Veteran Accountant Missing as Probe Into Ex-CSRC Official Expands
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A file photo of Yang Xiong. Photo: Dehao
Yang Xiong, a veteran accountant and former member of the powerful issuance review committee under China’s securities regulator, has been out of contact amid a sweeping anti-corruption crackdown targeting the nation’s capital markets.
Yang, 59, a senior partner at Beijing Dehao International Certified Public Accountants LLP and once a key figure in China’s initial public offering (IPO) approval process, has been unreachable for over two weeks, people familiar with the matter said. His sudden disappearance is believed to be tied to an investigation into Guo Xudong, a former senior official with the China Securities Regulatory Commission (CSRC).
Yang stepped down as an independent director at China International Marine Containers Co. Ltd. on Nov. 15, according to a company announcement. A day earlier, Jiangxi Special Electric Motor Co. Ltd. replaced his firm, Dehao, as its auditor.
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- Yang Xiong, veteran accountant and former IPO approval committee member, has been unreachable for over two weeks amid China’s anti-corruption crackdown.
- His disappearance is linked to an investigation involving ex-CSRC official Guo Xudong, focusing on alleged improper assistance in IPOs and post-regulatory career activities.
- Yang recently resigned from several company roles; his firm was replaced as auditor before his disappearance, suggesting growing scrutiny of former IPO gatekeepers.
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Who’s Who
- Beijing Dehao International Certified Public Accountants LLP
- Beijing Dehao International Certified Public Accountants LLP (北京德豪国际会计师事务所) is an accounting firm. Yang Xiong, a senior partner at Dehao, has been out of contact for over two weeks amid an anti-corruption crackdown. Dehao was replaced as an auditor for Jiangxi Special Electric Motor Co. Ltd. on November 14, and the firm has yet to comment on Yang's disappearance.
- China International Marine Containers Co. Ltd.
- Yang Xiong stepped down as an independent director at China International Marine Containers Co. Ltd. on November 15, according to a company announcement. This occurred during an anti-corruption crackdown targeting China's capital markets and an investigation into Guo Xudong.
- Jiangxi Special Electric Motor Co. Ltd.
- Jiangxi Special Electric Motor Co. Ltd. (江西特种电机股份有限公司) is a company that replaced Beijing Dehao International Certified Public Accountants LLP as its auditor a day before Yang Xiong stepped down as an independent director at China International Marine Containers Co. Ltd.
- Wuhan Dangdai Science & Technology Industries Group
- Wuhan Dangdai Science & Technology Industries Group is linked to the investigation of Guo Xudong, a former senior official with the China Securities Regulatory Commission (CSRC). Guo's post-CSRC career, which includes ties with this group and its affiliate Tianfeng Securities Co. Ltd., is under scrutiny for allegations of improperly assisting IPOs and financing deals.
- Tianfeng Securities Co. Ltd.
- Tianfeng Securities Co. Ltd. is an affiliate of Wuhan Dangdai Science & Technology Industries Group. Former senior official with the China Securities Regulatory Commission (CSRC), Guo Xudong, is under scrutiny for her post-CSRC careers, including her ties with Tianfeng Securities Co. Ltd.
- Dahua CPAs
- Yang Xiong and his team left Dahua CPAs to form Dehao shortly before Dahua was penalized for signing off on six years of fraudulent accounts at Jintongling Technology Group Co. Ltd. This exit was seen as an attempt to escape liability.
- Jintongling Technology Group Co. Ltd.
- Jintongling Technology Group Co. Ltd. (上海金通灵科技集团股份有限公司) had its fraudulent accounts, spanning six years, signed off by Dahua CPAs. This occurred before Yang Xiong and his team left Dahua to form Dehao, a move seen by some as an attempt to avoid liability related to such cases.
- JSTI Group Inc.
- JSTI Group Inc. is a company where Yang Xiong served as an independent director and head of the audit committee. Yang missed a board meeting on November 17 for "personal reasons," which coincides with his reported disappearance amidst an anti-corruption crackdown.
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What Happened When
- 2008 and 2009：
- Yang Xiong and Guo Xudong served simultaneously on the issuance committee.
- Earlier in 2025：
- Yang Xiong and his team left Dahua CPAs to form Dehao, shortly before Dahua was penalized for signing off on six years of fraudulent accounts at Jintongling Technology Group Co. Ltd.
- By Nov. 2025：
- Yang Xiong has been unreachable for over two weeks.
- Nov. 14, 2025：
- Jiangxi Special Electric Motor Co. Ltd. replaced Yang Xiong's firm, Dehao, as its auditor.
- Nov. 15, 2025：
- Yang Xiong stepped down as an independent director at China International Marine Containers Co. Ltd.
- Nov. 17, 2025：
- Yang Xiong missed a JSTI Group Inc. board meeting for 'personal reasons.'
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