Former CSRC Chairman Yi Huiman Falls — Reports Say His Family Members Were Also Taken Away

File photo: On March 5, 2021, the day before the opening of China‘s National People‘s Congress (NPC), police patrol Tiananmen Square with dogs on a day of heavy air pollution in Beijing. (Photo by Kevin Frayer/Getty Images.)

[People News] On September 6, the website of the CCP Central Commission for Discipline Inspection (CCDI) announced that Yi Huiman, Deputy Director of the Economic Committee of the 14th CPPCC National Committee and former Chairman of the China Securities Regulatory Commission (CSRC), is “suspected of serious violations of discipline and law” and is currently under investigation. This confirmed the rumours circulating overseas in recent days about Yi’s downfall.

On September 6, the CCDI and State Supervision Commission issued a notice that Yi Huiman is suspected of serious violations of discipline and law and is now undergoing disciplinary review and supervisory investigation.

Yi is the 41st centrally managed cadre to be investigated this year, and the 8th ministerial-level official to fall in 2025.

On July 29, Yi attended a meeting of the CPPCC Economic Committee as deputy director — his last public appearance. Earlier, in mid-June, he joined a delegation led by a CPPCC vice chairman for research visits in Zhejiang.

By late August, rumours began spreading in financial circles that “Yi Huiman had been taken away to assist with an investigation.” Multiple media outlets inside and outside China, citing sources, reported that Yi was suspected of corruption, was taken away last week, and that several of his family members were also detained.

An article published by Langwang’s “No.1 Current Affairs Bureau” said that, according to financial industry insiders, Yi has one elder sister and three elder brothers. One of his brothers had “used his name to mingle in Zhejiang’s financial circles,” even taking on corporate financing business under the guise of being “a relative of Yi Huiman.”

An X account “Asia Finance” reported: “Yi Huiman’s arrest is linked to his relatives meddling in multiple IPOs, as well as corruption inside ICBC.”

According to several people close to regulators, around August 29 (last Friday), these rumors spread intensively in Zhejiang’s financial hubs of Wenzhou and Hangzhou. Some reports even claimed that “his family members have already been restricted from leaving the country.”

Born in 1964, Yi Huiman started his career at the People’s Bank of China but spent most of his career at the Industrial and Commercial Bank of China (ICBC). In March 2005, he was appointed President of ICBC Beijing Branch. In 2008, he became Vice President of ICBC. On May 22, 2013, Yi succeeded Yang Kaisheng as President. From May 2016, he served as ICBC Party Secretary and Chairman. On January 26, 2019, he resigned as ICBC Chairman and was appointed Party Secretary and Chairman of the CSRC.

Yi spent most of his career in the banking system, but after being appointed to head the CSRC, he also became a member of the 20th Central Committee. During his tenure at the CSRC, China’s stock markets were plagued by negative developments and widespread problems.

During the March 2021 Two Sessions, mainland investor Zhu Yongguo publicly accused Yi Huiman of involvement in the Kangde Xin (KDX) bond default scandal of 2019. Zhu alleged that the CSRC colluded in covering up the case. The scandal directly harmed 133,000 small investors, who were then violently suppressed in their efforts to defend their rights.

According to insiders, when Yi served as ICBC Jiangsu Branch President, he had a lending relationship with Zhong Yu, former chairman of KDX. After KDX’s crisis erupted, without shareholder approval or disclosure, 425 core pieces of equipment and three parcels of land — worth about 2.8 billion yuan — were pledged to ICBC as collateral. The CSRC failed to investigate, effectively condoning the illegal move.

After attending the 2023 Financial Street Forum Annual Conference on November 8, Yi disappeared from public view for nearly a month and missed important meetings, fueling speculation that he was in trouble.

During his tenure, China’s stock market suffered sharp declines. At the start of the year, the A-share market repeatedly tumbled, closing below 3,000 points on 20 occasions. In January 2024, the Shanghai Composite Index fell below 2,900 and 2,800 points in succession, triggering fierce backlash from investors and public opinion.

On February 7, 2024, Yi was dismissed, and former Shanghai Vice Mayor Wu Qing took over as CSRC Chairman. The CCP gave no explanation for Yi’s removal. Afterwards, many investors hoped he would be investigated. However, on June 6, 2024, Yi was instead given a new post as resident Deputy Director of the CPPCC Economic Committee, which was seen as a “soft landing” and drew harsh criticism online.

Yi’s downfall was not unexpected. In recent years, multiple senior CSRC officials have been investigated or dismissed. Three consecutive CSRC chairmen have met sorry ends, turning the role into a “cursed” high-risk position.

After the 2015 stock market crash, then-CSRC Chairman Xiao Gang was dismissed in 2016. His successor, Liu Shiyu, was investigated in May 2019. Yi Huiman, who replaced Liu, was suddenly dismissed in February 2024.

In addition to successive CSRC chairmen, several vice chairmen have also been purged. In December 2022, CSRC Vice Chairman Zhao Zhengping was dismissed. In July 2024, Vice Chairman Fang Xinghai was removed. On April 30, 2025, Vice Chairman Wang Jianjun was officially investigated.

(First published by People News)