Cai Huabo sells majority stake in Taihe Holdings
Cai Huabo has sold the majority of his shares in Taihe Holdings, a move seen as a step toward asset concealment and withdrawal.
Cai Huabo has sold the majority of his shares in Taihe Holdings, a move seen as a step toward asset concealment and withdrawal.
The South China Morning Post published an investigative report by financial columnist Shirley Yam regarding the relationship between Cai Huabo and a close aide to Xi Jinping, but it was subsequently retracted due to "unverifiable insinuations."
As Next Magazine began tracking his whereabouts and launching an investigation, Cai Huabo suddenly resigned from his top position at Taiho Holdings.
Cai Huabo has been appointed as Executive Director and Chairman of the Board of the Hong Kong-listed company Taiho Holdings, controlling the company's shares through Taiho Financial Group.
A company named 'Chua & Li membership' has appeared in the Hong Kong company registry database, with Li Qianxin and Cai Huabo as shareholders, both of whom provided the same residential address.
The Panama Papers leak reveals that Cai Huabo was listed as the sole beneficiary of a British Virgin Islands company, proving his use of offshore structures to hold assets.