China prosecutes over 1,000 for securities-related crimes from 2022 to 2024: top procuratorate

BEIJING, Feb. 21 (Xinhua) -- Chinese procurators prosecuted 1,011 people for securities-related crimes from 2022 to 2024, an annual rise of 16 percent on average, the Supreme People's Procuratorate (SPP) said on Friday.

A number of cases were publicized by the SPP during a press conference held in collaboration with the China Securities Regulatory Commission. 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.

From 2022 to 2024, Chinese prosecutors filed charges in 598 private equity fund crime cases, involving more than 2,800 individuals, according to the SPP.

The SPP revealed that it has overseen 24 major cases related to private equity fund crimes, with 16 cases already going to trial.

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.

These efforts provide a legal framework for private equity funds to effectively serve the real economy, it added.