He was investigated in September 2015, investigated in September 2017 on suspicion of accepting bribes, and died of illness at the end of August 2021
Data map: Zhang Yujun. Photo/Visual China
Zhang Yujun, who is still under investigation, died of pancreatic cancer at the age of 58 at the age of 58 at Ruijin Hospital in Shanghai. Caixin confirmed the news from multiple sources. The official circular about Zhang Yujun is still stuck four years ago, on September 15, 2017, the Supreme People's Procuratorate opened a case against Zhang Yujun on suspicion of accepting bribes and took compulsory measures, but no conclusion has yet been released.
Zhang Yujun became the deputy general manager of the Shenzhen Stock Exchange at the age of 32, and is the only person in China who has ever held the Shuaiyin of the Shanghai and Shenzhen Exchanges. He has pushed securities companies to innovate, but encouraging brokers to increase leverage has also caused controversy and accumulated risks. In the "stock market crash" caused by hard "deleveraging" in 2015, Zhang Yujun, then assistant to the chairman of the institution in charge, was one of the members of the csrc's four-person team to save the market, in addition to Xiao Gang, then chairman of the CSRC, Liu Xinhua, vice chairman of the securities company, and Yao Gang, vice chairman in charge of the market. Hou Yao Gang and Zhang Yujun were thoroughly investigated for personal problems.
Born in May 1963, Zhang Yujun graduated from Southwestern University of Finance and Economics with a bachelor's degree and studied at the Wudaokou Graduate School of the People's Bank of China. In 1993, Zhang Yujun entered the office of the CSRC and became the deputy director of the office of the CSRC in 1995.
At the end of 1995, Zhang Yujun was transferred to the deputy general manager of the Shenzhen Stock Exchange, and returned to the CSRC in 1997, successively serving as deputy secretary general of the CSRC, director of the Foreign Affairs Department, and deputy director of the Policy Research Office; from 2000, Zhang Yujun served as the general manager of the Shenzhen Stock Exchange, until 2008, when the general manager of the Shenzhen Stock Exchange was Song Liping, and Zhang Yujun was transferred to the Shanghai Stock Exchange as the general manager.
In Zhang Yujun's more than ten years of exchange career, he only returned to the CSRC for a short time in one and a half years. In 1995, at the age of 32, Zhang Yujun became the executive deputy general manager of the Shenzhen Stock Exchange. He experienced the restructuring period of the Shenzhen Stock Exchange in 1995, which had few transactions to establish the Status of the Shenzhen Stock Exchange as one of China's two major exchanges; he also experienced the wandering period of the Shenzhen Stock Exchange suspending the listing of new shares in 2000 and looking for its own positioning; he also experienced the period of stock market madness from 2007 to 2008, during which the Shenzhen Stock Exchange showed relatively conservative and restrained. In February 2008, Zhang Yujun was officially transferred to the general manager of the Shanghai Stock Exchange.
In August 2012, Zhang Yujun returned to the CSRC again as a member of the Party Committee, and a month later, he was appointed assistant to the chairman, in charge of the "big institutions" namely the Institutional Department, the Fund Department, and the Futures Department. During his tenure at the CSRC, Zhang Yujun strictly regulated the development of asset management business and put forward the "eight bottom lines" for the development of asset management business. However, the leverage issue has not been effectively regulated and is considered the biggest failure. Although the CSRC has gradually tightened the leverage of the securities fund industry since 2014 and strictly investigated the two financing businesses of securities companies in early 2015, the leveraged funds that entered the A-share market through various asset management channels have formed a hanging river on the ground, which eventually led to the "stock market disaster" in August of that year.
After the "stock market crash" in 2015, Zhang Yujun, who was once rumored to be transferred to the post of vice governor of the central bank, and Yao Gang, vice chairman of the SECURITIES Regulatory Commission, who had been in charge of the issuance department for many years, were investigated successively. On September 16 of that year, Xinhua News Agency announced that Zhang Yujun was suspected of serious violations of discipline and was under organizational investigation; six days later, the relevant responsible person of the Central Organization Department confirmed that Zhang Yujun was suspected of serious violations of discipline and that the central authorities had decided to remove him from his leading post.
On October 23, 2015, Chen Hongqiao, then general manager of Guosen Securities, hanged himself in his home in Yangming Mountain Villa, Futian District, Shenzhen, in the early morning of the same day. Chen Hongqiao was a vice president of the Shenzhen Stock Exchange and partnered with Zhang Yujun, who served as the general manager of the Shenzhen Stock Exchange, for many years.
