China prosecutes over 1,000 for securities-related crimes amid rising cases

Beijing: Chinese procurators indicted 1,011 people for securities-related crimes between 2022 and 2024, an annual rise of 16 per cent on average, China’s Supreme People's Procuratorate (SPP) said on Friday.

The SPP said prosecutors filed charges in 598 private equity fund crime cases, involving more than 2,800 individuals in the last two years.

SPP officials said at a media briefing here that they have overseen 24 major cases related to private equity fund crimes, with 16 cases already going to trial.

The state-run Xinhua news agency reported that these cases address critical issues such as financial fraud, fraudulent issuance, improper disclosures, insider trading, and market manipulation within the securities sector.

The SPP emphasized the role of prosecutors in legal oversight to promote the high-quality development of the capital market.

The prosecutions have ensured accountability among all parties involved, including controlling shareholders, chairpersons and senior executives of listed companies, financial industry personnel, intermediaries, and individuals unlawfully acquiring insider information.

Legal action against criminal activities such as illegal fundraising under the guise of private equity, misappropriation or embezzlement of private fund assets, insider trading and market manipulation are helping to ensure the lawful development of this industry, the SPP said.