Dong Guoqun, former deputy general manager of the Shanghai Stock Exchange, has been expelled from the Communist Party of China and dismissed from public office over severe violations of Party discipline and laws, China's top anti-corruption watchdogs said on Saturday.

The decision was made by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision following their investigation.

While resisting the commissions' investigation, Dong colluded with others to fabricate testimony, and transferred and concealed illicit gains, according to the commissions.

Dong frequently visited private clubs and repeatedly accepted banquets arranged by individuals under his management, the commissions said in a statement. Despite prior disciplinary actions for accepting golf-related activities, Dong showed no remorse for his actions.

The commissions further found that Dong accepted expensive gifts and high-value consumption cards. He was also discovered to have borrowed multiple individuals' securities accounts for stock trading over an extended period and illegally held shares in several pre-IPO companies.

Moreover, he arranged for others to conceal his illicit activities.

Additionally, Dong used his positions to seek benefits for others in exchange for large sums of equity, cash and other properties. These benefits were tied to matters such as company listings, corporate supervision, large-scale fund deposits and construction projects.

As a result of his severe violations, the commissions decided to expel Dong from the CPC, remove him from public office and had his illicit gains confiscated.

The statement added that the clues of Dong's suspected crimes, along with the illicit gains, will be transferred to prosecutors for further review and investigation.