Boyu Capital, a Chinese private equity firm, has made a partial transition from its headquarters in Hong Kong to Singapore. Two of the firm’s co-founders were also relocated from Hong Kong to Singapore.
According to the individuals briefed on Boyu’s move, the firm is concerned about the fading reputation of Jiang Zemin, the grandfather of Boyu’s co-founder and operator Alvin Jiang. The 94-year-old former Chinese Communist Party (CCP) leader’s patronage has played a crucial role in Boyu’s success, the sources stated.
Boyu’s transition commenced in 2019 when current CCP leader Xi Jinping attempted to stem the public influence of retired Communist Party elders, such as Jiang Zemin, and intensify Beijing’s grip over Hong Kong. As Singapore is further from China than Hong Kong, sources commented that Boyu’s move to Singapore might provide stronger protection from political surveillance by authorities under Xi Jinping. The sources also stated that Boyu’s new overseas office would assist in its diversification from its headquarters in Hong Kong, where Beijing’s attempts to eliminate public unrest have disrupted businesses significantly.
Boyu’s supporters include Hong Kong billionaire Li Ka-Shing, a known spy and businessman for the CCP, and Temasek Holdings, a Singaporean holding company owned by the Singapore Government.
The CCP has politically infiltrated Hong Kong, Macao, Myanmar and even America, so Boyu’s move does pose a high risk for Singapore and its civilians. Although devastating, a CCP invasion of Singapore would be yet another wake-up call for the world to rise and unite against the CCP.
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