The Tianjin No. 2 Intermediate People’s Court carried out the death sentence of Bai Tianhui, the former General Manager of Huarong Finance II Co. Ltd., on Tuesday morning, December 9, 2025. This execution follows the meticulous review and definitive approval by China’s Supreme People’s Court, marking the final stage of a high-profile corruption case within a major state-owned financial conglomerate.
Legal Process Culminates in Execution
Bai Tianhui was initially convicted on May 28, 2024, by the Tianjin No. 2 Intermediate People’s Court on charges of bribery. The ruling included the death penalty, permanent deprivation of political rights, and the confiscation of all personal assets. Bai subsequently appealed the judgment. Following a public hearing, the Tianjin High People’s Court upheld the original verdict on February 24, 2025, rejecting the appeal due to the severity and confirmed nature of the crimes.
The case was then referred to the Supreme People’s Court, China’s highest judicial authority, for mandatory review. The Supreme People’s Court confirmed the factual findings, concluding that Bai had systematically exploited his senior positions within Huarong (Hong Kong) and Huarong Finance II Co. Ltd. between 2014 and 2018. During this period, serving roles such as General Manager and Managing Director of the investment banking division, Bai utilized his influence to secure benefits for various entities involved in corporate financing and project acquisitions. Specifically, the court confirmed that Bai illicitly accepted property valued at over 1.108 billion yuan (approximately $155 million USD).
Severity of Financial Crimes Detailed
The Supreme People’s Court acknowledged the original court’s finding that the evidence was conclusive, the conviction accurate, and the sentencing appropriate, with all legal procedures adhered to. The court emphasized that Bai’s actions constituted the crime of bribery, noting three critical factors:
- Extremely Large Sums: The monetary amounts involved were unprecedentedly vast.
- Egregious Circumstances: The nature of the crimes demonstrated a significant breach of public trust.
- Adverse Impact: The conduct resulted in exceptionally damaging social and economic consequences, leading to significant losses for state and public interests.
Based on this confirmation, the Supreme People’s Court approved the death penalty. Upon receiving the final execution order, the Tianjin No. 2 Intermediate People’s Court proceeded with the formal pronouncement and execution. Prior to the sentence being carried out, Bai was granted a final meeting with immediate family members. Public records revealed that Bai had obtained a Hong Kong identity card by late 2017 while serving in his executive capacity at Huarong.
Broader Implications for Corporate Governance
This high-profile execution sends a forceful message regarding China’s ongoing zero-tolerance policy towards deep-rooted financial corruption, particularly within state-owned enterprises (SOEs). The case reinforces the government’s commitment to aggressively prosecuting senior executives who leverage their positions for illicit personal gain, regardless of the complexity of the financial maneuvers involved. For international businesses operating in China, this outcome underscores the inherent legal risks associated with corruption and the severe consequences for SOE officials engaged in financial misconduct.