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According to one source with direct knowledge of the situation, Xiao’s wife Zhou Hongwen, who co-founded Tomorrow with him in 1999, is running the business in his absence, but it was unclear how much she was involved in the decision to put the assets up for sale and whether she is closely involved in the process. Tomorrow and the four subsidiaries did not return phone calls, emails and messages seeking comment. China’s insurance and banking regulators did not respond to requests for comment. The State Council’s information office also did not respond to a request for comment. Beijing has cracked down on other groups that, like Tomorrow, have used cash from insurance products to invest aggressively in riskier deals in areas such as property and soccer. Last month, authorities detained Wu Xiaohui, chairman of Anbang Insurance Group, one of China’s flashiest overseas dealmakers and owner of the Waldorf Astoria hotel in New York. Anbang has said its chairman is temporarily unable to fulfill his duties and has not commented further. Even a partial dismantling of Tomorrow’s business empire, though, would take the aggressive government behavior a step further than previous warnings or punishments, and raise concerns for other tycoons and their companies. Xiao, who is in his mid-40s and has close ties with some of China’s senior leaders and their families, was ranked 32nd on the 2016 Hurun China rich list, China’s equivalent of the Forbes list, with a net worth of $6 billion.
For the original version including any supplementary images or video, visit http://fortune.com/2017/07/05/missing-billionaire-tomorrow-holdings-xiao-jianhua/
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