Former Sanya Party Chief Pleads Guilty to Taking $43 Million of Bribes

What’s new: Tong Daochi, the former Communist Party chief of southern China’s scenic city Sanya in Hainan province, pleaded guilty in court Thursday in Shenzhen to charges of insider trading and accepting 274 million yuan ($43 million) in bribes.

Tong, 55, was accused of using his positions as a senior securities regulator and Sanya government official between 2004 and 2020 to offer business favors and promotion opportunities. His sentence will be announced at a later date.