Xi Jinping's 19-Year Layout for Hong Kong's Financial Gate Changes Hands; Former Subordinates of Chen Xi and Ma Xingrui Purged! CCP Asset China Resources Uprooted: Wang Xiangming Swept Out, Han Song Expelled from Party and Office! [Jiang Feng Vision 20260726 Episode 446]
This episode provides an in-depth analysis of the political power struggles behind the recent high-level changes at China Resources. The video points out that China Resources, as party-owned property of the Chinese Communist Party (CCP), has long been the focal point of power games in Zhongnanhai. Recently, the removal of China Resources Chairman Wang Xiangming and the dual expulsion of Deputy General Manager Han Song indicate a white-hot escalation in high-level power struggles. The program traces the historical origins of China Resources and links this personnel change to the power networks of high-level officials such as Chen Xi and Ma Xingrui. The appointment of the new chairman, Wang Haimin, is interpreted as a strategic shift in Beijing's control strategy over Hong Kong—moving from political offensives to professionalized management to address challenges to Hong Kong's status as a financial center and the complex international shipping game. The program also mentions Shi Taifeng's cleanup actions targeting Chen Xi's personnel arrangements after taking over the CCP Central Committee Organization Department.
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Hello friends, welcome back to Jiang Feng Vision.
On the afternoon of July 23, 2026, in the 35th-floor large conference room of the China Resources Headquarters building in Shenzhen Bay—which looks like a giant bamboo shoot—the air was so cold it felt as if it were about to freeze. The meeting held that day was a gathering of middle-management personnel and above from the China Resources Group. Officials who had rushed from Beijing sat on the stage, while dozens of core executives of this trillion-level red financial conglomerate sat below. A comrade from the CCP Central Committee Organization Department opened a folder and read a statement totaling exactly 86 characters. The text was very brief, essentially stating that the Party Central Committee had decided to appoint Wang Haimin as the successor and remove Wang Xiangming from his post as Chairman of the China Resources Group. After the statement was read, the meeting was adjourned. There was no reassignment, no retirement due to age, no group photo, and even the official customary polite phrase thanking comrade Wang Xiangming for his years of hard work was omitted.
The headlines of major financial media outlets the next day uniformly read that the 1.9 trillion giant changed its helmsman, with a 54-year-old new chief taking office. Yet almost no media outlet dared to ask why this particular company and why this particular point in time. However, even more drama was yet to come. Just 48 hours after Wang Xiangming's silent dismissal, on the morning of July 25, Xinhua News suddenly published a major announcement from the Central Commission for Discipline Inspection: Han Song, former member of the Party Committee and Deputy General Manager of the China Resources Group, was expelled from the Party and public office. The announcement was lengthy and elaborate, with the most eye-catching charge explicitly stating that he engaged in superstitious activities. This carried profound implications. Within a mere 48 hours, at this red financial conglomerate controlling nearly 2 trillion assets located at the intersection of Hong Kong and Shenzhen, one helmsman was wiped away overnight and a core deputy was politically condemned.
Many friends might think, isn't it just a state-owned enterprise changing a chairman and investigating a vice president? If you view it that way, you are severely underestimating the magnitude of this earthquake. The company China Resources is by no means an ordinary state-owned enterprise. Today, let us thoroughly dissect what kind of political power struggle undercurrents are hidden beneath the table of China Resources, and examine the financial gate of Hong Kong at the apex, which has been managed for years by the one at the top, but is now gradually slipping out of control.
To understand the political turmoil happening today, we first need to trace the timeline back ninety-five years. Without understanding the true background of China Resources (CR), you could never comprehend why the struggle for this single chair within the CCP Central Committee is so bloody today.
In 1931, the underground party organization in Shanghai suffered a devastating blow when Gu Shunzhang defected, cutting off entire intelligence and financial lines. Chen Yun, who was in charge of operations at the time, stuffed two gold bars into the hands of a man named Qin Bangli in an unassuming alley in Shanghai. Qin Bangli was no ordinary man; he was the younger brother of Bo Gu. Chen Yun’s orders were extremely simple: take these two gold bars, start a business, open a shop, manage the Party's money, and clear the underground transport lines.
