Ex-CSRC Official Pleads Guilty to Graft

(Beijing) — A former securities regulator in charge of approving plans for initial public offerings (IPOs) has pleaded guilty to taking bribes to help nine companies list on a stock exchange, according to court documents.

One of the nine is troubled entertainment firm LeEco, whose recent cash crunch has made headlines. LeEco denies any involvement in the bribery scheme by "the company itself and its main current shareholders and managers."