Former Chair of the China Securities Regulatory Commission, Yi Huiman, has been removed from his position as Vice Chairman of the Economic Committee of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) and had his membership revoked. Earlier this month, he was officially announced to have been taken down from office, with several family members also taken in.
According to a report by the Chinese state media Xinhua News Agency, on September 30th, during the CPPCC Chairman’s meeting, a decision was made to dismiss Yi Huiman from the position of Deputy Director of the Economic Committee of the 14th National Committee of the CPPCC and revoke his membership.
On September 6th, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission of the Communist Party of China reported that Yi Huiman was under investigation.
Numerous sources disclosed to the Economic Observer that Yi Huiman was taken in for investigation around August 29th, with several of his family members also brought in for questioning.
Financial industry insiders revealed that Yi Huiman has a sister and three brothers, one of whom in the past “used his name to network in the Zhejiang financial sector”, even engaging in financing business with local enterprises under the identity of “a relative of Yi Huiman”.
Insiders mentioned that the investigation into Yi Huiman includes whether his relatives benefitted improperly during his tenure as Chairman of the Securities Regulatory Commission.
An article with a byline of September 11 in the Sing Tao Daily stated that the reasons for Yi Huiman’s investigation pointed to three “circles”.
Firstly, his association with the “ICBC circle”. In the past two years, numerous executives of the Industrial and Commercial Bank of China have been investigated, including Zhang Hongli, former Vice President of ICBC who worked with Yi Huiman, and Gu Jiangan, former General Manager of the Asset Management Department of ICBC.
Secondly, the “alumni circle” of Yi Huiman’s alma mater, Zhejiang Banking School, which includes Lin Peng, former Secretary of the Discipline Inspection Commission of the Agricultural Bank Data Center, and Shen Rongqin, former President of the Zhejiang Branch of ICBC.
Additionally, Yi Huiman’s “family circle” includes reports of his brother navigating the Zhejiang financial sector and leveraging his influence to engage in corporate financing. Ding Wei, former Chairman of CITIC Capital, was previously taken in for investigation, which involved a significant private equity investment project. Yi Chongyang, Yi Huiman’s son who worked at CITIC, was also implicated.
The public records show that the 61-year-old Yi Huiman hails from Cangnan, Zhejiang Province, and had worked at Industrial and Commercial Bank of China for 35 years. In early 2019, he replaced Liu Shiyu as the Party Secretary and Chairman of the China Securities Regulatory Commission, elevating him to the ministerial level within the Communist Party.
Following the 20th National Congress of the Communist Party, Yi Huiman became a member of the 20th Central Committee of the Communist Party. In February last year, he was abruptly removed from the position of Chairman of the Securities Regulatory Commission; in June of the same year, he became a member of the 14th National Committee of CPPCC and the Deputy Director of the Economic Committee.