A fourth former official who oversaw initial public offerings at China’s top securities regulator “has gone missing amid an intensifying crackdown on stock market corruption,” according to Nikkei.
Wu Guofang, who used to work at the China Securities Regulatory Commission (CSRC), but is now head of Guosen Securities‘ investment banking business, has been out of contact, it said, citing a report by Caixin financial media website.
Wu oversaw a range of departments when he worked at the CSRC from 2002 until 2017, including IPO applications. He has not responded to calls, and the company has not commented on his situation.
His disappearance is the fourth instance in a month of former CSRC officials reportedly in trouble, after investigations into others such as Yang Jiaohong and Li Youqiang.
The CSRC has faced scrutiny for its regulatory practices, notably those related to IPO processes, which have historically facilitated corruption due to opaque procedures and lack of member rotation on review committees, it said.
Read the full report: Nikkei Asia.
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