The disciplinary inspection and supervision group stationed at the China Securities Regulatory Commission, together with discipline inspection and supervisory authorities in Wuxi, Jiangsu, published the results of a disciplinary review and supervisory investigation into Wu Guofang, former deputy director of the CSRC Legal Department. The investigation found serious disciplinary and legal violations and suspected bribery, resulting in expulsion from the Communist Party and dismissal from public office, with illicit gains confiscated. The case summary describes “revolving door” misconduct in which Wu allegedly continued to use the influence and convenience derived from his former position after leaving the CSRC to pursue purported “investment opportunities,” damaging the image of securities regulation. It also cites obstruction of organisational review and collusion, improper acceptance of gifts, consumption cards and banquets, failure to truthfully report personal matters, illegal holding of shares in non-listed companies, and long-running stock trading through other people’s accounts. Wu is further alleged to have illegally accepted a huge amount of property under the guise of taking equity stakes in companies preparing to list. The Wuxi Municipal Supervisory Commission decided to transfer the suspected criminal conduct and related assets to the procuratorate for examination and prosecution.

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