The great grandson of Chinese Communist Party legend Ye Jianying has been promoted from a minor local official in Guangdong to a leading position at the most powerful state-owned investment company in the province.

Ye Zhonghao, 37, has been appointed as a party committee member and the deputy general manager of Guangdong Hengjian Investment Holdings Co. Ltd, according to the company’s website, while at the same time, he stepped down from the Yunfu district management committee office, according to a statement from Yunfu city in Guangdong.

It was reported that Guangdong Hengjian Investment Holdings was founded with investment from the Guangdong arm of the State Council’s State-owned Assets Supervision and Administration Commission (SASAC). It is the most powerful company under the provincial government, specializing in capital operations, fund investment and equity management.

Hengjian also holds stakes in a range of state-owned companies on behalf of the Guangdong province government, including China Southern Power Grid, China Southern Airlines, China Guangdong Nuclear Power, Baosteel Group’s Guangdong Shaoguan Iron and Steel, and AVIC General Aircraft. It also has stakes in at least 20 other companies.

As of December 2019, Hengjian’s total assets were valued at 290.3 billion yuan (US$41 billion).

Ye’s great grandfather, Ye Jianying, was a Long March veteran and one of the founding Ten Marshals of the People’s Liberation Army. His grandfather, Ye Xuanping, was leader of Guangdong province and the original vice president of the National Political Consultative Conference. That makes the younger Ye a member of the so-called fourth generation of the “red princelings” — the CCP equivalent of aristocracy who enjoy great privileges and influence in China’s unelected one-party political establishment.

It was reported that Ye was born in the United States and began his political career in Guangdong province in 2006.

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