A former senior official at China’s securities regulator has been expelled from the Communist Party after investigators discovered up to 300 million yuan (HK$326 million) in cash at his residence, according to Chinese media outlet Caixin.
Yang Jiaohong, who previously headed the division overseeing initial public offerings (IPOs) at the China Securities Regulatory Commission (CSRC), is accused of abusing his position to subscribe for pre-IPO shares in companies preparing to list in China.
His case marks the latest in a series of corruption probes at the CSRC. Yang is the fourth division chief within the regulator’s nine-division IPO issuance department to come under investigation.
The seizure of such a large sum of cash underscores the intensity of Beijing’s ongoing anti-corruption campaign, which has increasingly targeted financial regulators and institutions. Authorities have sought to tighten oversight of China’s capital markets, especially amid growing concerns over fairness and transparency in the IPO process.
The Standard, citing Caixin, reported that Yang’s expulsion highlights the government’s determination to crack down on misconduct within agencies critical to maintaining investor confidence.
