Market Chatter: Ex-ChiNext IPO Reviewer Said to be Under Probe for Graft

MT Newswires Live2024-11-20

Former ChiNext listing review committee member Wu Guofang is said to be under investigation for graft, Yicai Global reported Tuesday.

The news outlet tried contacting Wu amid an ongoing anti-graft investigation on the tech listing board of the Shenzhen bourse but could not be reached, the report said.

Guosen Securities (SHE:002736), where Wu is vice president and head of the investment banking division, did not also respond to calls from Yicai, according to the report.

Wu was among the panelists that evaluated Dandong Xintai Electric's initial public offering in 2012 that was found to be fraudulent. The company was forced to delist in 2016 following penalties from Chinese securities regulators, the report said.

Another committee member, Li Xiaoqiang, was also being probed last week on serious violations of discipline and the law, the report said.

Local media describes "serious violations of discipline and law" as a euphemism for corruption.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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