FINANCE

Top Dealmaker Disappears Amid China’s IPO Anti-Graft Drive

Published: Nov. 28, 2025 7:28 p.m. GMT+8

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Zhu Dongchen

A senior investment banker at Guotai Haitong Securities Co. Ltd. (601211.SH) has disappeared from public view, adding to a growing list of high-profile executives under scrutiny in China’s intensifying anti-graft campaign.

Zhu Dongchen, a co-head of the investment banking department at the brokerage, has been unreachable by phone for a week despite repeated calls from Caixin. Sources with knowledge of the matter indicated that authorities took Zhu away from an airport nearly a month ago.

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Zhu Dongchen, senior investment banker at Guotai Haitong Securities, disappeared amid China’s widening anti-graft campaign, reportedly taken by authorities nearly a month ago.
Zhu is implicated in the investigation of former CSRC official Guo Xudong; other financial executives like accountant Yang Xiong have also gone missing.
Zhu’s team boosted Guotai Junan’s IPO underwriting market share in Zhejiang from 2.2% (2006–2020) to 7.5% after joining in 2021.

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Who’s Who

Guotai Haitong Securities Co. Ltd.: Guotai Haitong Securities Co. Ltd. (601211.SH) is a brokerage firm where Zhu Dongchen served as a co-head of the investment banking department. Its predecessor, Guotai Junan Securities Co. Ltd., had a 2.2% share of the IPO underwriting market in Zhejiang by deal count between 2006 and 2020. After Zhu joined in 2021, this share rose to 7.5%, ranking second in the province.

Guotai Junan Securities Co. Ltd.: Guotai Junan Securities Co. Ltd. was a predecessor to Guotai Haitong, the firm where Zhu Dongchen, a detained investment banker, worked. Zhu joined Guotai Junan in 2021, having previously spent 16 years at GF Securities. Following Zhu's arrival, Guotai Junan's IPO underwriting market share in Zhejiang province increased significantly, ranking second in the region.

GF Securities Co. Ltd.: Zhu Dongchen, a senior investment banker, spent 16 years at GF Securities Co. Ltd. He was known as a leading investment banker in Zhejiang province, working on over 10 IPOs and additional share offerings during his tenure. Following his departure, GF Securities' IPO underwriting market share in Zhejiang significantly decreased.

CITIC Securities Co. Ltd.: CITIC Securities Co. Ltd. (中信证券股份有限公司) is mentioned in the article in connection with Chen Jun, a former executive committee member who is currently under investigation. His probe is reportedly linked to a separate investigation involving another former official from the China Securities Regulatory Commission (CSRC).

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What Happened When

Between 2006 and 2020：: Guotai Junan held a 2.2% IPO underwriting market share in Zhejiang by deal count.

2008 to 2010：: Yang Xiong and Guo Xudong both served on the CSRC’s IPO review committee.

Since 2021：: Guotai Junan's market share in Zhejiang surged to 7.5% after Zhu and his team joined, ranking second in the province.

2025：: Several other high-profile market participants, including veteran accountant Yang Xiong, have gone missing amid China’s intensifying anti-graft campaign.

2025：: Chen Jun, former executive committee member at CITIC Securities, is under investigation, reportedly linked to a separate probe involving another former CSRC official.

October 2025：: China's anti-graft campaign gained momentum after former CSRC official Guo Xudong turned herself in.

Around October 2025：: Authorities took Zhu Dongchen away from an airport, according to sources.

Shortly after October 2025：: Rumors circulated that Guo Xudong had identified multiple accountants and sponsor representatives involved in misconduct.