A company founded by a Chinese child tsar financially uses a lot of technology
The investment company founded by China’s eldest financial son has been making a lot of money in the technology industry, including leading Chinese companies Tencent and JD.com.
Liu Tianran, the second son of Prime Minister Liu He, was elected chairman of Tianyi Ziteng Asset Management, also known as Skycus Capital, when the company was established in Zhejiang province in late 2016, according to a Financial Times report. Ten people, five of whom had worked with Liu Tianran, confirmed he was Liu He’s son.
According to the company’s report, Liu Tianran resigned from Skycus in April 2017, six months before his father was promoted to 25 Communist Party of China. He also transferred his shares in Skycus to another senior a year later, shortly after his father was appointed deputy chief of staff.
Liu In the past he was a lowly man who used to great power as a trusted adviser to President Xi Jinping on economic and social issues. His rise confirmed his position among Chinese political leaders.
Under Chinese government law, children of seniors are not allowed to run companies in parent-operated companies, but may be employed by such companies in low-rise or high-tech areas.
A number of people close to Skycus’s job told FT that Liu Tianran, who also uses the English name Andy, continued to work for the company after returning to office and relocating. They also added that they played a major role in the lucrative process affecting the Tencent and JD.com teams.
Since its inception five years ago, Skycus has grown exponentially, proving itself to be a maker of nuclear weapons and is investing more than Rmb10bn ($ 1.6bn) in controlled production, according to industry history.
It has more than 30 employees working in offices in Beijing and Shanghai, and public records show some of the sales, indicating that it has made twelve dollars in internet, medical and start-ups in recent years.
Tencent, JD.com and China’s largest development bank, have also invested in one of Skycus’s largest assets, according to the company’s report.
Most of Skycus’s most lucrative investments are in companies affiliated with Tencent and JD.com. According to prospectus documents, in 2019 Skycus invested $ 40m in JD.com at the hospital – a total of about $ 230m today. Company records show that it paid $ 70m in March 2018 on shares in JD.com sales, which is expected to be twice as important for the company to complete. initial public contributions at a retail market in Hong Kong later this month.
Skycus also earned a $ 5m investment in Tencent Music in January 2018, according to a US security report. The cost of estimates is estimated to be twice that of today.
The “sons” and “advanced” sons and daughters of many Chinese leaders want to keep a low profile. But it continues to be enticed by financial companies. “Princes need to be extra careful in everything they do because it’s easy for them to lure them away,” said one salesman. “But he’s gone.”
Christopher Johnson, a former CIA investigator in China, says the monarchs are still the leading group in the country even Xi, whose father was a senior member of the party and a government official led by Mao Zedong.
“Like many other party members, the princes think Xi Jinping will be their ‘boyfriend’ because he is one of them,” said Johnson, a senior China Strategies Group official.
“On the contrary, it has reduced their power – especially those from high-profile families – but it is an important part of the system that Xi has to take care of.
Liu Tianran’s career has had its share of challenges. Prior to joining the financial system, she was a reporter for the Economic Observer, a Chinese business newspaper. They changed the course of their lives and wrote football and financial articles.
He later joined the advertising department of CCB International, which sells some of the largest banks in the country. He then moved to a government-funded fund in Shanghai before moving to Skycus in 2016.
Tang Meng replaces Liu Tianran as Skycus’s successor when he stepped down in 2017. According to the Asset Management Association of China, Tang joined the financial sector just six months earlier, having spent 17 years with town officials. of the Beijing state security office and the People’s Liberation Army.
In May 2018, two months after his father became Deputy Prime Minister of China, Liu Tianran’s name was removed from all Skycus businesses. The two companies under their supervision transferred their shares from Skycus to companies owned by Tang and others.
After being promoted to Deputy Prime Minister, Liu He’s reputation grew with the integration of trade talks with the US and the EU. He also oversees a strong committee on China’s economic stability and development, a central bank overseeing the central bank and overseeing China’s banking and security services.
The position made him one of Xi’s top executives at Ant Group, Jack Ma’s financial technology company, and his ecommerce group, Alibaba. The crash has affected Ma companies significantly but has also been expanded to accommodate other online pages, including its partner Alibaba JD.com and one segment of Tencent, a major online competitor.
In November, revisions has banned ants whose IP had set a $ 37bn IPO in Shanghai and Hong Kong. If it were, the Ants would be worth more than $ 300bn, bigger than the largest banks in China and the US.
The State Council Information Office, the offices of Liu He and Skycus, did not respond to a request for comment. Liu Tianran could not be reached for comment.