On 11 August, PetroChina Captive Property Insurance Company Limited (PetroChina Captive) issued a temporary information disclosure stating that, pursuant to the company's third extraordinary board resolution of 2026, Chen Peng will no longer serve as general manager.

Public records show that Chen Peng, aged 59, holds a master's degree and previously served as deputy chief accountant and chief accountant of PetroChina Logging Company Limited and as head of the accounting division of the finance and assets department of China National Petroleum Corporation. Between 2017 and 2022 he was chairman of Generali China Insurance Company Limited, and between 2022 and 2023 he served as acting head of PetroChina Captive before his appointment was formally approved in January 2023.

According to its website, PetroChina Captive was established in December 2013 as the first captive insurance company in mainland China, jointly sponsored by China National Petroleum Corporation and PetroChina Company Limited. Registered capital is currently RMB 6 billion, held 11% by the group, 49% by PetroChina and 40% by CNPC Capital.

Chen Peng is preceded in the general manager role by Wei Guoliang, Pan Guochao and Wu Yonglie.