易会满落马背后：超80家光伏锂电企业上市，多家被立案调查

Core Viewpoint - The investigation of Yi Huiman, former chairman of the China Securities Regulatory Commission (CSRC), raises concerns about the compliance of IPO policies and the approval processes for photovoltaic and lithium battery companies during his tenure [3][6]. Group 1: Background of Yi Huiman - Yi Huiman, born in December 1964, served as the chairman of the CSRC from January 2019 to February 2024, overseeing significant reforms in China's capital market [4][5]. - Under his leadership, the A-share market experienced volatility, with the Shanghai Composite Index only rising approximately 190 points during his five-year term [5][6]. - Yi's tenure saw the implementation of major reforms, including the registration system and the establishment of the Sci-Tech Innovation Board, resulting in over 1,900 new listings [11][13]. Group 2: IPO and Market Performance - Yi Huiman's term as CSRC chairman was marked by a record 1,908 IPOs, raising a total of 2.22 trillion yuan, significantly surpassing the combined figures of the previous eight chairpersons [11][14]. - The rapid expansion of the market included 620 companies listed on the ChiNext and 570 on the Sci-Tech Innovation Board, accounting for 62% of new listings [13]. - However, the number of companies delisted during this period was only 151, indicating a mismatch between new listings and the exit mechanism [13]. Group 3: Focus on Photovoltaic and Lithium Battery Industries - During Yi's tenure, approximately 80 photovoltaic and lithium battery companies went public, with 36 photovoltaic firms and 47 lithium battery firms successfully listed [6][19]. - The peak of listings in the photovoltaic sector occurred between 2020 and 2022, coinciding with a global surge in demand for solar installations [18]. - Similarly, the lithium battery sector saw 38 companies listed, with a significant number during the 2021-2022 period, aligning with the explosive growth in global electric vehicle sales [19][20]. Group 4: Regulatory Concerns and Investigations - The investigation into Yi Huiman has led to scrutiny of the IPO policies and approval processes for companies listed during his tenure, particularly in the photovoltaic and lithium battery sectors [6][22]. - Notable cases include the investigation of Liancheng CNC and ST Pava, both of which faced regulatory scrutiny shortly after their IPOs [22][27]. - The issues raised by these investigations highlight potential risks associated with the rapid expansion of the IPO market under Yi's leadership, including allegations of "sick companies" going public [22][23].