Jiang Mianheng, son of Jiang Zemin—ex-chief of the Chinese Communist Party—is poised on the brink of a huge downfall.
The Chinese Academy of Sciences announced on Jan. 6 that Jiang Mianheng would no longer serve as president of the academy’s Shanghai branch due to his age.
On Jan. 19, Chinese media posted a long article on Weixin titled: “Jiang Mianheng’s Role in Life” which divulged details of how he became a tycoon based in Shanghai.
According to the article, Jiang’s first move in the business world, after returning from studying overseas, was in 1994 when he set up his first company, Shanghai Alliance Investment Limited, using funds from state-owned Assets Supervision and Administration Commission of Shanghai Municipal Government.
Jiang’s have continued to expand ever since. Not only is he CEO of China Netcom, but also a board member of SAIC Motor, and Shanghai Airport Authority.
His companies are involve in all sorts of businesses: Telecommunications services (China Netcom), Internet services (MSN), transportation and aviation (SAIC Motor, Shanghai Airlines, Shanghai Airport Authority), finance (Bank of Shanghai), and culture and entertainment (Phoenix Television, Oriental DreamWorks).
As hinted in the article, by entering the business world as the son of a former leader,
this princeling has made himself the king of telecommunications, and a key figure in Shanghai.
The report was written in just the same way as for ex-security tsar Zhou Yongkang, and former top aide Ling Jihua before their fall from power. This indicates that the campaign against corruption is now coming to a close against the Shanghai clique.