A single announcement from the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission has declared the end of Yi Huiman's financial career, while unveiling the controversial private equity investment history between China International Capital Corporation Limited and Industrial and Commercial Bank of China.

On September 6, 2025, the Central Commission for Discipline Inspection and National Supervisory Commission officially announced that Yi Huiman, former chairman of the China Securities Regulatory Commission (CSRC), is suspected of serious disciplinary violations and illegal activities and is currently under investigation. This ministerial-level official, who worked at Industrial and Commercial Bank of China (ICBC) for 34 years and helmed the CSRC for five years, ultimately could not escape the anti-corruption dragnet in the financial sector.

**Rumors Materialize into Reality**

Rumors about Yi Huiman's "troubles" had been circulating in financial circles for nearly a year, evolving from scattered private discussions to concentrated public speculation, though lacking official confirmation. In late August 2025, the financial community began spreading news that "Yi Huiman had been taken away for investigation."

According to multiple sources close to regulatory authorities, around August 29, these rumors were particularly dense in financial circles in Wenzhou and Hangzhou, Zhejiang Province, with some even claiming that "his family members had been restricted from leaving the country."

The official announcement has now turned rumors into reality. Yi Huiman's downfall represents not only a personal tragedy but also an important milestone in China's deepening financial anti-corruption campaign.

**Former ICBC Associates and CICC Connections**

The core leads in Yi Huiman's investigation are closely related to ICBC's recent "financial anti-corruption storm." As a 34-year veteran of ICBC, his career was deeply intertwined with the bank's development.

Gu Jiangang's case is particularly emblematic—he was Yi Huiman's "loyal subordinate" who once thrived at ICBC. On August 2, 2023, he was placed under investigation for serious disciplinary violations and illegal activities.

On February 8, 2024, the Central Commission for Discipline Inspection and National Supervisory Commission detailed Gu Jiangang's violations, including "exploiting corporate resources for personal gain, overconfidence, and poor management leading to significant investment risks; abuse of power for private benefit, using public resources for personal gain, and massive financial corruption under the guise of financial investment."

Gu Jiangang's case also implicated CICC Capital's turbulence, with former CICC Capital Chairman Ding Wei and multiple key personnel reportedly taken away in early 2025. CICC Capital's early involvement in hundreds of billions worth of private equity projects was allegedly jointly promoted by Ding Wei and Gu Jiangang.

**Family Connections and Ethics Issues**

Yi Huiman's "family connection problems" are also prominent. Financial industry sources revealed that Yi Huiman has one sister and three brothers, with one brother allegedly "leveraging his name to network in Zhejiang's financial circles" and even using the identity of "Yi Huiman's relative" to handle local corporate financing business.

Business registration records show that in October 2024, an individual business called "Cangnan County Huiman Clothing Business" was registered in Yi Huiman's hometown of Cangnan, Zhejiang. Although the legal representative is not Yi Huiman himself, the name "Huiman" closely matches his given name, and the registration timing coincided with shortly after he stepped down as CSRC chairman.

More notably, Yi Huiman's son was also involved in CICC Capital-related projects. When ICBC's multi-billion private equity project launched in April 2018, Yi Huiman was still leading ICBC. After the project was implemented, his son worked at related companies. It's understood that his son left the company after April 2024.

**Zhejiang Network and Financial Anti-Corruption**

Yi Huiman's home province of Zhejiang has also been "eventful" recently. After the Central Inspection Team entered Zhejiang in mid-April 2025, former "top leaders" of China Construction Bank and Agricultural Bank of China's Zhejiang branches were investigated within a month.

In April, Gao Qiang, former Party Secretary and President of CCB Zhejiang Branch, was investigated; on May 30, Shen Rongqin, former Party Secretary and President of ABC Zhejiang Branch, was placed under investigation; in addition to Wang Zhibin, former President of ICBC Zhejiang Branch, who was previously investigated.

