New China Life ex-chairman sentenced to death with reprieve for corruption

News desk: Former New China Life Insurance Co. chairman Li Quan has been sentenced to death with a two-year reprieve by the Jinan Intermediate People’s Court in Shandong province, according to a court ruling issued on November 19, 2025.

Li was found guilty of embezzlement and bribery involving more than 213 million yuan (approximately $30 million) between 2010 and 2024. The court imposed a life sentence for embezzlement and a suspended death sentence for bribery, combining the penalties into a death sentence with a two-year reprieve. He was also deprived of political rights for life and all personal assets were confiscated.

According to the court, Li misappropriated more than 108 million yuan between June 2015 and March 2024 while serving as president and chairman of Xinhua Asset Management and chairman of its Hong Kong unit. The funds were obtained through fraudulent schemes involving deception and concealment, in coordination with others.

Between 2010 and 2023, Li also accepted more than 105 million yuan in bribes, either independently or with accomplices, by leveraging his positions to facilitate business cooperation and fund subscription arrangements.

Li, who also served as Communist Party secretary of the state-owned insurer, was expelled from the Party and placed under investigation in 2024 as part of China’s broader anti-corruption campaign targeting the financial sector.

Under Chinese law, a death sentence with a two-year reprieve is typically commuted to life imprisonment if no further crimes are committed during the reprieve period.