In September 2012, He Jinlei — whose father, He Guoqiang, was then the Communist Party's top anticorruption official — was a vice president at CDB Capital, said two people familiar with the company who spoke on the condition of anonymity because of the sensitivity of the issue. At the time, the China Development Bank was headed by Chen Yuan, the son of China's former top economic-planning official, Chen Yun, who was a member of the Politburo Standing Committee from the 1930s into the 1980s.
The younger Mr. Chen stepped down in 2013 as chairman of the bank. The younger Mr. He was still at the firm as of this year, according to accounts of his activities on company websites.
Citic Capital is one of the investment arms of the state-owned conglomerate Citic, which owns stock brokerages, banks, mines, steel mills and oil fields. Another unit of the company, Citic Private Equity Funds Management, was led until mid-2012 by Liu Lefei, whose father, Liu Yunshan, China's top propaganda official, ascended to the Politburo Standing Committee that November. The younger Mr. Liu was named vice chairman of Citic Securities this March. Jeffrey Zeng, a senior managing director at Citic Capital, is the son of the country's former top planning official, Zeng Peiyan, who was a member of the Politburo — the group, normally with about 25 people, from whose ranks the elite Standing Committee is drawn.
Wang Jun, 73, the son of Wang Zhen, a former vice president, was a longtime chairman of Citic. His father was, along with the elder Mr. Chen, one of the "eight immortals," the group of Communist Party elders who guided the nation in the 1980s. The younger Mr. Wang was, until this year, chairman of another company that Citic had invested in, the pharmaceutical-data firm Citic 21CN. In January, Alibaba and an investment fund founded by Mr. Ma, Alibaba's chairman, acquired a majority stake in Citic 21CN.
A representative of Citic Capital said the company did not comment on its investments and that Mr. Liu headed another division of the company. Representatives of CDB Capital and Boyu Capital did not comment.
— By Michael Forsythe, The New York Times