On May 11, according to the website of the Central Commission for Discipline Inspection and the State Supervision Commission, Ren Jianxin, former secretary of the Party Committee and chairman of China National Chemical Corporation, and Yang Xingqiang, former deputy secretary of the Party committee and general manager, were suspected of serious violations of discipline and law.
Ren Jianxin
At present, the two are under disciplinary review and supervision investigation by the Central Commission for Discipline Inspection, the State Supervision Commission, the Discipline Inspection and Supervision Group of the State-owned Assets Supervision and Administration Commission of the State Council, and the Zhejiang Provincial Supervision Commission.
Ren Jianxin is the founder of China National Chemical Corporation and was once called the "King of M&A" by foreign media.
In 2015, under his leadership, ChemChina took a controlling stake in the Italian tire manufacturer Pirelli.
In October of the same year, Ren Jianxin, then chairman of ChemChina, became chairman of the board of directors of Pirelli Tire.
Pirelli's industrial tire business was subsequently entrusted to Fengshen Tire, a subsidiary of ChemChina.
In 2018, ChemChina and Sinochem began to merge, and Ren Jianxin announced his retirement.
Currently, Fengshen Tire is a subsidiary of China National Chemical Rubber Co., Ltd., which is led by the merged Sinochem Holdings Co., Ltd.