Former Hong Kong Exchanges and Clearing (HKEX) Managing Director and Chief China Economist, the 57-year-old Ba Shusong, who was previously very active on social media and at various events, has recently drawn significant attention due to his disappearance.

According to sources cited by The Economic Observer, the well-known economist, who also serves as the Chief Economist of the China Banking Association and a Senior Advisor at the Peking University HSBC Financial Research Institute, is suspected of involvement in an illegal fundraising case and was reportedly taken away by authorities around March 12, 2026. From March 25 to 27, 2026, several sources confirmed that the case is being handled by the Shanghai police. Ba Shusong is suspected of committing major financial crimes involving substantial amounts of money.

Caixin reported that Guo Yunjue, a former doctoral student supervised by Ba Shusong and a key figure in his financial network, was taken into custody at the same time. Sources indicated that Ba Shusong had a close relationship with this student, and his current troubles may be a direct result of this association.

Notably, several days after Ba Shusong's disappearance, his wife and former junior schoolmate, Xing Yujing, also became unreachable.

Ba Shusong's career spans multiple prestigious institutions, including HKEX, Peking University HSBC Business School, and the China Banking Association, granting him a wide array of titles and extensive connections. Now, this once highly visible economist is suspected of financial crimes. While the final outcome of the case awaits further police investigation, the intricate web of financial relationships and intertwined interests behind it has already attracted widespread attention from both the market and academic circles.

Born in 1969 into a farming family in Wuhan, Hubei province, Ba Shusong was the eldest of three brothers. He earned a bachelor's degree in engineering from Huazhong University of Science and Technology in 1991, followed by a master's degree in economics three years later. In 1999, he received a Ph.D. in economics from the Central University of Finance and Economics. His academic dedication reportedly inspired his younger brothers to also pursue higher education in Beijing.

After graduation, Ba Shusong built a broad academic career, holding adjunct professor positions at several institutions, including the China Center for Economic Research at Peking University, and enjoyed special government津贴 from the State Council.

In the spring of 2016, entrusted by the Dean of Peking University HSBC Business School, Ba Shusong began overseeing the "Peking University HSBC Financial Frontier Lecture Series" and subsequently became the Executive Dean of the Peking University HSBC Financial Research Institute. Until news of his disappearance emerged, the Peking University HSBC Business School website still listed him as a professor and Executive Dean. The school has since stated it is unaware of the specifics of the situation and has removed his profile from its website, though the research institute's site still lists him as a Senior Advisor.

Ba Shusong's career extended beyond academia into government and business. From 1994 to 2000, he held positions at Bank of China, including Deputy Division Chief in the Development Planning Department and Deputy Head of the Hangzhou Branch. From 2000 to 2002, he served at Bank of China (Hong Kong) in risk management. He then became the Director of the Development Strategy Committee at the Securities Association of China in 2002.

From 2003 to March 2007, Ba Shusong served as Deputy Director of the Financial Research Institute at the Development Research Center of the State Council. In 2007, he was assigned to the Economic Department of the Liaison Office of the Central People's Government in Hong Kong as a Deputy Director. He returned to the Development Research Center around 2009, remaining until approximately 2015.

These roles paved his way into the core of international capital markets when he joined HKEX in 2015. That April, HKEX established a new Mainland Affairs division and appointed Ba Shusong as Chief China Economist and Managing Director, reporting directly to the CEO—a newly created position at the exchange.

This appointment marked his transition from policy research to the heart of global finance. For years thereafter, he frequently spoke as HKEX's Chief China Economist, acting as a bridge between the mainland and Hong Kong financial markets. His last public appearance in that capacity was an online keynote speech at the HKEX China Opportunities Forum in Shanghai on October 22, 2025.

According to Caixin, sources close to HKEX indicated that Ba Shusong had taken leave citing health reasons in the first half of 2025 and rarely visited the office thereafter. His contract with HKEX ended around the end of 2025. HKEX confirmed to media outlets that Ba Shusong had left the exchange by the end of 2025, having last served as a part-time advisor.

Additionally, Ba Shusong had been the Chief Economist of the China Banking Association since 2009. Sources noted that he was listed as an expert for an event on March 17, 2026, but did not appear.

As one of the most prominent economists in the public eye, Ba Shusong had over 11.39 million followers on Weibo. His last public activity was a repost on March 11, 2026. His Facebook account, active due to his previous work in Hong Kong, was last updated on March 9.

The primary线索 into his disappearance points to an illegal fundraising case. Sources suggest his involvement may be linked to a case led by his student, Guo Yunjue. Guo, three years older than Ba Shusong, holds a Ph.D. in Management. The two maintained an 18-year "teacher-student" relationship and co-authored several academic works.

Corporate records show Guo holds multiple business roles, including General Manager of Tuoze Huili Enterprise Management (Hainan) Co., Ltd. Tuoze Huili was established in 2015 in Hainan. Its predecessor was a private fund firm, Guoxin Guotou Fund Management (Hainan) Co., Ltd., which had its私募基金管理人 registration canceled by the Asset Management Association of China in March 2023 for failing to meet requirements.

Caixin reported, citing sources, that Tuoze Huili was primarily involved in primary and secondary market investments, and that Ba Shusong helped raise funds for its projects within a small circle, though it is unknown if he held any equity. Corporate records do not show Ba Shusong as a shareholder.

Notably, Ba Shusong was the founding chairman of the Shenzhen Asset Management Association, established in 2017. Sources revealed the association generated tens of millions of yuan in annual membership fees, but the use of funds was unclear. The association's approval was issued by the Shenzhen branch of the People's Bank of China, where his wife, Xing Yujing, held a leadership position at the time.

Xing Yujing, also an economics Ph.D., had previously served as Deputy Director-General of the PBOC's Monetary Policy Department II and held positions at the State Administration of Foreign Exchange and the PBOC General Office. Sources indicated she had left the Hong Kong Monetary Authority upon contract completion in late 2025 and had taken early retirement from the PBOC.

In the past, Ba Shusong had repeatedly warned about the risks of illegal fundraising, virtual currency speculation, and grey areas in private funds, advocating for stronger regulation and information disclosure. As early as 2005, he wrote about the challenges in cracking down on illegal financing activities.

The case surrounding Ba Shusong's suspected financial crimes is still developing, with official investigation results pending. Regardless of the outcome, the incident highlights the complex interpersonal networks and hidden risks within the financial sector, serving as a stark reminder for all professionals to uphold compliance amidst professional achievements.