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Former China stock regulator broke law in IPO vetting, watchdog says -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Beijing, China’s headquarters of Central Commission for Discipline Inspection of Communist Party of China can be seen in this photograph from February 10, 2018, Beijing. Image taken February 10, 2018, REUTERS/Jason Lee

SHANGHAI, (Reuters) – China’s anti-graft chief said Friday that Cao Jian (a former securities regulator who vetted initial public offerings (IPOs)), had “seriously violated laws and disciplines” and was removed from the Communist Party membership as well as his public position.

The Central Commission for Discipline Inspection (CCDI), in a statement posted on their website, stated that Cao was formerly the deputy head of the IPO Review Centre of Shanghai Stock Exchange’s STAR Market. It said Cao accepted gifts and traded stocks with other accounts.

Cao also worked as a member on the Securities issuance review panel at China Securities Regulatory Commission.

China’s ruling Community Party has turned its attention to the vast Chinese financial sector, beginning a new round of a long-running campaign to expose corruption and other illegal deals.

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