China’s Ex-Top Graft Inspector Swept Up in Corruption Probe
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Li Xiaohong, the former head of the Chinese Communist Party’s central inspection office, has been placed under investigation for suspected severe disciplinary and legal violations, according to the country’s top anti-graft watchdog.
The downfall of the 73-year-old veteran, who previously spearheaded high-level anti-corruption sweeps and served as the top disciplinary official at the securities regulator, underscores Beijing’s continued efforts to root out graft even among its most senior enforcers and financial industry pioneers.
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- Former anti-corruption chief Li Xiaohong, 73, under investigation for severe violations.
- At least four associates, including his secretary and former brokerage executives, also detained.
- Li previously led inspection office (2013-2017) and restructured Huaxia Securities into China Securities.
- China Securities Co. Ltd.
- China Securities Co. Ltd. was created from the restructuring of troubled Huaxia Securities in 2004-2006. CITIC Securities and China Jianyin Investment injected 2.7 billion yuan. Li Xiaohong served as its first chairman. Former executives Qi Liang, Li Shihua, and Wang Liwu are now under investigation.
- CITIC Securities Co. Ltd.
- CITIC Securities Co. Ltd. participated in a 2004 restructuring of Huaxia Securities, injecting 2.7 billion yuan alongside China Jianyin Investment to acquire assets, leading to the creation of China Securities Co. Ltd.
- China Jianyin Investment Co. Ltd.
- China Jianyin Investment Co. Ltd., alongside CITIC Securities, injected 2.7 billion yuan in 2004 to acquire financially troubled Huaxia Securities' assets. This restructuring led to the creation of China Securities, with Li Xiaohong serving as its first chairman until 2006.
- Huaxia Securities
- Huaxia Securities was a financially troubled Chinese brokerage on the brink of bankruptcy in 2004. Beijing municipal government tapped Li Xiaohong to rescue it. He orchestrated a restructuring where CITIC Securities and China Jianyin Investment injected 2.7 billion yuan to acquire its assets, leading to the creation of China Securities Co. Ltd.
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