All three had experience leaving banks to join private investment institutions. Among them, Shen Rongqin and Yi Huiman are fellow Zhejiang natives who both worked at ICBC Zhejiang Branch early in their careers. When Yi Huiman transferred from Zhejiang to Jiangsu in 2000, Shen Rongqin was still within the Zhejiang ICBC system.

Unverified claims suggest that during Yi Huiman's tenure as CSRC chairman, the number of listed companies registered in Zhejiang was disproportionately high, possibly related to his Zhejiang origins and years of work in Jiangsu Province, not ruling out potential family involvement.

**Reform and Controversy: A Complex Tenure**

Looking back at Yi Huiman's CSRC career, it was characterized by both reform achievements and controversies. His core accomplishment was advancing "comprehensive registration reform." From the 2019 Science and Technology Innovation Board registration pilot to full implementation in February 2023, this reform was considered a "fundamental institutional change" for China's capital markets.

As of February 2024, the Science and Technology Innovation Board and ChiNext Board had listed over 1,200 companies through the registration system, raising over 1.5 trillion yuan in total financing, providing crucial direct financing channels for technology innovation enterprises and SMEs.

However, behind the impressive statistics lay lesser-known realities. During Yi Huiman's 1,838-day tenure, A-share IPOs reached 1,906 companies, averaging 1.04 new stock issuances daily and extracting an average of 1.21 billion yuan daily from the A-share market.

This rapid IPO pace sparked market controversy at the time. Critics argued that this "new stock great leap forward," while meeting corporate financing needs, created enormous pressure on market liquidity and indirectly contributed to weak stock market performance.

From his appointment to dismissal, A-shares fell below 3,000 points (closing price) 20 times. Although the Shanghai Composite Index rose 8.96% overall during the five years, outpacing inflation, it fell far short of market expectations for a "slow bull" market.

**CICC Turbulence Inevitable**

Yi Huiman's case emerges as China International Capital Corporation Limited faces multiple challenges including declining performance, regulatory penalties, and internal adjustments. This event may impact CICC in several ways:

**Personnel Turbulence May Deepen:** CICC has already experienced significant personnel changes in recent years. In the first half of 2024, the company reduced staff by 246 people, including 221 mainland Chinese employees and 25 overseas employees. Reuters reported that CICC plans to cut one-third of its domestic investment banking staff between 2024-2026, reducing headcount by approximately 13% annually. Following Yi Huiman's case, former and current CICC executives associated with him may face further scrutiny, triggering another round of personnel turbulence.

**Business Cooperation May Be Limited:** The historical cooperation between CICC and ICBC may be affected. CICC Capital's early participation in multi-billion private equity projects was jointly planned by former CICC Capital Chairman Ding Wei and former ICBC Asset Management General Manager Gu Jiangang. With Yi Huiman and Gu Jiangang under investigation, business relationships between CICC and state-owned banks may face stricter scrutiny, potentially affecting related business operations in the short term.

**Reputational Risk and Regulatory Pressure:** CICC has already received multiple regulatory penalties in recent years. In May 2024, the Beijing Securities Regulatory Bureau imposed administrative regulatory measures on CICC three times within two weeks. In October 2024, CICC was investigated by the CSRC for allegedly failing to exercise due diligence in ThinkSilicon's IPO sponsorship business. Yi Huiman's case further exacerbates the company's reputational risk and may attract stricter regulatory scrutiny.

**Short-term Performance Pressure, Long-term Business Restructuring:** CICC's performance has declined for three consecutive years. In 2024, it achieved operating revenue of 21.333 billion yuan, down 7.21% year-on-year, with net profit attributable to shareholders of 5.694 billion yuan, down 7.50% year-on-year. In the first half of 2024, investment banking business revenue fell dramatically by 70.10% year-on-year. Yi Huiman's case may intensify business pressure in the short term, but in the long run, it may prompt CICC to further optimize its business structure, strengthen compliance management, and achieve healthier development.

Yi Huiman's downfall represents not only a personal tragedy but also a restructuring of the entire financial system. The anti-corruption dragnet in the financial sector has been cast, and no one can escape by chance.