China Picks New Private Fund Czar

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Wu Meng. Photo: File photo

China’s top securities watchdog has appointed veteran regulatory official Wu Meng to head its unit overseeing private funds and clearing out trading venues involved in illegal financial activities, Caixin has learned from sources with knowledge of the matter.

Wu has taken over the Department of Market Supervision II from Wang Jianping, who has retired after spending more than 30 years at the China Securities Regulatory Commission (CSRC).

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Wu Meng has been appointed to lead the CSRC's Department of Market Supervision II, taking over from the retired Wang Jianping.
Wu has over two decades of experience at CSRC, especially in Shanghai, and played a major role in handling the collapse of CEFC Shanghai Securities in 2018.
The department oversees China's private fund market, valued at 20 trillion yuan, and enforces regulations to combat illegal financial activities.

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Who’s Who

CEFC Shanghai Securities Co. Ltd.: CEFC Shanghai Securities Co. Ltd. is a subsidiary of CEFC China Energy Co. Ltd., which collapsed in 2018. The company's founder and chairman, Ye Jianming, was accused of economic crimes. Wu Meng led the CSRC team handling risk disposal for CEFC Shanghai Securities during this crisis.

CEFC China Energy Co. Ltd.: CEFC China Energy Co. Ltd. is a conglomerate whose subsidiary, CEFC Shanghai Securities Co. Ltd., faced risk disposal by the CSRC team led by Wu Meng after its collapse in 2018. The collapse occurred following accusations of economic crimes against its founder and chairman, Ye Jianming.

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What Happened When

2018：: CEFC China Energy Co. Ltd. collapsed after its founder and chairman Ye Jianming became embroiled in accusations of economic crimes.

2019：: The Department of Market Supervision II was created following an internal restructuring.

2022：: Wu Meng became head of the CSRC’s accounting department.

Last September 2023：: New rules that tightened requirements for private fund managers as well as their shareholders and actual controllers, while introducing tougher punishments for violations of laws or regulations, took effect.

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