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Exclusive: Ex-IPO Regulator Found With Up to 300 Million Yuan in Cash

Published: Aug. 19, 2025  8:58 p.m.  GMT+8
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Yang Jiaohong. Photo: AI generated
Yang Jiaohong. Photo: AI generated

A former IPO overseer at the China Securities Regulatory Commission (CSRC) has been expelled from the Communist Party, joining a string of former IPO officials facing prosecution for suspected corruption.

Yang Jiaohong has been accused of several violations, including abusing his position at the top securities watchdog to make last-minute purchases of pre-IPO shares in companies preparing to list, reaping “huge” unlawful personal gain, according to a Friday announcement by graft-busters.

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  • Former CSRC IPO overseer Yang Jiaohong was expelled from the Communist Party for abusing his position and making illicit gains via pre-IPO share purchases.
  • Authorities confiscated 200–300 million yuan ($27.8–41.7 million) in cash from Yang's home during a late 2024 investigation.
  • Yang's case follows recent anti-corruption actions against other former CSRC IPO regulators, Li Xiaoqiang and Wu Guofang, who also face prosecution.
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What Happened When
1998:
Yang Jiaohong joined the CSRC.
2009:
ChiNext board on the Shenzhen Stock Exchange opened, in which Yang played a key review role.
August 2015:
A Ningbo-based PE fund, possibly connected to Yang, was established.
2016:
Yang Jiaohong resigned from the CSRC.
late 2024:
Anti-graft officials placed Yang Jiaohong under investigation and seized 200 to 300 million yuan in cash from his home.
July 2025:
Anti-graft watchdogs announced investigations of Li Xiaoqiang and Wu Guofang, two other former IPO regulators.
AI generated, for reference only
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