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China Expels Former Anti-Graft Chief at Securities Watchdog for Bribery

Published: Nov. 24, 2025 7:21 p.m. GMT+8

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Wang Huimin

Wang Huimin, a former top anti-graft official at China’s securities watchdog, has been expelled from the Communist Party for bribery and other serious violations, the country’s top anti-corruption body announced Monday.

The Central Commission for Discipline Inspection (CCDI) said in a statement that Wang had taken advantage of his position to help others with company listings, job promotions and other matters in exchange for huge bribes. The CCDI said it had decided to refer his case to prosecutors for review.

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Wang Huimin, ex-senior official at China’s securities regulator, was expelled from the Communist Party for bribery and serious violations.
He is accused of abusing power for favors and allowing relatives, including his son, to profit; both are under investigation.
The case highlights Beijing’s ongoing anti-graft campaign, with particular focus on the financial sector and ties to poverty alleviation programs.

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Who’s Who

Dezhan Financial Investment Group Co. Ltd.: Dezhan Financial Investment Group Co. Ltd. donated 20 million yuan ($2.8 million) to a village in Xinjiang, which was a poverty alleviation site targeted by the CSRC. This donation occurred shortly before a backdoor listing for its subsidiary, Beijing Jialin Pharmaceutical Co. Ltd., was approved by the CSRC's M&A review committee. The son of a former CSRC official, Wang Bangzhong, was involved with Beijing Jialin Pharmaceutical.

Shenwan Hongyuan Group Co. Ltd.: Shenwan Hongyuan Group Co. Ltd. donated 6 million yuan to a village in the Xinjiang Uygur autonomous region during a donation ceremony attended by Wang Huimin, a former CSRC official. The group was also the sponsor for a backdoor listing deal that was approved by the CSRC's M&A review committee shortly after the donation.

Beijing Jialin Pharmaceutical Co. Ltd.: Beijing Jialin Pharmaceutical Co. Ltd. is a subsidiary of Dezhan Financial Investment Group Co. Ltd. Its backdoor listing, via Xinjiang Tianshan Wool Tex Stock Co. Ltd. (which later became Dezhan Healthcare Co. Ltd.) was approved by the CSRC's M&A review committee. This approval occurred shortly after Dezhan Financial Investment Group Co. Ltd. made a significant donation to a poverty alleviation site linked to former official Wang Huimin. Wang Huimin's son, Wang Bangzhong, was appointed chairman of an affiliated company of Beijing Jialin Pharmaceutical before the deal and resigned after its completion.

Xinjiang Tianshan Wool Tex Stock Co. Ltd.: Xinjiang Tianshan Wool Tex Stock Co. Ltd. was involved in a backdoor listing in 2016. Beijing Jialin Pharmaceutical Co. Ltd. utilized it for a backdoor listing, which was approved by the CSRC's M&A review committee. Shenwan Hongyuan Group Co. Ltd. sponsored the deal. The company was later renamed Dezhan Healthcare Co. Ltd.

Dezhan Healthcare Co. Ltd.: Dezhan Healthcare Co. Ltd. (000813.SZ) is the new name for Xinjiang Tianshan Wool Tex Stock Co. Ltd. This change occurred after a backdoor listing involving Beijing Jialin Pharmaceutical Co. Ltd., a Dezhan subsidiary. The company's activities are under scrutiny due to alleged connections with a former anti-graft official and his son.

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What Happened When

July 30, 2016：: Wang Huimin attended a donation ceremony in the Xinjiang village where Dezhan Financial Investment Group and Shenwan Hongyuan Group made donations.

August 1, 2016：: A backdoor listing for Beijing Jialin Pharmaceutical Co. Ltd. was approved by the CSRC’s M&A review committee.

Before August 1, 2016：: Wang Bangzhong was appointed chairman of an affiliated company of Beijing Jialin Pharmaceutical.

Shortly after August 1, 2016：: Wang Bangzhong resigned as chairman of the affiliated company.

March 2025：: The investigation into Wang Huimin and his son Wang Bangzhong was announced.

November 24, 2025：: Wang Huimin was expelled from the Communist Party for bribery and other violations, and his case was announced to be referred to prosecutors.

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