Boyu Capital, a fund company owned by China’s former leader Jiang Zemin’s family, is moving its business from Hong Kong to Singapore and Shanghai, The Wall Street Journal (WSJ) reported on Feb. 22.
Jiang built a faction within the Chinese Communist Party (CCP) centered in Shanghai that controlled Hong Kong and had influence in other regions. Jiang’s faction, also called the Shanghai clique, is the main rival of current Chinese leader Xi Jinping within the party.
