The gravy train of free meals and drinks for domestic fund managers is over. Financial media confirmed that three brokerages and two fund companies were implicated in cases under investigation by the China Securities Regulatory Commission, involving employees who traveled abroad privately or for overseas research and then claimed reimbursement from public funds.

The two brokerage executives who failed to cooperate with the investigation were the vice president and deputy head of research at Guolian Minsheng Securities.

Sure enough, the guy resigned last month.