Former IPO Gatekeeper Unreachable Amid China’s Corruption Crackdown
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A veteran accountant who served on China’s powerful IPO review committee has been unreachable for about two weeks, Caixin has learned from people with knowledge of the matter, as an anti-corruption probe extends into the heart of the country’s former IPO approval system.
Yang Xiong is chief partner of Beijing Dehao International Certified Public Accountants (Limited Liability Partnership), a member of the Crowe Global network. The 59-year-old, who was a two-term member of the China Securities Regulatory Commission’s (CSRC) IPO review committee, has not responded to calls or messages from Caixin for days.
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- Yang Xiong, a former CSRC IPO review committee member, has been unreachable for two weeks amid an anti-corruption probe.
- The investigation is linked to Guo Xudong, another former committee member, who recently surrendered to authorities.
- Authorities are probing the influence and potential corruption within China's abolished approval-based IPO system and the "revolving door" between regulators and industry.
- Beijing Dehao International Certified Public Accountants (Limited Liability Partnership)
- Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) is an accounting firm. Its chief partner, Yang Xiong, has been unreachable for two weeks due to an anti-corruption probe. The firm is also a member of the Crowe Global network.
- BDO China Shu Lun Pan CPAs LLP
- Yang Xiong, a veteran accountant and former member of China's IPO review committee, worked at BDO China Shu Lun Pan CPAs LLP after his tenure on the committee. His current disappearance is linked to an anti-corruption probe.
- Tianfeng Securities Co. Ltd.
- After leaving the CSRC, Guo Xudong, a former official under investigation for corruption, joined a private conglomerate that was a major shareholder of **Tianfeng Securities Co. Ltd.** This Shanghai-listed brokerage is supervised by the CSRC. Dozens of employees from Tianfeng Securities have been asked to assist in the investigation into Guo's activities.
- 2008-2010：
- Yang Xiong and Guo Xudong served as members of the CSRC's IPO review committee together.
- After 2010：
- Yang Xiong worked at several accounting firms, including BDO China Shu Lun Pan CPAs LLP.
- After leaving the CSRC (after 2010)：
- Guo Xudong joined a private conglomerate associated with Tianfeng Securities Co. Ltd.
- 2023：
- Official abolishment of the approval-based IPO system in China.
- About two weeks in 2025：
- Yang Xiong became unreachable, as learned by Caixin, amid an anti-corruption probe.
- Days in 2025：
- Yang Xiong did not respond to calls or messages from Caixin.
- Recently in 2025：
- Guo Xudong, former CSRC official, surrendered to authorities.
- 2025：
- Beijing continues anti-corruption efforts targeting former IPO approval system.
- 2025：
- Dozens of employees from the conglomerate and Tianfeng Securities were asked to assist in the investigation into Guo Xudong.
- 2025：
- The investigation focused on the revolving door between government and industry and whether Guo provided improper assistance to companies.
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