Crackdown in China's Securities Sector: Wu Guofang Under Investigation

Wu Guofang, a former senior official at China's securities regulator, is being investigated for significant legal and disciplinary violations. Following the probe, Guosen Securities dismissed him from his role. The Central Commission for Discipline Inspection has also expelled Yao Qian, another former official, for corruption charges.

In a major development, Wu Guofang, a former high-ranking official within China's securities regulatory framework, faces investigation over alleged breaches of law and ethics. The announcement by China's top anti-corruption agency highlights potential misconduct at the upper echelons of the financial sector.

Following the opening of the investigation, Guosen Securities revealed that Wu, who previously led its investment banking unit, was relieved of his duties as vice president. Authorities have detained Wu amid the ongoing inquiry, as reported in a filing to the Shenzhen Stock Exchange.

Parallel to these events, the Central Commission for Discipline Inspection issued a separate statement regarding Yao Qian. Once a part of the China Securities Regulatory Commission, Yao has been expelled from the Communist Party for accepting illicit financial rewards, further underscoring the extent of the crackdown within the financial industry's governance structures.

(With inputs from agencies.)