THE former deputy general manager and chairman of the investment banking committee of one of China’s largest securities firms Haitong Securities was arrested on suspicion of serious work-related crimes.

Jiang Chengjun, who has worked at Shanghai-based Haitong since 2000, was extradited to China after fleeing the country last month, the Central Commission for Discipline Inspection announced Wednesday.

The Shanghai branch of the supervisory watchdog opened an investigation against Jiang this month and sought international law enforcement cooperation for his arrest.

China has stepped up efforts to combat bribery and other duty-related crimes over the past two years. The country’s courts concluded 24,000 such cases last year, up 20% from a year earlier, according to the Supreme People’s Court.

Jiang penned 10 initial public offerings (IPOs) as a sponsor representative from August 2008 to September 2020, with Haitong receiving 610 million yuan (US$85.6 million) in underwriting and sponsorship fees as lead underwriter, yicai.com reported.

Of the 10 companies, Advanced Micro-Fabrication Equipment had the highest market capitalization of 82.2 billion yuan as of the end of trading Thursday, while that of COFCO Capital, Daimay Automotive Interior, and iRay Technology all exceeded 10 billion yuan.

Haitong reported its first net loss since 2000 last year. Its shares (SH: 600837) fell 2.31% to 8.46 yuan in Shenzhen on Thursday, after shedding 6.5% Wednesday.

(SD-Agencies)