FINANCE

China Sentences Two Former IPO Review Veterans for Bribery

Published: Sep. 21, 2026 3:26 p.m. GMT+8

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Yang Xiong (left) and Guo Xudong

Two former members of China’s IPO review committee have been sentenced for bribery, Caixin has learned from people familiar with the cases.

Yang Xiong, a veteran accountant who served on the China Securities Regulatory Commission’s (CSRC) 10th and 11th IPO review committees, was sentenced to nine years in prison around late August, sources with knowledge of the matter said.

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Yang Xiong, former CSRC IPO review member, sentenced to 9 years; ordered to disgorge over 50 million yuan from shadow shareholding.
Guo Xudong, former regulator on five IPO review terms, sentenced to 10½ years for equity bribes; returned ~20 million yuan from Dangdai Group.
Guo also implicated in 2008 case: promised 1 million shares worth ~10 million at IPO, later valued over 100 million.

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Who’s Who

Dangdai Group: Dangdai Group is a privately owned company that Guo Xudong joined after leaving the CSRC in 2019. Her fixed annual salary there was about 5 million yuan. She later returned approximately 20 million yuan that she had earned from the group.

AI generated, for reference only