By 1938, the War of Resistance against Japan broke out, and Qin Bangli was ordered to relocate to Hong Kong, where he opened a small trading firm named Lianhe Hong on Connaught Road Central. This small shop ostensibly traded local specialty goods, but beneath the counter, it handled three major tasks: safeguarding anti-Japanese donations from overseas Chinese, secretly procuring urgently needed medicine and radio communication equipment, and maintaining the CCP's intelligence pipeline in Hong Kong.
During the Chinese Civil War, Zhou Enlai personally ordered this shop to open a secret maritime route from the coastal liberated areas to Hong Kong, using grain and local products from the liberated areas in exchange for medicine and industrial raw materials urgently needed by the People's Liberation Army.
By 1948, in preparation for the First Plenary Session of the Chinese People's Political Consultative Conference, it was this same shop that chartered several foreign steamships to smuggle democratic figures like Guo Moruo, Li Jishen, and He Xiangning out of Hong Kong ship by ship back to the liberated areas. Also in 1948, Lianhe Hong was officially renamed China Resources (CR). "Hua" (华) stands for China, and
Having understood the special background of China Resources, let us now look at the protagonist of today's script. Many observers hold a stereotype that when the anti-extradition movement broke out in Hong Kong in 2019, Beijing was caught off guard by the sudden street protests, and the subsequently introduced Hong Kong National Security Law was merely an impromptu emergency response. This view only sees the surface. The other half of the truth is that the man in Zhongnanhai had already thoroughly mapped out every pipe and every valve in Hong Kong long before he sat on the dragon throne.
Rewind to October 2007. At the 17th National Congress of the CCP, the successor who had just been transferred from Shanghai to the central government took over from Zeng Qinghong as the head of the Central Coordination Group for Hong Kong and Macau Affairs. He held this position for a full five years, until he ascended to the top post in November 2012. What does this five-year period mean? It means that before he took full control of power, one of the most important practical training posts was Hong Kong. The Hong Kong network left behind by Zeng Qinghong—which channels Hong Kong's money flowed through, which companies collected commissions in the middle, and which real estate families were colluding with which state-owned enterprises—he could see, touch, and investigate clearly during those five years. Therefore, by 2019, when the streets of Hong Kong were filled with smoke, Beijing's deployment was by no means a case of treating the head when the head aches. Politically, he introduced the National Security Law, while economically and socially, he needed someone who could carry out his will to take over Hong Kong's largest economic carrier.
On the afternoon of March 4, 2019, a high-level meeting was held at the China Resources headquarters in Shenzhen. Personnel from the Cadre Bureau of the Organization Department of the CCP Central Committee were present in person to announce an appointment: Wang Xiangming was appointed as the General Manager of China Resources Group. What is Wang Xiangming's background? He is from Huaiyuan, Anhui, a graduate of Nanjing Institute of Building Engineering, and spent his entire life in the construction engineering system, working his way up to become the General Manager of the China State Construction Engineering Corporation. An engineer who had spent his life building houses and spoke with a heavy Anhui accent was suddenly parachuted into a Hong Kong-funded giant headquartered in Hong Kong that made beer, operated supermarkets, ran power plants, and played with real estate. At the time, the English and Cantonese-speaking executives within China Resources were stunned. Why send a man who builds houses to take over China Resources?
The reason is actually very simple. The ultimate plan for Hong Kong by the man at the top was divided into two steps: the first step was to subdue politics with laws and police, and the second step was to win over hearts with land and housing. The famous farewell to subdivided units and cage homes later shouted by Xia Baolong was the strategic slogan for the second step. At that time, Beijing's calculations were very precise, preparing to use the deterrent of the National Security Law to launch ultra-large-scale projects such as the Northern Metropolis, and even intending to let China Resources Land acquire and suppress the land reserves of local Hong Kong real estate giants like Li Ka-shing's CK Asset, Sun Hung Kai, and Henderson Land. Moreover, the Hong Kong subsidiary of China State Construction was already one of the largest contractors for the Hong Kong SAR government. Sending a general from the construction sector to be stationed at China Resources was intended to use the central government's will to forcibly pry open the real estate interest landscape in Hong Kong, turning China Resources into a heavy tank for his social restructuring and land assimilation in Hong Kong.
