The story, which has already called into question the Chinese Communist Party’s continued influence over the Biden administration, also has a link to President Joe Biden’s son, Hunter. The first son has financial ties to the phone call participant through his previous employer, Sinopec.
Sinopec, also known as China Petroleum & Chemical Corporation, is a Chinese state-owned oil and gas enterprise. Its “fully-owned subsidiary” Sinopec Marketing Company enjoyed nearly $1 billion in investment from Hunter Biden’s private equity firm BHR Partners.
Finalized in March 2015, the investments from the controversial investment fund led to BHR Partners amassing a nearly 30 percent stake in Sinopec. BHR Partners’ LinkedIn profile highlights its Sinopec investment, revealing it was involved “in the pilot state-owned enterprise reform deal involving the segregation and capital.
Zhang has deep ties to Sinopec, previously serving as the company’s Board Director and Senior Vice President. During his nearly decade-long stint at the company, he was also elected as a member of the Party Committee of Sinopec Group, as revealed in his professional biography.