AsianFin -- Yi Huiman, former chairman of the China Securities Regulatory Commission (CSRC) and a key figure in China’s financial system over the past decade, is under investigation for suspected serious disciplinary and legal violations, according to a statement published Friday by the country’s top anti-graft watchdog.
The Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission announced that Yi, currently a vice chairman of the Economic Affairs Committee of the Chinese People's Political Consultative Conference (CPPCC), is being investigated for “serious violations of discipline and law” — language typically used to denote corruption.
According to people familiar with the matter, Yi was taken into custody around August 29, and several of his family members were also detained. His downfall follows a broader sweep targeting senior officials and alumni from the Zhejiang Banking School, a once-prestigious feeder institution for China’s financial system.
Yi, 60, worked 34 years at Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, rising through the ranks to become chairman. In January 2019, he was appointed chairman of the CSRC, replacing Liu Shiyu — who, notably, was himself investigated months after stepping down.
During Yi’s tenure at the CSRC, he oversaw one of the most significant regulatory overhauls in the history of China’s capital markets: the full implementation of the registration-based IPO system. From 2019 to early 2024, more than 1,800 companies listed on China’s stock exchanges under the new regime — the highest number under any CSRC chair.
Yi was removed from the CSRC in February 2024 and later appointed to the CPPCC, a largely ceremonial advisory body, where he served as a full-time vice chair of its economic committee — often seen as a soft landing for retiring officials.
But signs of trouble had emerged earlier. Several of Yi’s former classmates and close associates from Zhejiang Banking School — dubbed the "Whampoa Military Academy" of Zhejiang’s financial circles — had already fallen under scrutiny. These include Lin Peng, former discipline chief at the Agricultural Bank of China (ABC)’s data center; Shen Rongqin, ex-party secretary and president of ICBC’s Zhejiang branch; and Lou Wenlong, a former ABC vice president who was sentenced to life in prison on August 25 for taking bribes worth over 84.5 million yuan ($11.6 million).
Multiple sources say Yi maintained close ties with his hometown of Wenzhou and his alma mater throughout his career, frequently returning during holidays and participating in school events. His ties with fellow alumni — some of whom were elevated with his support — may now be central to the investigation.
The investigation into Yi reflects the continued pressure on China’s financial system as Chinese President Xi Jinping’s sweeping anti-corruption campaign enters its second decade. The financial sector — once relatively insulated from political scrutiny — has become a central focus as authorities seek to curb risk, enhance regulatory control, and reassert political discipline.
Yi’s downfall adds to a growing list of top financial officials ensnared in corruption probes. His predecessor Liu Shiyu received a two-year party probation in 2019. In the past two years, former top executives from policy banks, state-owned commercial banks, and even central bank departments have been removed, detained, or sentenced.
The CCDI has not released details of the specific charges against Yi or the scope of the investigation. A formal indictment may follow after an internal party review.
Explore more exclusive insights at nextfin.ai.
