The high profile manager of the Shanghai International Circuit Management and Development Co, which runs Formula One racing in China, faces corruption charges along with three government officials. Authorities have stripped Yu Zhifei of his posts and Communist Party membership for his alleged involvement in misusing the city's pension fund, the South China Morning Post reported. The former head of the Changning district of Shanghai, Chen Chao-xian, and the former chairman of the Shanghai's State-Owned Assets Supervision and Administration Commission, Ling Baoheng, also face charges. This is the second time a group of high profile officials face prosecution in relation to mismanagement of Shanghai's pension fund. In a separate development, state media reported that Yin Guoyuan, the former deputy director of the Shanghai Housing and Land Administration, has lost his party membership, usually the first step towards criminal prosecution.