This Bank's "Post-80s" Leader Falls From Power! Three Successive Chairmen Under Investigation

Inner Mongolia Ulanqab City Discipline Inspection and Supervision Commission recently announced that Qi Xiao, the former Party Secretary and Chairman of Jin谷 Rural Commercial Bank in Inner Mongolia Hohhot, is suspected of serious violations of discipline and law. He is currently under disciplinary review and supervisory investigation.

Prior to this, Vice President Feng Sifang and President Zhang Yan, who had worked closely with Qi Xiao for many years, were respectively dismissed in the second half of 2025. Since the bank’s restructuring in 2014, three chairmen have been investigated, including Qi Xiao.

In May 2025, Jin谷 Rural Commercial Bank, as one of the initiating institutions, was merged into the newly established Inner Mongolia Rural Commercial Bank, and its legal entity was canceled. Data from earlier showed that the bank had a net loss of 2.5 billion yuan in 2024.

“Post-80s” Leader Detained

Public information shows that Qi Xiao was born after 1980, is 42 years old, and previously worked for the Inner Mongolia branch of China Development Bank for many years. In 2019, he was transferred to serve as Party Secretary and President of Hongshan District Rural Credit Union in Chifeng City.

In November 2020, Qi Xiao was appointed Party Secretary and Chairman of Jin谷 Rural Commercial Bank. In September 2024, he was reassigned as a member of the Party Committee and Chairman, while the bank’s Party Secretary role was held concurrently by Zhao Gang, Deputy Director of the Inner Mongolia Rural Credit Union.

It is worth noting that during Qi Xiao’s leadership, Jin谷 Rural Commercial Bank, once the largest legal entity in Inner Mongolia’s rural credit system, actively promoted A-share listing.

According to reports, as early as September 2021, Jin谷 Rural Commercial Bank signed an A-share listing guidance service agreement with CITIC Securities. In early 2022, the bank was also included in the list of potential listed companies in Inner Mongolia for 2022.

At the signing ceremony of the guidance service agreement, Qi Xiao stated that A-share IPO is a fast track into China’s capital market. The bank would steadily promote its listing strategy and push development into a new phase. However, according to the China Securities Regulatory Commission’s official website, there have been no further reports of progress on the guidance work since then.

Before Qi Xiao’s detention, Vice President Feng Sifang and President Zhang Yan of Jin谷 Rural Commercial Bank were respectively investigated in July and December 2025, both under disciplinary review and supervision by the Inner Mongolia Discipline Inspection and Supervision Group and the Ulanqab City Chayouzhongqi Supervisory Committee.

Zhang Yan previously worked at the Inner Mongolia branch of China Development Bank and was appointed Supervisor of Jin谷 Rural Commercial Bank in June 2019, then became President at the end of that year. Feng Sifang was appointed Assistant President in September 2020 and later promoted to Vice President. Both had worked with Qi Xiao for many years.

According to the latest annual report, Jin谷 Rural Commercial Bank achieved operating income of 1.251 billion yuan in 2024, down 17.89% year-on-year; net loss was 2.5 billion yuan, a sharp decline of 1656%. As of the end of 2024, the bank’s assets totaled approximately 76 billion yuan.

Three Chairmen Investigated

Public information shows that Jin谷 Rural Commercial Bank was officially established as a joint-stock commercial bank in June 2014, based on the original Jin谷 Rural Cooperative Bank. Since its restructuring, three chairmen, including Qi Xiao, have been investigated.

The first chairman after the 2014 restructuring, Liu Jianqiang, was placed under investigation by the Bayannur City Discipline Inspection and Supervision Commission in August 2018. His wife, Shi, was later sentenced for accepting bribes from non-state staff.

Li Yanchang, who served as Chairman and Director of Jin谷 Rural Cooperative Bank from 2007 to 2013, was criminally detained by Urat Qianqi Public Security Bureau in July 2019 for suspected crimes including unit bribery, accepting bribes from non-state staff, and embezzlement.

A prosecution document disclosed by Urat Qianqi People’s Procuratorate in early 2021 accused Li Yanchang of bribery. During his tenure as chairman, he exploited his position to embezzle a total of 18.0465 million yuan, illegally profiting 21.9914 million yuan and holding 2.1738 million shares.

In September 2024, the Inner Mongolia Rural Credit Union announced that it would merge with 93 legal entities and 26 rural banks established by the union to form Inner Mongolia Rural Commercial Bank through a new consolidation.

In May of the following year, Jin谷 Rural Commercial Bank was merged into the newly established Inner Mongolia Rural Commercial Bank as one of the initiating institutions. The investigation of Feng Sifang, Zhang Yan, and Qi Xiao indicates that accountability efforts continued despite the bank’s legal entity being canceled.

Inner Mongolia Rural Commercial Bank has set a record for the shortest and fastest rural credit reform in the country, creating a “model in Inner Mongolia” by consolidating 121 related institutions into a unified legal entity.

Recently, Inner Mongolia Rural Commercial Bank held a meeting to deploy and promote the disposal of non-performing assets, emphasizing that the current risk prevention and control pressure is immense. From headquarters to grassroots levels, there is a need to overcome delays and fully complete this year’s risk management and asset recovery tasks.