**China Investigates Former Securities Regulator Yi Huiman**
China is currently investigating Yi Huiman, the former chairman of the China Securities Regulatory Commission (CSRC), over allegations of serious violations of discipline and law. This inquiry comes more than a year after Yi’s unexpected removal from his position in February 2022, as reported by state broadcaster CCTV. The investigation was first disclosed by Reuters, citing sources familiar with the situation.
At 60 years old, Yi Huiman had been at the helm of the CSRC since January 2019, guiding the regulatory body during a tumultuous period for Chinese markets. His dismissal occurred amid efforts by authorities to control a significant stock selloff that had wiped out approximately $5 trillion from the market since its peak in 2021. Despite the challenges, the markets have shown signs of recovery this year.
Yi’s career prior to his regulatory role was primarily spent at the Industrial & Commercial Bank of China Ltd. (ICBC), where he served as chairman from 2016 to 2019. His tenure at ICBC has drawn scrutiny, especially in light of the ongoing anti-corruption campaign led by President Xi Jinping, which has targeted numerous financial officials and executives. This campaign aims to root out corruption across various sectors, including finance and energy, with Xi pledging to show “no mercy” in these efforts.
The investigation into Yi adds to a growing list of financial leaders facing scrutiny under Xi’s administration. Notably, in February, a former vice president of ICBC, Zhang Hongli, received a death sentence with a reprieve for bribery, highlighting the severity of the crackdown. Additionally, other prominent figures, such as Li Xiaopeng, the former chairman of China Everbright Group, and Cong Lin, a former executive at China Renaissance Holdings Ltd., have also faced legal repercussions.
The role of overseeing the CSRC has historically been challenging, particularly during periods of market instability. Yi took charge following a significant market downturn, and while the market rebounded by over 80% in the subsequent two years, it later retraced many of those gains during his tenure. His predecessor, Liu Shiyu, faced demotion and punishment for violations shortly after leaving the position, underscoring the high stakes involved in leading the regulatory body.
As the investigation unfolds, it remains to be seen what implications it will have for Yi Huiman and the broader financial regulatory landscape in China.
**FAQ**
**What are the allegations against Yi Huiman?**
Yi Huiman is being investigated for suspected serious violations of discipline and law, following his removal as chairman of the China Securities Regulatory Commission.
