Finance Movers and Shakers: Former Securities Watchdog Chief Yi Huiman Under Graft Probe
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Welcome to Finance Movers and Shakers, a newsletter covering significant personnel changes and corruption scandals shaping China’s finance sector.
# Who Falls From Grace
Former CSRC chief
Yi Huiman, who until early last year chaired China’s top securities watchdog, is under investigation for suspected corruption, the country’s top graft-buster announced Saturday.

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- DIGEST HUB
- Former CSRC chief Yi Huiman and ex-BOC executive Lin Jingzhen are under investigation for suspected corruption, while ex-UBS banker Suen Kin-wing has been permanently banned from Hong Kong’s securities industry after a money laundering conviction.
- Wang Shuguang was appointed president of CICC, after nearly three decades with the firm.
- CSRC veterans Zhao Shanzhong and Shen Bing have assumed new departmental leadership roles within the commission.
This edition of the "Finance Movers and Shakers" newsletter highlights significant recent personnel changes and major corruption scandals within China’s finance sector[para. 1].
The first major case involves Yi Huiman, the former chief of the China Securities Regulatory Commission (CSRC). He is currently under investigation for suspected corruption, as announced by China’s top anti-graft agency[para. 3]. The probe is potentially linked to Yi’s previous long tenure at the Industrial and Commercial Bank of China Ltd. (ICBC), the world’s largest bank by assets, where several recent corruption cases have surfaced. Notably, Gu Jiangang, a former close subordinate of Yi at ICBC, was prosecuted last year for embezzlement and bribery[para. 4]. There are further reports that, while Yi was ICBC chairman, his son arranged a significant 30 billion yuan ($4.5 billion) fund deal with the bank, further complicating the ongoing investigation[para. 5]. Yi chaired ICBC for over thirty years before becoming the CSRC’s head in 2019[para. 6].
The newsletter also covers the permanent industry ban of Suen Kin-wing, a former UBS associate director based in Hong Kong. Suen received a 10-year jail sentence for laundering over HK$134 million ($17.2 million)[para. 7]. The Hong Kong Securities and Futures Commission enforced the ban after Suen’s conviction, where it was revealed he had diverted client funds from Chinese mainland clients into his own accounts to finance a luxurious lifestyle, involving purchases of high-end vehicles and multiple properties in the UK and mainland China[para. 8][para. 9].
Another significant scandal involves Lin Jingzhen, the former executive vice president of Bank of China Ltd. (BOC), who is now under investigation for suspected corruption[para. 10]. Lin had been unreachable for some time prior to the announcement, as reported by Caixin[para. 11]. Lin devoted almost four decades to BOC and held various high-level roles, including serving as deputy chief executive of BOC Hong Kong (Holdings) Ltd., before his surprise resignation in January 2025 after seven years as executive vice president—a move seen as extremely unusual within the bank[para. 12].
On the personnel movement front, Wang Shuguang has been appointed as president of China International Capital Corp. Ltd. (CICC), according to an announcement made late last month[para. 14]. Wang, 50, joined CICC in 1998 and has played a crucial role in expanding the firm’s reach from state-owned enterprises to private companies and startups. Notably, he established CICC’s growth enterprise investment banking department in 2011, in response to the rise of the ChiNext board on the Shenzhen Stock Exchange, which focuses on high-tech and emerging industries[para. 15][para. 16].
Finally, the newsletter notes changes at the CSRC, with Zhao Shanzhong, former chairman of the Securities Association of China, becoming head of the CSRC’s Department of Fund and Intermediary Supervision, replacing Shen Bing[para. 18]. Shen will now lead the Department of International Affairs and is recognized for his role in a landmark audit agreement with U.S. regulators. Both Zhao and Shen are long-serving CSRC figures with extensive leadership experience[para. 20].
Contact information for the writers is provided at the end of the newsletter[para. 22].
- Industrial and Commercial Bank of China Ltd.
- Industrial and Commercial Bank of China Ltd. (ICBC) is the world's largest bank by assets. Former China Securities Regulatory Commission (CSRC) chief Yi Huiman, who spent over 30 years at ICBC, is under investigation for corruption. This probe may be connected to his time at the bank, which has been a recent focal point of financial investigations.
- UBS AG
- UBS AG is mentioned in the article as the former employer of Suen Kin-wing, an associate director who was jailed for laundering over HK$134 million ($17.2 million). He has been permanently banned from Hong Kong's securities industry following his criminal convictions. Suen diverted funds from Chinese mainland clients to his personal accounts and used the proceeds for a lavish lifestyle.
- Bank of China Ltd.
- Lin Jingzhen, former executive vice president at Bank of China Ltd. (BOC), is under investigation for suspected corruption. He spent nearly four decades at BOC, holding various positions, including deputy chief executive of BOC Hong Kong (Holdings) Ltd., before resigning in January.
- China International Capital Corp. Ltd.
- Wang Shuguang, a 27-year veteran at China International Capital Corp. Ltd. (CICC), has been appointed as its new president. Wang joined CICC in 1998 and has been instrumental in numerous IPOs, refinancing deals, and mergers and acquisitions across different markets. He also played a key role in expanding CICC's client base to include private companies and startups.
- 1998:
- Wang Shuguang joined CICC.
- 2009:
- Launch of the Shenzhen Stock Exchange’s ChiNext board.
- 2011:
- Wang Shuguang led the establishment of CICC’s growth enterprise investment banking department.
- 2018:
- Lin Jingzhen became executive vice president of Bank of China Ltd.
- 2019:
- Yi Huiman became head of the China Securities Regulatory Commission (CSRC).
- 2024:
- Gu Jiangang, a former close subordinate of Yi Huiman at ICBC, was prosecuted on charges of embezzlement and bribery.
- Early 2024:
- Yi Huiman stepped down as the chairman of China’s top securities watchdog, the CSRC.
- June 2024:
- Suen Kin-wing was convicted for money laundering by a Hong Kong court.
- January 2025:
- Lin Jingzhen resigned from his position as executive vice president of Bank of China Ltd.
- 2025:
- Zhao Shanzhong took over as head of the CSRC’s Department of Fund and Intermediary Supervision.
- 2025:
- Shen Bing was set to lead the Department of International Affairs of the CSRC.
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