The mainland’s financial and securities system has been shaken again. Mao Bihua, former director of Chongqing Securities Regulatory Bureau and former head of the SEC’s inspection team, has been double-opened and transferred to the judiciary. Mao Bihua was accused of being keen on drinking and dining, greedy for big money and small profits, and willing to be “hunted”, constituting a serious violation of duty and suspected of accepting bribes.
May 28, the State Supervision Commission of the Central Commission for Discipline Inspection in the China Securities Regulatory Commission Discipline Inspection and Supervision Group, Shandong Province, the Supervision Commission issued a message that Mao Bihua serious disciplinary violations, the impact is bad, his dismissal from the party and public office, the seizure of its disciplinary proceeds, and transferred to the procuratorial organs.
The report alleged that: Mao Bihua boasts of high means, layers of defense, collusion and transfer, concealment of illegal income, confrontation review; epidemic serious period still frequently accept the supervision of the object banquet, unauthorized leave the post to play, accept gifts and gifts, consumer cards; both want to be a big official and want to get rich, greedy money to take advantage of small profits, etc..
Data show that, as of the end of March 2021, there are 59 listed companies under the jurisdiction of Chongqing, with a total market value of about 1,023.7 billion yuan. During Mao Bihua’s tenure, a total of 14 companies in Chongqing were listed on the A-share market, including Xiaokang, Youyou Food, Shunbo Alloy and Tianshing Pharmaceutical.
Among them, Tian Sheng Pharmaceutical (now known as ST Tian Sheng), which was listed in May 2017, was put on delisting risk warning after only 2 years of listing due to an unavailable audit report issued by an accounting firm, and then triggered risk warning soon after due to the controlling shareholder’s alleged misappropriation of the company’s funds.
However, it is not clear whether the investigation of Mao Bihua is related to the above matters.
Mao Bihua, 53, a native of Guangfeng, Jiangxi, with a doctorate degree, has been working in the securities regulatory system for 24 years, and joined the issuance supervision department of the SFC in July 1996.
In September, Mao Bihua, then head of the Inspection General Team, was exiled to Chongqing, where he served as party secretary and director of the Chongqing Supervision Bureau until he fell under investigation in December 2020.