Person
Cai Manli
Securities regulation and capital markets professional. She joined the China Securities Regulatory Commission in 2002 and spent years supervising listed companies, serving as deputy director of the M&A supervision division, director of the first supervision division and head of the accounting group in the listed-company supervision department. After leaving the regulator she became a senior advisor at King & Wood Mallesons and later chief executive of an asset management firm. She is qualified as a Chinese certified public accountant, a certified tax agent and an international business valuation analyst.
Background
Cai Manli formerly worked at the China Securities Regulatory Commission and later served as a senior consultant at King & Wood Mallesons and chief executive officer of Heyi Ruisheng Asset Management Co., Ltd. She holds qualifications as a Chinese Certified Public Accountant, a Chinese Certified Tax Agent and an international business valuation analyst.
In early 2002, Cai Manli joined the China Securities Regulatory Commission, where she worked on the supervision of listed companies, serving as deputy director of the M&A Supervision Division and director of Supervision Division One. During her time at the CSRC, she took part in researching, drafting and revising the Measures for the Administration of the Takeover of Listed Companies, the Measures for the Administration of Material Asset Restructuring of Listed Companies, and a number of rules and regulations on share repurchases, mergers and divisions of listed companies; she helped compile the memoranda for reviewing M&A and restructuring cases and the working papers for financial review, and reviewed a large number of individual M&A and restructuring cases. She also took part in researching and reviewing several innovative M&A and restructuring schemes, such as No. 1 Department Store’s absorption merger of Hualian Shangxia (the first merger between listed companies), the division of Northeast Expressway (the first division of a listed company), and PetroChina’s privatisation of three of its listed subsidiaries through general tender offers (the first tender-offer privatisation); and she participated in research on innovative M&A and restructuring mechanisms such as pricing mechanisms and payment instruments. She served as head of the accounting group of the Department of Listed Company Supervision, leading research on major and difficult accounting and valuation issues and providing recommendations for decision-making.
In September 2021, the GSFD programme of the PBC School of Finance at Tsinghua University held an online session titled “Reflections and Practice from Forty Years of Chinese Enterprise Development”. The speaker, Fu Yuning, had successively served as chairman of China Resources (Holdings) Co., Ltd., China Merchants Group Limited and China Nanshan Development (Group) Co., Ltd.; Cai Manli chaired the session in her capacity as general manager of Heyi Ruisheng Asset Management.
Last updated 18 October 2026