On July 28, 2020, which was the 28th day after the Hong Kong National Security Law took effect, the Organization Department of the CCP Central Committee came to China Resources again to announce that Wang Xiangming had been promoted to replace Fu Yuning as the Chairman of China Resources Group. Please note these two time points: March 2019 and July 2020. When these two appointments were announced, the person sitting in the power chair of the Minister of the Organization Department of the CCP Central Committee was none other than the Emperor's Tsinghua bunkmate, Chen Xi. During those years, Chen Xi firmly guarded the gate of the official position wholesale department for the boss. He inserted Wang Xiangming into China Resources as if installing a dedicated combination lock on the most critical money gate in Hong Kong.
The most fascinating part of the game of power is often hidden in those seemingly dull details of official documents. We might as well stretch the timeline and make a brilliant mirror comparison between the departure of Fu Yuning in 2020 and the removal of Wang Xiangming on July 23, 2026. When Fu Yuning stepped down in 2020, he was exactly 63 years old, born in 1957. The official announcement at the time was written clearly, praising Fu Yuning's important contributions to the development of China Resources. After stepping down, Fu Yuning still retained a bunch of prestigious titles, such as Standing Committee member of the 13th CPPCC National Committee, Vice Chairman of the APEC China Business Council, and member of the Chief Executive's Council of Advisers on Innovation and Strategic Development in Hong Kong, retiring in glory and ending his career with dignity. This is the standard political courtesy for the head of a ministerial-level state-owned enterprise when retiring at the age limit.
But when it came to July 23, 2026, and it was Wang Xiangming's turn, the tone changed completely. Wang Xiangming was born in August 1963, and by July 2026, he was exactly one month away from turning 63. According to the standard practice for heads of state-owned enterprises, he could have easily been allowed to serve until he turned 63 in August, followed by a retirement notice due to age, a warm farewell party, and a group photo. However, the CCP Central Committee could not even wait that one month. The press release on July 23 mentioned no retirement due to age, no new appointment, and not even a single word thanking him for his years of contribution. Even more exaggeratedly, on the very night the meeting concluded, the official website of China Resources Group, with extremely rare speed, removed all of Wang Xiangming's photos and resumes from the company management section and replaced them with the information of the new chairman, Wang Haimin. What does this overnight erasure of traces mean within the CCP system? I believe those familiar with officialdom know exactly what it implies. This was by no means a normal retirement upon reaching the age limit; it was clearly being kicked out overnight.
Even more intriguing is the timing of this event. As we discussed in a previous episode, on June 5, 2026, the Central Party School held its spring semester graduation ceremony. Chen Xi, who had long controlled personnel power as the head of the Party School, had completely exited the historical stage, and Cai Qi had taken over the relevant powers. Just seven weeks after Chen Xi completely lost control of the personnel situation on June 5, that is, on July 23, Wang Xiangming—the core pawn Chen Xi had personally placed on the Hong Kong-Macau financial fortress of China Resources—was uprooted by the CCP Central Committee. It was the same Spring Bamboo building, the same large conference room on the 35th floor, and the same official from the CCP Central Committee who came to announce the decision. Six years ago, when Chen Xi held the seal, the final verb on the appointment document was 'appointed'; six years later, after Chen Xi's exit, the final verb on the CCP Central Committee's document changed to 'dismissed.' This seven-week time difference vividly illustrates the shifting balance of power within Zhongnanhai. Although that once-arrogant personnel chief has only just left, the nails he personally drove in have already been pulled out one by one by his successors with iron pliers.
If Wang Xiangming's dismissal was just a silent purge, then the 'double expulsion' of Han Song 48 hours later directly exposed the mess at the bottom of this trillion-dollar conglomerate to the whole world. On July 25, Xinhua News Agency released the CCDI's handling notice regarding Han Song, the former deputy general manager of China Resources. The wording of this notice was extremely severe. In addition to the common charges of accepting huge amounts of property and power-for-money transactions, the core of the notice explicitly stated that he had 'lost his ideals and beliefs, betrayed his original mission, and engaged in superstitious activities.'
