Former vice premier's son investigated for corruption

Agencies and staff reporter

The Chinese government is investigating the financier son of Liu He, a former vice premier who headed trade talks with the first Trump administration, the Financial Times reported yesterday, citing seven unidentified people.

Liu Tianran, who founded investment firm Skycus Capital in 2016 and served as its inaugural chair, has been under probe and may have lost his freedom, the newspaper cited one of Liu's former colleagues at Skycus.

The FT said it previously confirmed that the financier is Liu He's son.

The investigation, which is said to be over suspected corruption, was triggered by Liu Tianran's connection with the planned IPO by Ant Group that was halted, the report cited one of the people as saying.

The authorities found unrelated cases of corruption during the probe, it added.

President Xi Jinping was given a report on the claims, according to the newspaper.

Liu Tianran stepped down as chair at Skycus in April 2017, and his father made it to the Chinese Communist party's 25-member politburo later that year, the newspaper cited business records as showing. After that, he continued to work on deals for the firm, the report said.

Skycus accepted funds from tech companies such as Tencent (0700) and JD.com (9618), and also invested in their spun-off businesses, the paper said.

Although children of senior Chinese government officials are not allowed to manage companies in industries regulated by a parent, Liu Tianran continued to work on deals for Skycus after relinquishing the chair position and transferring the shares, and "played a central role in lucrative transactions involving Tencent and JD.com units," the report said.

In 2023, Liu He was replaced by He Lifeng as one of China's four vice premiers during its annual parliament session in March and the director of a powerful party economic body in October.