China's "king of IPOs" under investigation

China’s anti-corruption watchdog probes the CSRC's former listings chief Yao Gang, the most senior securities official to date, intensifying its crackdown on the financial sector.

The Chinese government has intensified its crackdown on the country’s financial sector after launching a probe into the most senior securities official to date.

Yao Gang, one of four vice-chairmen at the China Securities Regulatory Commission, is being investigated by China’s anti-graft watchdog for suspected “serious breaches of discipline”, its terminology for suspected corruption.

The move by the Central Commission for Discipline Inspection against Yao, in charge of IPO approvals until March this year and one of the most influential officials at the CSRC, follows the country’s massive stock market rout over the summer.

“The CSRC firmly supports the decision by the Communist...

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