In the CCP's Regulations on Disciplinary Action, the phrase 'engaging in superstitious activities' is absolutely not as simple as an official burning two sticks of incense at home or asking a fortune teller to check his horoscope. This is an extremely serious political charge, meaning that the official has completely wavered politically, knowing that his crimes are inescapable, and has stopped believing in the organization, turning instead to seek the protection of gods, Buddhas, or charlatans.
Surprisingly, Han Song only transferred to China Resources in July 2024. By February 28, 2026, he had voluntarily surrendered. He spent a total of only nineteen months at China Resources, in charge of integrated energy, China Resources Power, and China Resources Gas. Did a deputy general manager who had only been there for nineteen months really accumulate his bad debts at China Resources? As long as you open Han Song's resume, this hidden line becomes clear immediately. Before transferring to China Resources, Han Song served as the head of Huadian Group Xinjiang Power Generation Co., Ltd. for five full years, from 2019 to 2024. During his tenure, he doubled Huadian's installed capacity in Xinjiang from 20 million kilowatts to 40 million kilowatts, and was privately dubbed the 'Xinjiang Electricity King' in the industry. The expansion of coal power, wind power, and photovoltaic projects in Xinjiang, which reached a scale of hundreds of billions of yuan during those years, involved extremely massive interests.
And during the five years when Han Song served as the electricity king in Xinjiang, who was the top official in Xinjiang? Before December 2021, it was Chen Quanguo, and after December 2021, the person who took over Xinjiang and was promoted to the Political Bureau member at the 20th National Congress was none other than the famous aerospace young marshal, Ma Xingrui. Ma Xingrui's trajectory is simply fascinating. Ma Xingrui had served as the Party Secretary of Shenzhen since 2015, became the Governor of Guangdong in 2017, and starting from May 2017, he held another identity: a member of the Central Hong Kong and Macao Work Coordination Group. In the summer of 2019, when Shenzhen Bay was swarming with People's Armed Police armored vehicles and the world's cameras were focused there, the person sitting in the two critical positions of Guangdong Governor and Hong Kong-Macao Group member was none other than Ma Xingrui. However, in the second half of 2025, Ma Xingrui was suddenly removed from his post as Xinjiang Party Secretary, and subsequently continuously absent from Political Bureau collective study sessions and major central meetings. On April 3, 2026, authorities officially announced that Ma Xingrui had fallen from grace. On July 14, Ma Xingrui was subjected to the
Under this extremely severe global shipping route and port game, Beijing urgently needs a professional gatekeeper who understands international shipping, port operations, maritime law, and the defense of overseas assets, to desperately hold on to the last value of Hong Kong as a global supply chain node. And the one who pushed Wang Haimin into this position is none other than Shi Taifeng, the current head of the CCP Central Committee Organization Department. Who is Shi Taifeng? Born in 1956, Shi Taifeng was already 68 years old when he took over the Organization Department. He spent a full 25 years at the Central Party School, and during his tenure as vice president of the Party School, the president of the Party School at that time was Zeng Qinghong. A 68-year-old veteran Party School bureaucrat who should have been enjoying his grandchildren was suddenly placed in the position of head of the Organization Department in 2025, controlling official appointments for the entire party. His mission is definitely not to cultivate the next generation of succession梯队 for the emperor, but to act as a ruthless cleaner. Over the past dozen months since Shi Taifeng took office, he has been using a magnifying glass to pull out every single appointment letter signed by Chen Xi back then to re-examine them. Whichever company's appointment is scrutinized, the Xi faction confidants in that company have to pack up and move out overnight.
China Resources, a small shop that opened in Hong Kong in 1938, has weathered 88 years of storms and changed countless managers. But this time, changing the manager sends a political signal clearer and more definite than ever before. That person who once tried to monopolize the money gate of Hong Kong with his own selfish desires and his circle of confidants has lost absolute control over this gate. The gatekeeper he personally appointed was replaced overnight, and the new chief executive put in place no longer belongs to Xi's faction.
I am currently compiling a list that records over 100 key positions planted across various industries during Chen Xi's nine-year tenure. In the future, we can lay out this list one by one, and everyone will clearly see how that once arrogant personnel empire was thrown into the melting pot piece by piece amidst the precarious winds and rains. If you would like to see such a program, please type "want to see" in the comment section, and Jiang Feng will produce this program based on everyone's wishes.
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