The director of the Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission (CSRC), Yao Qian, has been investigated. The official reason for his investigation has not been disclosed.
On April 26, the Chinese authorities announced that Yao Qian is under investigation for serious violations of discipline and law. Currently, he is being investigated by the Disciplinary Inspection and Supervision Team of the Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission stationed at the CSRC, as well as by the Supervision Commission of Shanwei City, Guangdong Province.
Public records show that Yao Qian, 54 years old this year, worked at Yanshan Petrochemical for over two years in his early career. He joined the CSRC in 1997 and held positions such as Director of the Information Statistics Department and Deputy Director-General. In September 2002, he was transferred to China Securities Depository and Clearing Corporation Limited, where he served as Deputy General Manager of the Technology Department and General Manager of the System Operation Department.
Yao Qian now joins the list of officials within the securities regulatory system who have fallen from grace in the past five months.
In November 2023, Yang Chunlei, the former dedicated Deputy Director of the Office of the Inspection and Work Leading Group of the CSRC’s Party Committee, was expelled for serious disciplinary and legal violations.
During the same month, Chen Gongyan, who had worked nearly 10 years at the CSRC and retired as Chairman of Galaxy Securities, was taken away for investigation.
In May 2023, Zhu Congjiu, who had served for many years at the CSRC and Shanghai Stock Exchange, was investigated for alleged serious violations of discipline and law.
Moreover, over the past year, there have been several other financial executives closely associated with the CSRC or the securities regulatory system, such as Wang Qingshan and Li Geping, who have also fallen from grace.
Currently, the Eighth Central Inspection Team is stationed at the CSRC for a three-month inspection period. Industry insiders anticipate that with the presence of the inspection team, more regulatory officials may face downfall in the future.
The Chinese stock market continues to be turbulent, especially in early February when stock index plummeted over several trading days, leading to substantial losses for numerous investors.
On February 7, the Chinese authorities announced the appointment changes, with Wu Qing appointed as the Secretary of the Party Committee of the China Securities Regulatory Commission and the Chairman, while Yi Huiman was removed from office.
Independent commentator Cai Shenkun remarked that in the Chinese stock market, whether rising or falling, a scapegoat must be found, and Yi Huiman naturally became the scapegoat for the recent stock market decline.