China’s financial sector crackdown persists, this time with the investigation of Minsheng Securities chairman Feng Henian by the country’s top disciplinary agency.
Feng Henian, Mingsheng Securities chairman, is under investigation for «serious disciplinary violations», according to a statement by the Central Commission for Discipline Inspection (CCDI) last week.
Interestingly, the CCDI referred to Feng as «the former director and secretary of the party committee of the China Securities Regulatory Commission’s (CSRC) Shandong branch» in the statement rather than his current role at Minsheng.
Feng was named chairman of Minsheng Securities at the end of 2016 and previously spent 18 years at the CSRC in various departments.
CSRC Colleague
According to a «Caixin» report citing unnamed last week, Feng’s investigation was related to another probe of his former CSRC colleague Wang Zongcheng who is also suspected by the CCDI of serious disciplinary violations earlier this month.
Feng and Wang both worked for a CSRC department focused on supervising listings on the NASDAQ-styled Shenzhen board ChiNext board. Feng led the department while Wang was his deputy.
China’s anti-corruption extended to the financial sector in October last year, after Beijing decided to increase scrutiny of ties between financial firms and large private companies.
