On the evening of October 14, the Central Commission for Discipline Inspection and the National Supervisory Commission announced that Wang Xuedong, a former senior expert of the China Development Bank (referred to as “CDB”), is under investigation for serious violations of discipline and law. He is currently undergoing a disciplinary review by the discipline inspection team stationed at CDB and an investigation by the Jilin Provincial Supervisory Commission. The former head of the industry's leading leasing company, CDB Leasing
According to publicly available information, Wang Xuedong, born in 1963, has focused on macroeconomics and finance. He previously worked at the National Planning Commission (now the National Development and Reform Commission) and the National Transportation Investment Company. After the founding of CDB in 1994, he transferred to the bank, accumulating experience in the Transportation Credit Bureau, East China Credit Bureau, and other departments, and gradually became a core management member in local branches. By the end of 1999, he had been appointed Deputy President of CDB's Shanghai Branch, and in early 2008, he was promoted to President of the Hunan Branch, where he led numerous regional financing projects and authored works such as “Systematic Financing Design for Cultural Industry Development in Hunan Province.” He has received honors including the “National May Day Labor Medal” and “Hunan Provincial Labor Model.”
In October 2014, Wang Xuedong experienced a pivotal career turn when he was appointed Chairman of CDB Leasing. As the only leasing business platform under CDB, CDB Leasing achieved rapid development during Wang's nearly seven-year leadership. In July 2016, the company successfully listed on the Hong Kong Stock Exchange, becoming the first listed financial leasing company in China. By the time he stepped down in July 2021, the company's asset scale had exceeded 300 billion yuan, and its aircraft leasing fleet ranked 11th globally, maintaining its position in the top echelon of the industry. After his resignation, Wang continued to participate in industry events as a “senior expert of CDB Leasing” while keeping a low profile until his recent investigation.
In recent years, CDB has aggressively addressed corruption in the financial sector, with several senior executives, including former Vice Presidents Li Jiping and Wang Yongsheng, falling from grace. The case of Li Jiping is particularly notable; he used his position to benefit others in project approvals and personnel arrangements, illegally accepting a substantial amount of money. In April 2025, a court found that he had accepted bribes exceeding 57.3 million yuan and sentenced him to 14 years in prison, along with a fine of 2 million yuan.
CDB Leasing, approved by the China Banking and Insurance Regulatory Commission, was established in 1984 as Shenzhen Leasing Company. After converting to a joint-stock system in 2008, it was renamed CDB Financial Leasing Co., Ltd. and successfully listed on the main board of the Hong Kong Stock Exchange in 2016, officially entering the international capital market.
Over nearly forty years, CDB Leasing has transformed from a regional leasing company into a national comprehensive financial service provider. Relying on CDB’s resource advantages, the company continues to expand its business footprint, forming a diversified layout centered on aircraft leasing, green energy leasing, and infrastructure leasing. In the aircraft leasing sector, CDB Leasing has entered the ranks of the top ten aircraft leasing companies globally, managing a fleet of over 500 aircraft. Its green energy business focuses on renewable energy projects such as wind and solar power, contributing to the implementation of the national “dual carbon” strategy. With outstanding operational performance and industry influence, the company has been selected for multiple years in the “Fortune” China 500 list. By 2025, its asset scale had surpassed 400 billion yuan, with its business coverage and service network extending across multiple key areas domestically and internationally, continuously strengthening its leading position in the industry.
According to the semi-annual report for 2025, CDB Leasing achieved an operating income of 14.66 billion yuan in the first half of the year, a substantial increase of 112.9% year-on-year. The net profit reached 2.4 billion yuan, reflecting a growth of 27.6%, with the net profit attributable to the parent company growing in tandem with the overall net profit.
In terms of profit composition, non-interest income has become the core engine of growth, with the company's non-interest income reaching 19.28 billion yuan during the reporting period, while interest income stood at -4.62 billion yuan. This indicates a further strengthening of the leading position of non-interest businesses, such as leasing, in revenue and profit, with the business structure continuing to shift towards light capital and high added-value sectors.
However, the slight contraction in asset scale is also worth noting. As of the end of June 2025, total assets were reported at 417.73 billion yuan, a year-on-year decrease of 13.2%. Looking back at historical data, CDB Leasing's total assets increased steadily from 341.84 billion yuan in 2021 to 405.85 billion yuan in 2024, with the mid-2025 contraction possibly linked to asset structure optimization and risk control strategy adjustments against the backdrop of industry cycles.
From the historical performance trajectory, CDB Leasing's operating income peaked at 16.85 billion yuan in 2022 but experienced a decline in 2023 and 2024, only to rebound significantly in the first half of 2025. In terms of net profit, the company saw a 14.6% year-on-year decline in 2022 due to industry factors, but gradually recovered in 2023 and 2024, maintaining rapid growth in mid-2025, reflecting a development trend characterized by "bottoming out and recovery, along with structural optimization."