Recently, shortly after the China Securities Regulatory Commission (CSRC) called for financial institutions to clean up their personal and social circles, a video posted by an intern working at China’s renowned investment bank, Citic Securities, has caused a stir on the internet. This intern not only displayed extravagant behavior but also disclosed important information about Citic Securities’ clients online.
On July 26, a short video went viral in the financial industry featuring a vlogger named “Qiao Chu,” sharing a daily vlog titled “A Day in the Life of a Freshman Intern in a Top Investment Bank.” The video revealed that this vlogger is an intern at Citic Securities.
The intern showcased a luxurious lifestyle in the video, recording himself commuting to work in a Beijing-registered Porsche and indulging in golf after work, a high-end sport. Moreover, he disclosed the ongoing IPO projects of Citic Securities, including client information and regulatory inquiry letters, all in the short video.
The intern leaked three important IPO projects of Citic Securities in the video, namely “Hai Ruo Innovation Project,” “Looking at Technology Vanguard Project,” and “National Energy Technology Control Co., Ltd.” Among them, Looking at Technology and National Energy Technology Control are both IPO companies sponsored by Citic Securities, currently in a critical stage before listing.
The release of the video caused a sensation in the financial industry, with the related topic “Citic Securities intern leaks IPO materials” trending on Weibo. It was rumored that the chairman of Citic Securities was furious about the IPO project leaks.
In response to the IPO leakage incident, Citic Securities stated that “the content of the video involves sensitive information of our clients, violating our compliance management regulations. Currently, we have ordered the student to terminate their internship.”
In fact, on July 22, Citic Securities was just cautioned by regulators for inadequate performance in its sponsoring duties for projects.
Wind data shows that from the beginning of the year, Citic Securities has sponsored IPOs for 97 companies, with 40 withdrawals, resulting in a withdrawal rate of 41.24%.
Public information indicates that Citic Securities is a nationwide large-scale comprehensive securities company approved by the CSRC. The company is headquartered in Beijing and has more than 300 securities branches across the country.
Following the incident, some netizens claimed that the student in the video is named Wang Qiaochu, a student at Huazhong University of Science and Technology, who previously attended the prestigious Beijing Bayi School.
According to the “Huazhong University of Science and Technology Sports” public account, Wang Qiaochu won a medal at the 2024 Asian University Wushu Championship held in Harbin from June 19 to June 22.
When contacted, a staff member at the sports school of Huazhong University of Science and Technology confirmed the student’s existence, stating that the student is a member of the high-level wushu team of the school of public administration, currently a student of the 2023 class.
As for whether this student is the male student researching at Citic Securities in the video, the above school staff mentioned, “The student may have participated in summer practice, but practice is not uniformly arranged by the school, so we do not have specific information.”
According to chat records in a group chat, some netizens indicated that the involved intern Wang Qiaochu is the son of Wang Weidong, a member of the 20th Central Commission for Discipline Inspection of the Communist Party of China and the secretary of the Central Finance Commission for Discipline Inspection. However, this information has not been verified by the reporter.
Based on a report by Caixin, the intern responded to rumors circulating, stating, “Recently, the personal life videos I uploaded to the public media have been subject to unfounded speculation and fabrication. The discussions online regarding my identity are all untrue, and my father has already retired.”
Since July 2022, after a relative of a China International Capital Corporation (CICC) employee flaunted high income on social media, causing a public outcry, most Chinese securities companies have imposed strict requirements on the management of employees’ personal social accounts. Some securities firms conduct checks on interns’ social accounts such as WeChat, Weibo, and Xiaohongshu, and generally do not hire those who are excessively active.
Just last month, the CSRC held an education warning meeting on party discipline learning, where CSRC Chairman Wu Qing called for the purification of life circles and social circles outside of the “eight hours.” However, even before his words settled, a top-tier securities firm burst into a “flaunting wealth” scandal within the “eight hours,” shocking public opinion.