Case Concerning Illegal Disclosure of Important Information of Wu XX and Others
(SPP Guiding Case No. 220)
Key words
Listed company; Financial fraud; Illegal Disclosure of important information; Classified handling
Summary
In handling cases involving a listed company's illegal disclosure of important information, the people's procuratorates shall ascertain the company's underlying production and operational conditions, reconstruct its true financial data, and compare such data with the publicly disclosed financial information, so as to accurately determine the facts of financial fraud and illegal disclosure of important information. Emphasis shall be placed on the examination and use of evidence obtained through administrative law enforcement. Documentary evidence, electronic data, and other forms of objective evidence that are collected through lawful procedures, originated from legitimate sources, and are objective and authentic in content may be used as the basis for prosecution. The criminal liabilities of individuals involved in financial fraud shall be clearly distinguished and handled in a targeted and categorized manner. For major shareholders, actual controllers, senior management personnel, and other key persons of listed companies who commit such crimes, penalties shall be imposed strictly in accordance with the law.
Relevant provisions
Article 161 of the Criminal Law of the People's Republic of China (Rev.2006) (now Article 161 of the Criminal Law of the People's Republic of China)
Articles 15, 54 (2), 177 (2) of the Criminal Procedure Law of the People's Republic of China
Article 82 of the Securities Law of the People's Republic of China
Articles 6 (3) and 7 of the Provisions (II) of the Supreme People's Procuratorate and the Ministry of Public Security on the Standards for Filing Criminal Cases under the Jurisdiction of the Public Security Organs for Investigation and Prosecution (No. 23 (2010) of the Ministry of Public Security) (now Articles 6 (4) and 8 of the Provisions (II) of the Supreme People's Procuratorate and the Ministry of Public Security on the Standards for Filing Criminal Cases under the Jurisdiction of the Public Security Organs for Investigation and Prosecution) (No. 12 (2022) of the Ministry of Public Security)
