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Once upon a time, Jiang Chengjun was a dazzling star in the securities industry. As the core figure of the investment banking department of Haitong Securities, he has led the operation of IPO projects of dozens of listed companies, gaining fame and fortune. Who would have thought that in 2024, this highly regarded industry elite would be imprisoned for serious violations of duty. This big case that shocked the industry completely swept away Jiang Chengjun's former halo, and made the entire capital market rethink it.
Summary of the case
Under the unified deployment of the China Securities Regulatory Commission and the discipline inspection and supervision department, Jiang Chengjun was placed on file for review on suspicion of serious violations of duty and then fled abroad. After being pursued by the central anti-corruption agency, Jiang Chengjun was finally arrested in a Southeast Asian country at the end of August and repatriated to China.
Subsequently, the Shanghai Municipal Commission for Discipline Inspection and Supervision informed the public that Jiang Chengjun had been put on file for review and investigation, and that he would be severely punished in accordance with the law. The person in charge of the Central Commission for Discipline Inspection and the State Supervision Commission said that he would continue to make efforts to carry out the "Sky Net Operation" and resolutely investigate and deal with a number of "tigers" like Jiang Chengjun.
Background of the identity of the parties
Jiang Chengjun, male, born in Shanghai, has been engaged in investment banking business in Haitong Securities for a long time. His career has been nothing short of spectacular:
Soon after stepping into the securities industry, he joined the investment banking team of Haitong Securities to carry out the pilot reform of the shareholding system of the pioneer of innovation in the system. Since then, he has gradually grown into the backbone of Haitong Securities' investment banking department.
In 2005, Jiang Chengjun was promoted to general manager of the investment banking headquarters, and since then he has entered the peak of his career.
In 2017, as Jiang Jianping's successor, he was assigned to the headquarters of Haitong Securities as assistant to the general manager and secretary of the board of directors.
In June 2023, Jiang Chengjun was re-employed and promoted to deputy general manager of Haitong Securities, in charge of investment banking business. In the same year, his annual salary was as high as more than 1.97 million yuan.
It can be seen that Jiang Chengjun not only has a prominent position in the workplace, but also has rich experience in the industry, and has personally handled a large number of IPO projects. Some insiders disclosed that as the "first brother" of the investment banking department of Haitong Securities, Jiang Chengjun can share a work allowance of 100 million yuan every year.
The cause of the case and the progress of the case
Jiang Chengjun was able to climb to such a high position, in addition to his personal professional ability, there are some corrupt deeds at work. As early as January 2023, the Shanghai Stock Exchange issued a regulatory warning to Haitong Securities and its investment banking department for "failing to be prudent and diligent" in sponsoring projects, and Jiang Chengjun was also punished.
At that time, there was a lot of speculation from the outside world, but it was not until 2024 that Jiang Chengjun's escape and arrest completely exposed his scandal. After investigation, Jiang Chengjun was charged with serious duty crimes and long-term self-enrichment through sponsorship projects. These include taking advantage of one's position to accept bribes from entrepreneurs to pass audits such as capital injection and reorganization; At the same time, there are also violations of regulations interfering with the practice operations of other colleagues, forcibly passing or blocking the company's IPO matters, etc.
An insider revealed that Jiang Chengjun had already rumored about his imminent seizure before he fled. In July 2024, under the unified action of the China Securities Regulatory Commission and other departments, Jiang Chengjun was indeed investigated for corruption, and then he fled abroad. However, the joint pursuit of many parties finally captured and repatriated him at the end of August, blocking Jiang Chengjun's "last life" to escape.
Reflections and warnings in the industry
Jiang Chengjun's case not only shocked the regulators, but also aroused great attention and reflection in the industry.
Some brokerage insiders said that this is undoubtedly a heavy blow to the entire investment banking team. Jiang Chengjun, as the "first brother" of Haitong Securities Investment Bank, his involvement in the case has exposed that there are still many corruption problems and regulatory loopholes in the industry. This incident will further enhance the compliance awareness of practitioners, urge intermediaries to be diligent and responsible, and truly serve the real economy.
"The investment banking brother is in prison, which is undoubtedly a slap in the face to the entire investment banking industry." A brokerage analyst bluntly said that after this case, the review process of brokerage sponsorship projects will be strengthened, and the due diligence work of intermediaries will also be subject to stricter supervision to avoid similar scandals.
On a larger scale, some senior experts pointed out that this case reflects the urgent need for the entire financial regulatory system to strengthen law enforcement. The lack of punishment in the past has led to the luck psychology of some practitioners, and this time it will not be soft or will become a norm.
Regulators are determined
The ruthless move in Jiang Chengjun's case is a microcosm of the regulator's intensified anti-corruption efforts.
After Jiang Chengjun was arrested, the responsible person of the Shanghai Commission for Discipline Inspection and Supervision openly stated that he would go all out to find out all violations of discipline and law by Jiang Chengjun, and that he would never be soft or tolerated.
Jiang Chengjun's case is an important achievement in continuing to push the "Sky Net Operation" in depth, and reflects the determination to resolutely investigate and prosecute corrupt elements in the financial sector. In the future, we will further intensify our work, improve the working mechanism for chasing fugitives and recovering stolen goods, maintain a high-pressure deterrent posture, and resolutely curb the cancer of corruption.
For "tigers" like Jiang Chengjun, the regulator has stated that they will be brought to justice and will not be soft. This undoubtedly demonstrates the firm determination to comprehensively and strictly govern the party, and will also inject more positive energy into the sustained and healthy development of the financial market.
epilogue
Once upon a time, Jiang Chengjun could compose countless dazzling achievements; Now he has become a prisoner, and everything in the past has been wasted. This is a profound wake-up call to all financial practitioners, and corruption is a sure point of no return. Instead of making a desperate bet, it is better to serve the people in a down-to-earth manner, which is the duty of practitioners.
In the future, under the severe punishment of the regulators, the ecology of the capital market will become more and more pure, and Jiang Chengjun is destined to become a negative teaching material. Only by putting an end to similar scandals can the financial industry achieve stability and long-term success and contribute its due strength to the real economy.
Jiang Chengjun's case is a slap in the face to the entire capital market. As the "first brother" in the industry, Jiang Chengjun has been corrupting for personal gain for a long time, which is really shocking. This will inevitably lead the industry to strengthen its own compliance construction, and intermediaries will also be subject to stricter supervision to prevent similar scandals from happening again.
Although Jiang Chengjun's case has exposed some dark sides, it will also become a boost to promote the industry's self-innovation and increase supervision. The old wounds have not healed, and we still need to forge ahead in the future in order to make the capital market stable and far-reaching, and contribute to the development of the country.