A Beijing court has sentenced Xu Heyi, former chairman of BAIC Group, to death with a two-year reprieve after finding him guilty of corruption-related offenses, including bribery and money laundering. The ruling also orders the seizure of his personal assets and strips him of political rights for life. Under this form of sentence, execution is suspended during the two-year period and may be replaced by imprisonment, depending on the circumstances and his conduct.
Xu joined BAIC in 2002 and became its chairman in 2006. During his tenure, the group expanded through partnerships with international automakers, including Hyundai and Mercedes-Benz. BAIC became Mercedes-Benz’s largest shareholder after increasing its stake to 9.98% in 2021, and the article also notes its role in producing Xiaomi’s SU7 through a domestic partnership.
BAIC’s annual sales rose from about 680,000 vehicles when Xu took charge to 2.26 million in 2019, the year before he left the post. The corruption investigation was announced more than three years before the court’s ruling.