Joe Biden claims he has never discussed his son’s business. Yet a May 2017 “expectations” document shows Hunter receiving 20% of the equity in the venture and holding another 10% for “the big guy”—who Mr. Bobulinski attests is Joe Biden.

In one text, Hunter says that “my Chairman gave an emphatic NO” to a version of the deal. Mr. Walker, Hunter’s partner, explains in a text to Mr. Bobulinski that when Hunter “said his chairman he was talking about his dad.”

Mr. Bobulinski’s texts show he even met with Joe Biden. Mr. Gilliar reminds him in May 2017: “Don’t mention Joe being involved, it’s only when u are face to face, I know u know that but they are paranoid.” Mr. Biden had left office by then, though CEFC was always a suspicious company with ties to a rival government. It would have a been risky for any public figure to deal with it, much less a potential presidential candidate. Mr. Biden was given ample opportunity to deny the authenticity or facts of the Bobulinski information at Thursday’s debate; he didn’t.

The deal fell through on the Chinese end in the summer of 2017.