A disgruntled Chinese investor has stabbed the chief executive of an asset management company, the latest sign of escalating tension in the country’s financial system amid rising defaults.
Wang Jie, chief executive officer of Global Wealth Investment (Beijing), was rushed to hospital after an investor stabbed him during a meeting on Sunday, opening a wound of about 15cm in his shoulder, according to Caixin, a respected financial news website. The alleged assailant had invested Rmb300,000 ($47,300) in a wealth management product that failed to pay out as promised.
The incident stems from the collapse of Hebei Financing Investment Guarantee Group, one of China’s largest state-backed guarantors. Global Wealth and other financial institutions sold investment products backed by loans guaranteed by Hebei Financing.