China has executed Bai Tianhui, former general manager of China Huarong International Holdings, for accepting over $156 million in bribes while managing major acquisition and financing projects.
Bai’s crimes occurred between 2014 and 2018, during which he allegedly offered favorable treatment in deals while accumulating an exceptionally large amount of illicit funds, according to state broadcaster CCTV.
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Huarong, a subsidiary of China Huarong Asset Management, has been a key target of President Xi Jinping’s anti-corruption campaign, which previously led to the execution of former chairman Lai Xiaomin for $253 million bribes.
Unlike most Chinese death sentences for corruption, Bai’s punishment was carried out without a two-year reprieve, after his appeal was rejected and the Supreme People’s Court confirmed his conviction in February 2025.
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Authorities described Bai’s actions as “extremely serious,” causing significant social impact and financial losses to the state, while he met with close relatives before being executed in Tianjin on Tuesday morning.
This execution highlights the ongoing crackdown on high-ranking finance officials in China. Recent cases include former Everbright Group head Li Xiaopeng and Bank of China chairman Liu Liange, who faced severe punishments for bribery.