Tong Daochi, a former senior official in South China's Hainan province, pleaded guilty to taking bribes of over 274 million yuan ($43.07 million) at a public trial on Thursday.

The trial was heard by the Shenzhen Intermediate People's Court in South China's Guangdong province. His sentence will be announced later.

Tong was formerly a member of the Standing Committee of the Hainan Provincial Committee of the Communist Party of China and former secretary of the CPC committee of Sanya. Before that, he also worked in several departments in the China Securities Regulatory Commission.

Prosecutors said from 2004 to 2020, Tong took advantage of his positions in Hainan and the CSRC to seek benefits for individuals in enterprise listing, business operation, financing and career advancement. In return, he received money and property totaling 274 million yuan.

From 2006 to 2007, when Tong was deputy head of the CSRC's Department of Public Offering Supervision, he informed his relatives of inside information on stocks to trade for benefits, which was particularly serious, the prosecutors said.

Tong was expelled from the CPC and removed from public office over serious violations of Party discipline and laws last year.