Source: Duji Finance
Author: Xie Meiyu
From a billionaire to the subject of consumption restrictions, Mi Chunlei's insurance strategy has come to an end.
According to Tianyancha, Shanghai Life Insurance Co., Ltd. (hereinafter referred to as Shanghai Life) recently completed business registration changes. Mi Chunlei has stepped down as Legal Representative and Chairman, while Ma Xudong has been appointed as the new Legal Representative and Director.
Mi Chunlei, once listed on the Hurun Rich List with a fortune exceeding 10 billion yuan and the controlling shareholder of the "Lanhai Group," now has 59 restriction orders against his name, involving a total amount of approximately 49.89 billion yuan.
This personnel change marks the final phase of risk resolution for Shanghai Life Insurance. In 2023, 8, a professional guidance team from CPIC Life Insurance was deployed to assess risks; in 2025, 12, four entities including SPDB Bank (600000.SH) contributed 106.41 billion yuan to establish Shanghai Xingqi Hengtai Enterprise Management Partnership Limited (hereinafter referred to as "Xingqi Hengtai"). Xingqi Hengtai, jointly with the China Insurance Security Fund and others, launched SPDB Life Insurance to fully assume all assets and liabilities of Shanghai Life Insurance.
When SPDB Life Insurance receives approval to open, this insurer led by Mi Chunlei for over a decade will officially exit the market.
Mi Chunlei steps down after 11 years at the helm,
Countdown for Pudong Life Insurance's "Takeover"
Shanghai Life Insurance was established in the Shanghai Free Trade Zone in 2015, becoming the first national life insurer registered within the zone. Its initial registered capital was 20 billion yuan, later increased to 60 billion yuan in 2016. Lanhai Holdings is the largest shareholder, holding a 20% stake. Mi Chunlei, the actual controller, has served as legal representative and chairman since the company's inception until this resignation, with a tenure exceeding 11 years.
Ma Xudong, previously the Audit Officer of Shanghai Life Insurance, has assumed the role of Legal Representative. His qualification to serve as a Director was approved by the Shanghai Financial Regulatory Bureau on 2026/9/28. The appointment of the Chairman remains pending.
Image source: Shanghai Financial Regulatory Bureau
According to Red Star Capital Bureau, an insurance industry insider stated that Mi Chunlei's resignation as Chairman and Legal Representative of Shanghai Life is not a routine personnel change, but a transitional move to wrap up industrial and commercial affairs at Shanghai Life ahead of the exit of the "Lanhai Group" and the launch of Pudong Bank Life (in preparation).
The industry insider stated, "Governance restructuring at Shanghai Life Insurance has been completed, and equity cleanup is underway. Upon approval of Pudong Bank Life Insurance's establishment by regulators and receipt of its operating license, the new entity will assume all of Shanghai Life's business, assets, and liabilities. Concurrently, branch names will be updated, and current internal and external staff will transition to the new company. This will mark the final resolution for Shanghai Life, resulting in its exit, deregistration, or rebranding."
The acquiring party boasts a top-tier shareholder lineup.
In 2025, month 12, SPDB led a consortium including Shanghai International Group, CPIC Life Insurance, and Lujiazui Group to jointly invest 106.41 billion yuan in Xingqi Hengtai. As the primary sponsor of SPDB Life Insurance, SPDB contributed 61.07 billion yuan and holds a 58.33% stake, securing absolute controlling interest. Shanghai International Group holds 25.13%, CPIC Life Insurance holds 8.98%, and Lujiazui Group holds approximately 7.55%.
Image source: Tianyan Cha
According to multiple media reports, including the Economic Observer and China Times, the core management team of SPDB Life Insurance has been finalized: Zhang Jian, Vice President and Board Secretary of SPDB Bank, is slated to serve as Chairman; Xia Yunping, a veteran of SPDB Bank, is set to become Party Secretary; and Tai Fukun, formerly from CPIC Life Insurance, will assume the role of General Manager.
Born in 1975, Zhang Jian joined SPDB in 1999. A seasoned veteran of the bank with extensive frontline experience, he has served as Executive Vice President since 9 2024. He was approved as Board Secretary in 3 2025 and concurrently assumed the role of Chairman of PSPD Amc Fund from 12 2024.
Xia Yunping also held long-term positions at SPDB, serving as Vice President and President of the Dalian Branch. He was appointed President of the Beijing Branch in 2016, General Manager of the Credit Card Center in 10 2020, and General Manager of the Retail Lending Department in 2024. His extensive experience in retail banking and credit management will provide critical support for the company's business transformation.
Tai Fuchun plays a pivotal role. He led the CPIC Business Guidance Team to Shanghai Life Insurance in 2023 8, possessing deep expertise in the company's balance sheet and personnel structure. His appointment ensures maximum continuity during the transition.
Image source: Canstock
Establishing a new entity to assume operations is not unique to Shanghai Life Insurance. Prior examples include Ruizhong Life taking over Huaxia Life, Haigang Life assuming Hengda Life, and Fuzé Life acquiring Junkang Life—all adopting similar risk resolution models.
Yuan Shuai, co-founder of the New Intellectual School's New Quality Productivity Living Room, pointed out that this "new entity + full assumption" disposal model assumes all existing risks through a newly established entity with stronger compliance and more stable shareholder background. This approach avoids continuous interference from historical governance issues in the original troubled institution, allowing risk resolution to proceed under a clearer new framework without being overly entangled by complex legacy interest conflicts. Additionally, the full assumption method maximizes the integrity of policy liabilities, eliminating the need for selective adjustments to existing policy rights and benefits. By addressing these issues at the source, it minimizes the impact on insurance consumers' rights and ensures the risk resolution process does not become a secondary blow to market confidence.