On July 21, 2017, the website of the Central Commission for Discipline Inspection published the news that, with the approval of the CPC Central Committee, the CPC Central Commission for Discipline Inspection conducted a case review of Zhang Yujun's serious violations of discipline. According to the circular of the Central Discipline Inspection Commission, Zhang Yujun seriously violated political and organizational discipline, resisted organizational review, and failed to report personal matters according to regulations; violated the spirit of the eight central regulations, played golf in violation of the rules, and accepted banquets that might affect the fair performance of official duties; violated honest discipline and work discipline, connived and acquiesced in relatives using the influence of his position to seek huge and improper benefits, and violated the discipline of life. Some of the problems are suspected of crimes. "'Relying on mountains to eat mountains' disrupts the order of the capital market, damages the image of securities supervision departments, and seriously violates party discipline. The Central Commission for Discipline Inspection's circular said.
On September 15, 2017, the Supreme People's Procuratorate released the news that, after review, it decided to file a case and investigate Zhang Yujun on suspicion of accepting bribes in accordance with the law and take compulsory measures. Since then, the official convenience has not released further information about Zhang Yu's case.
From June to August 2015, the "stock market crash" that broke out in China's A-shares shocked the Chinese and foreign markets, and a number of institutions and officials were investigated. The A-share market plummeted after hitting a high of 5,178 points on June 12, 2015, triggering a "stock market crash". When the market quickly fell to 3300 points, the CSRC, at the request of relevant leaders, organized all parties to rescue the market, including securities companies, Huijin companies, head securities companies and other institutions to use nearly 2 trillion yuan to participate in the rescue, but due to the high market leverage ratio, once the decline began to trigger a round of rapid decline, the rescue funds were all covered. Subsequently, the CSRC introduced a circuit breaker system that tried to calm the market, triggering a threshold of four degrees in just four trading days, triggering a market closure. The sudden "stock market crash" and the strategy of dealing with the dilemma reflected the deviation of the securities market regulators and decision-making authorities at that time in their understanding of the market and the role of supervision.
In February 2016, Xiao Gang, secretary of the party committee and chairman of the CSRC, was dismissed from his post until January 2018, when the list of new CPPCC members was announced, and Xiao Gang was elected as a member of the CPPCC Committee in the economic circles.
Cheng Boming, former general manager of CITIC Securities (600030.HK/06030.HK), and more than a dozen other SENIOR executives and business backbones of CITIC Securities were asked to assist in the investigation, and three people were eventually sentenced to be convicted of charges unrelated to the "stock market crash". Wang Dongming, the former chairman of CITIC Securities, retired in November 2015. In November 2018, CITIC Securities, Haitong Securities (600837.SH/06837.HK) and Guosen Securities (002736.SZ), which were accused of shorting A-shares by Xieshidu during the 2015 "stock market crash", were finally concluded by the CSRC that the illegal facts involved in the case were not established. After CITIC Securities experienced this catastrophe, things are not human. After the storm, CITIC Securities is still the leader of the executive industry, but the senior management has changed blood, and after being reinstated by individual executives, they still choose to leave their jobs, and most of them have found other ways out that year (see Caixin.com's "Short A-share" Case Closed, Three Securities Companies Exempted from Penalties _Financial Channel_Caixin Network)."
Among them, Cheng Boming and Zhang Yujun were out of the "Five Daokou" same door (Cheng Boming is 84 grades, Zhang Yujun is 85 grades), in December 2016, Cheng Boming was sentenced to three years and six months in prison, the crime is not directly related to the "stock disaster", but the crime of bribery of non-state officials, the evidence comes from Cheng Boming to the Anhui hometown to do things, the other side gave him land in Anhui hometown, building a house, the case value of hundreds of thousands of yuan.
Two months after Zhang Yujun was investigated, Yao Gang, former vice chairman of the China Securities Regulatory Commission, was also investigated. In July 2018, Yao Gang was prosecuted; on September 28 of the same year, the Intermediate People's Court of Handan City, Hebei Province, publicly pronounced a verdict on Yao Gang's bribery and insider trading case, sentenced him to 15 years' imprisonment for accepting bribes and fined him RMB7 million, sentenced him to 6 years' imprisonment for insider trading, and fined him RMB4 million, and decided to execute the 18-year prison sentence and fined HIM 11 million yuan (see Caixin.com, "Yao Gang Was Fined 18 Years and Fined 11 Million Yuan" Finance Channel_Caixin)."
Zhang Yujun, on the other hand, died of illness after being investigated for 6 years, but the judicial system had not yet made a final conclusion. (End)
(Caixin reporters Liu Caiping and Li Zhen also contributed to this article))
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