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Open Letter to Ms. Hu Shuli

Update time:2017-05-02

Dear Ms. Hu Shuli,


Caixin Media has in the past made numerous attempts to solicit advertisements and sponsorships from us, and even left its unilaterally signed contracts at our office. Its editorial and marketing staff visited our company simultaneously, sat down at the same table with us for negotiations and bragged about how other companies made investment to Caixin in exchange for "protection". Is this what you meant by "establishing rigorous firewall mechanism to completely separate business and journalism"?


For many times, Caixin Media and its media outlets carried out personal denigration against Mr. Wu Xiaohui, Board Chairman of Anbang Insurance Group, fabricated false reports on his "history of three marriages", and spread rumors on "confirmed termination of marital relations". As a self-acclaimed "objective and fair" media outlet, have you not investigated these basic facts?


After Anbang purchased stock shares in Minsheng Bank as a financial investor, Caixin published the article "Who owns Minsheng Bank" and quoted Dong Wenbiao, former Board Chairman of Minsheng, "There is no need for you (Anbang) to become controlling shareholders of Minsheng Bank. It will bring troubles in the future." Later, you personally brought the editorial chief of Caixin Media to our company and talked multiple times against our investment in Minsheng Bank. Our company did not take your advice, and endless troubles ensued. Caixin Media started a campaign of smear reporting on our company that lasted several years. Is it because you are a prophet or because you have interest in the affair?


On April 28, Caixin Media published another "Special Report" to attack Anbang, but sadly full of errors and fabrication of facts. For instance, the article falsely accused that Anbang Property & Casualty Insurance's RMB 27 billion investment was used for capital increase of Anbang Insurance Group, but the fact remains that Anbang Property & Casualty Insurance withdrew its investment months before the capital increase of Anbang Insurance Group. There was no possibility of using our own insurance funds for capital increase. The article also listed our company as the largest shareholder in public companies such as Financial Street Holdings, Gemdale Corporation, Dashang, Sino-Ocean Land, and Vaford Group. However, as shown in the list of shareholders for these public companies, our company is only the largest shareholder in Minsheng Bank but not in others. As a "professional financial and economic media outlet", did you not check the public information of listed companies before reporting?


In the past years, Caixin Media has published a series of reports on our company, which appeared to be true but are far from facts. Some of the reports fabricated falsehoods and fictional individuals who have no relations with the company; some used speculations to attack the lawful business activities of Anbang Insurance Group; some included imaginary scenarios and reached conclusions with absolutely no factual basis. We express strong disdain and condemnation on these false, malicious, and biased reports.


Our company has decided to bring a suit against you and Caixin Media and we hope that you, Ms. Hu Shuli, would cease fabricating facts and misleading the public for interest groups; we also hope that you would cease your old methods, refrain from under-the-table operations, and stop being a powerbroker. In defending against the series of smearing and slanderous articles published by Caixin Media, we hope to confront you in court. At the same time, we shall also bring lawsuit against Caixin's contributing writer in Canada, Guo Tingbing.


We firmly hold that today in a country ruled by law, it is impermissible for any media company to abuse the right to speech and act recklessly for the sake of interest group. We also firmly hold the law will safeguard the right to exist of any enterprise conducting lawful business operations!


Legal Department, Anbang Insurance Group Co., Ltd.

May 1, 2017