For SPDB, the largest investor, the biggest benefit of taking over is securing a scarce life insurance license. As a key financial platform in Shanghai, SPDB already controls Shanghai International Trust, PSPA Fund, PSP Wealth Management, and PSP International. The only missing piece is an insurance company; PSP Life may fill this gap.
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How do I get started with SPDB Life Insurance?
Putian Life, which took over Shanghai Life, is a life insurer that has slipped from being a "landmark of the Free Trade Zone" to a troubled company. Its story begins with Mi Chunlei.
Mi Chunlei was born in 1978. In 2003, he founded Lanhai Holdings and served as its chairman. The "Lanhai Group" under his leadership spans insurance, healthcare, banking, real estate, automotive, mining, financial leasing, and more sectors. In 2021, he appeared on the Hurun Rich List with a fortune exceeding 100 billion yuan.
Outside the business world, Mi Chunlei is also widely known as the husband of Dong Qing, a renowned CCTV host. The couple met at a gathering around 2010 years ago, drew closer due to their shared hometown in Chongming, Shanghai, and eventually married around 2013 years ago. This marriage brought Mi additional public attention beyond the financial sector and placed his subsequent debt crisis and disappearance under broader public scrutiny.
However, as Liu Chunlei's "Lanhai Group" faces difficulties, Dong Qing has become increasingly low-profile in public and gradually stepped back from the front line of hosting.
Image source: Canstock
Shanghai Life, whose chairman is stepping down, is also a key piece in Mi Chunlei's capital empire.
Since its launch in 2015, Shanghai Life Insurance rapidly scaled up through high-cost, short-cycle wealth management products like universal life insurance. In its inaugural year (2015), insurance revenue reached 44 billion yuan, with total premium volume exceeding 10 billion yuan. By 2016, premiums surged to 108.6 billion yuan, hitting a peak; that same year, the company recorded a net profit of 5929.9 million yuan, turning profitable within its first year of operation and breaking the industry's long-standing "seven-year break-even, eight-year profit" convention.
In 2017, Shanghai Life Insurance's net profit grew further to 1.2 billion yuan, reaching a peak in publicly disclosed data. Objectively, Shanghai Life demonstrated strong market development capabilities and solid operational efficiency in its early years, laying a viable business foundation for subsequent stakeholders.
But rapid scaling also brings accumulating governance risks.
In 2016, Shanghai Life Insurance increased its capital to 60 billion yuan, introducing new shareholders such as Yangning Industrial and HeCui Industrial. After the capital increase, each of the two held a 13.75% stake. However, in 2018, the former China Banking and Insurance Regulatory Commission issued the "Decision on Revocation of Administrative Licensing," determining that the relevant shareholders had concealed related-party relationships, exceeded shareholding limits, and submitted false materials during the capital increase application. The regulatory body revoked the licensing for this capital increase and ordered the liquidation of non-compliant equity holdings.
Image source: Canstock
At that time, Lanhai Holdings held 20% and was the single largest shareholder, while Yangning Industry and HeCui Industry were determined to be acting in concert with Mi Chunlei's side. This means the capital increase effectively expanded Mi Chunlei's actual control, yet this relationship was deliberately kept outside the equity structure. After the cleanup order was issued, the non-compliant shareholders failed to exit. As of the end of Q4 2021, both Yangning Industry and HeCui Industry remained listed as shareholders of Shanghai Life Insurance.
Equity issues remain unresolved, and operating metrics are deteriorating. The Q4 2021 solvency report shows that Shanghai Life posted a single-quarter net profit of -2.78 billion yuan, with full-year net profit plummeting nearly 90% year-over-year to just 0.3 billion yuan. Its comprehensive risk rating dropped from Category B in Q2 to Category C in Q3, failing to meet solvency requirements. The last disclosed solvency report was for Q4 2021; since then, the company has not released annual reports or solvency reports for five consecutive years.
According to Caixin, at the end of 2021, Mi Chunlei was taken away by local economic crime investigation authorities and went missing for 158 days until he reappeared in 2022 7. The "Lanhai Group" subsequently contracted: Lanhai Medical was delisted in 2022; the Shanghai Life Insurance shares held by Lanhai Holdings, representing 20% equity, were frozen by courts in multiple regions, with a total execution amount reaching as high as 86.3 billion yuan as of now; meanwhile, Mi Chunlei personally received 59 consumption restriction orders involving an aggregate case value of approximately 49.89 billion yuan.
Image source: Tianyan Cha
In 2023, in 8, the CPIC Life Insurance team moved into Shanghai Life to advance three core tasks: clearing channel business, controlling related-party transactions, and restructuring the business portfolio. With this departure of Mi Chunlei, all traces of the "Lanhai Group" have been completely removed from Shanghai Life.
For SPDB Life, taking over a troubled insurer with frozen equity and years of non-compliance in disclosures presents significant challenges. While assets and liabilities can be transferred as a whole, the new entity must address historical baggage, existing risks, restore staff confidence, and rebuild market trust after launch. Fortunately, strong shareholder backing, a professional management team, and an established takeover model provide solid support for SPDB Life's smooth start.
According to industry analysis, once SPDB Life Insurance receives approval to commence operations, Shanghai Life will fulfill its historical mission: either deregister or rebrand. Regardless of the outcome, this insurer—once launched as the first insurance company in the Free Trade Zone, propelled by aggressive universal life products, and ultimately陷入 governance failure—will become a chapter of the past. For SPDB Life, however, the real test has just begun.
Do you think Ping An Life can successfully handle Shanghai Life's historical burdens? Share your thoughts in the comments.
