Xiao Jianhua (Chinese: 肖建华, born c. 1972) is a Hong Kong-based Chinese-Canadian billionaire businessman and philanthropist. According to news report, He is the true owner of Tomorrow Holding (trading as Tomorrow Group), a diversified investment company with concerns in banking, insurance, real estate development, coal, cement and rare earth minerals. On January 28, 2017, he was seized from his room at the Four Seasons Hotel Hong Kong and taken to China.
Xiao Jianhua was born circa 1972 and grew up in Feicheng, Shandong, China. His father was a schoolteacher. He had five siblings.
Xiao attended Peking University at age 14 on a scholarship, and he was a leader for the Communist Party of China on campus. He was opposed to the Tiananmen Square protests of 1989. He received a law degree from Peking University.
Xiao began his career in business by selling IBM and Dell personal computers near the campus of his alma mater in the 1990s. He also worked with Microsoft. Within a few years, he was worth an estimated $150 million.
Xiao is the owner the Tomorrow Holding (trading as Tomorrow Group), a diversified investment company with concerns in banking, insurance, real estate development, coal, cement and rare earth mineral. According to New York Times, through a series of other investment vehicles, he owns non-controlling stakes in Ping An Insurance, Harbin Bank, the Huaxia Bank and the Industrial Bank. According to New York Times, He is also the owner of Puhua Investment and a major shareholder in Tomorrow Technology.
According to the Financial Times, he “has worked on behalf of a number of powerful families” in China over the course of his career, and The New York Times called him “a banker for the ruling class”. By 2016, he was worth an estimated $6 billion.
It was reported Xiao had close connection with the Princelings, which he acquired 50% stake of CCB International Yuanwei Fund Management, an investment management company from Qi Qiaoqiao, Xi Jinping’s sister.
Tomorrow Holding, according to 2015 annual report of its indirect subsidiary Tomorrow Technology, is 29% owned by Xiao Weihua, cousin of Xiao Jianhua. It was reported that Xiao Jianhua owned his assets via relatives or his wife, but not himself. According to a publication of Tsinghua University Press, the company at first majority owned Xiao Jianhua and his wife for 50% stake (25% + 25%).
According to Sources, Xiao’s business empire could be much larger than public records reveal. A mainland market watcher, who has followed the Tomorrow Group for more than a decade, said Xiao controlled dozens of financial firms and listed companies via various entities and people.
“A unique thing about Tomorrow is that it tries to control businesses via people and private agreements, not equity stakes,” the market watcher said. “It would be a big underestimation to say that Xiao can control [only] 1 trillion yuan [HK$1.13 trillion].”
Mainland authorities are also trying to get a clear understanding of how much money Xiao oversees and the methods he can use to move the funds.
Beijing had realised the dangers of leaving large money flows unattended during the stock market rout of 2015, a source said. About US$5 trillion in wealth was wiped out amid the sell-off, and public confidence in the government’s ability to manage the market was greatly shaken.
With Choice at Tiananmen, Student took road to riches, The New York Times February 1, 2017.
“Chinese billionaire Xiao Jianhua abducted from Hong Kong hotel – reports”. The Guardian. Retrieved February 1, 2017.
Chinese tycoon ‘in contact’ with family and business after vanishing from Hong Kong-South China Morning Post