On September 12, the Central Commission for Discipline Inspection and National Supervisory Commission website reported that, according to the Chongqing Municipal Commission for Discipline Inspection and Supervision, Xie Wenhui, former Party Secretary and Chairman of Chongqing Yufu Holding Group, is suspected of serious disciplinary and legal violations. He is currently undergoing disciplinary review and supervisory investigation by the Chongqing authorities.

Public records show that Xie Wenhui was born in 1972 and holds a master's degree in Precision Instruments and Machinery from Chongqing University. He is a senior economist and engineer. In his early career, he worked at ICBC, serving as deputy section chief of the Science and Technology Division at the Chongqing branch. In January 2007, Xie joined the Chongqing Rural Credit Union, the predecessor of Chongqing Rural Commercial Bank, where he held roles including assistant general manager and deputy general manager in the Technology Department. From August 2008 to May 2011, following the restructuring of Chongqing Rural Commercial Bank (ASX: CQN), he successively served as deputy general manager (presiding), general manager of the Technology Department, and vice president. In 2013, Xie was appointed president of the bank, and in 2022, he was promoted to chairman. In 2024, due to a work transfer, Xie resigned from his roles at the bank and moved to serve as chairman of Chongqing Yufu Holding Group. In August 2026, the group announced it had received official documents from the Chongqing municipal government removing Xie from his chairmanship.

Founded in 2004, Chongqing Yufu Holding Group was the first wholly state-owned comprehensive asset management company approved by the Chongqing municipal government. The group focuses on six major industries: intelligent connected new energy vehicles, a new generation of electronic information manufacturing, advanced materials, emerging and future industries, intelligent equipment and smart manufacturing, and biomedicine. It also maintains a significant presence in the financial sector, with shareholdings in companies including Bank of Chongqing (ASX: CQN), Chongqing Rural Commercial Bank, Three Gorges Life Insurance, Ancheng Insurance, and Southwest Securities.

Additionally, Chongqing Rural Commercial Bank traces its origins to the Chongqing Rural Credit Cooperative, established in 1951. In 2008, the bank was officially established, consolidating the city's rural credit unions into a unified legal entity. In 2010, it successfully listed on the Hong Kong Stock Exchange main board, becoming the first listed rural commercial bank in China and the first listed bank in western China. In October 2019, it listed on the Shanghai Stock Exchange main board, becoming the first "A+H" share listed rural commercial bank and the first "A+H" share listed bank in western China. In January of this year, the bank announced that regulatory approval had been granted for Liu Xiaojun to assume the role of new chairman.

Financially, as of the end of June 2026, Chongqing Rural Commercial Bank's total assets reached 1.7882 trillion yuan, up 7.35% from the end of the previous year. Deposits stood at 1.0891 trillion yuan, up 5.86%, while loans totaled 844.7 billion yuan, up 5.95%. In the first half of the year, the bank reported operating revenue of 15.892 billion yuan, with a growth rate of 7.81% marking a five-year high. Net interest income reached 13.529 billion yuan, up 15.2% year-on-year, serving as the primary driver of revenue growth. Net profit came in at 8.343 billion yuan, an increase of 496 million yuan, or 6.32% year-on-year.