms under the Zhongzhi umbrella, and taken criminal coercive measures against multiple suspects including one surnamed Xie.

Although the police didn’t provide Xie’s full name, several sources with knowledge of the matter told Caixin he is Xie Zizheng, a nephew of Xie Zhikun, Zhongzhi’s founder who died in 2021. Xie Zizheng is a Zhongzhi vice president and a former chairman of Zhongzhi-linked Zhonghai Shengrong (Beijing) Capital Management Group Co. Ltd.