Yi Huiman, former chairman of China’s Securities Regulatory Commission, is under investigation for disciplinary breaches, part of an anti-graft campaign in the financial industry. He would be the second regulator of China’s $12 trillion stock market to face such scrutiny in a decade. President Xi Jinping aims to clean up China’s financial system amid US-China tensions.

Yi Huiman, who took over as CSRC chairman in 2019, was sacked after a stock market plunge in 2024. His successor, Wu Qing, has been nicknamed the “Butcher of Brokers.” Yi’s tenure saw a freeze in fundraising and investments due to Covid-19, with China’s stock index lagging behind the US market.

Yi Huiman, a former banker, led reforms in China’s IPO process and established the Star Market, akin to Nasdaq. However, his tenure faced criticism for flooding the market with new shares. Yi’s removal underscores President Xi’s efforts to elevate China as a financial superpower, amid concerns of financial decoupling with the US.

Read more at Yahoo Finance: China investigates former stock market regulator Yi Huiman for disciplinary breaches