Former Shanghai Bourse Official Faces Corruption Charges

What’s new: Cao Jian, a former senior Shanghai Stock Exchange official in charge of listing reviews, faces prosecution for allegedly taking bribes, China’s top graft buster said late Friday.

Cao, 55, was the deputy chief responsible for vetting initial public offerings (IPOs) on the Nasdaq-like STAR Market. Cao was placed under investigation in June. A subsequent search of his home found more than $30 million in cash.