A former head of China’s equities market regulator will face trial on allegations that he took vast sums in bribes in return for approving company listings and loans, according to the Communist Party’s top anti-graft watchdog.

Yi Huiman, former chairman of the China Securities Regulatory Commission (CSRC), allegedly used “his position to seek benefits for others in job promotions, listing approvals and obtaining loans, and illegally accepted huge amounts of bribes”, the Central Commission for Discipline Inspection (CCDI) said on Thursday.

Yi, who held the post at the CSRC from January 2019 to February 2024, had been expelled from the party and dismissed from all public positions, the CCDI said, wrapping up an eight-month investigation.

He would be handed over to prosecutors to face trial, it said.

The investigators accused Yi of “losing his ideals and beliefs, betraying his original aspirations and mission”, and only paying lip service to the party leadership’s major decisions about the Chinese capital market.

“He shirked responsibility and engaged in ‘superstitious activities’,” the CCDI said, alleging that he traded power and money for sex.