Beijing: China executed Bai Tianhui, former general manager of China Huarong International Holdings (CHIH), on Tuesday for corruption, state media reported.

Bai was convicted of accepting bribes exceeding $156 million in exchange for favourable treatment in project acquisitions and financing from 2014 to 2018, according to state broadcaster CCTV.

CHIH, a subsidiary of China Huarong Asset Management, one of the nation's largest bad-debt managers, has faced intense scrutiny under President Xi Jinping's anti-graft campaign, including the 2021 execution of its former chairman Lai Xiaomin for $253 million in bribes.

Unlike typical corruption death sentences with two-year reprieves commuted to life, Bai's May 2024 Tianjin court verdict carried no suspension despite his appeal; the Supreme People's Court upheld it in February, deeming his crimes "extremely serious."

"(Bai) accepted bribes of an exceptionally large amount, the circumstances of his crimes were exceptionally serious, the social impact was especially egregious, and the interests of the state and the people suffered exceptionally significant losses," CCTV quoted the SPC.

Bai met relatives before execution in Tianjin on Tuesday morning, with the method undisclosed. China keeps execution figures secret, though rights groups estimate thousands annually.

Bai joins recent high-profile cases: Yi Huiman, ex-securities regulator chief, under probe since September; Li Xiaopeng of Everbright Group sentenced to 15 years in March for 60 million yuan bribes; and Bank of China's Liu Liange given death with reprieve in November 2024 for 121 million yuan.

Proponents view the campaign as advancing clean governance; detractors see it as enabling Xi to eliminate rivals.

With inputs from AFP