China Securities Regulatory Commission disciplinary bodies, working with Heilongjiang’s Mudanjiang Supervisory Commission, concluded a disciplinary and supervisory investigation into Xia Jianting, former Party secretary and chairman of China Securities Investor Services Center Co., Ltd., finding serious violations of discipline and law. The CSRC Party committee decided to expel Xia from the Communist Party, and the CSRC’s disciplinary inspection and supervision unit imposed dismissal from public office and ordered confiscation of illicit gains. The investigation found Xia maintained improper ties with regulated entities and used their resources to cultivate relationships and seek benefits, accepted gifts and benefits in breach of the central “eight-point” rules, and had others pay travel expenses. It also identified securities-market misconduct including long-term borrowing of multiple securities accounts to trade shares, acting as a funds “broker” by introducing financing for stock trading in return for high fees, and disclosing internal information from inspection and enforcement cases. The findings further cited improper interests with listed-company shareholders and executives, unlawful investment in a company seeking listing, and interference in issuance review processes, with subsequent large personal gains after the company listed. Mudanjiang’s Supervisory Commission transferred the suspected criminal case and related assets to the procuratorate for review and prosecution.

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