The Supreme People's Procuratorate ("SPP") has recently released the 10th batch of guiding cases, including the case concerning Zhu Weiming's manipulation of the securities market and another two (Jian Li No.39 – No.41), for reference.
In the case concerning Zhu Weiming's manipulation of the securities market, it is made clear that where a securities company, a securities consultancy, or a professional intermediary, or an employee thereof, violates prohibitive provisions on practices by trading or holding securities, and making trading operations in a direction contrary to that the market is expected to move towards, after it has made public remarks on, made a public estimate of, or gave investment advice on, relevant securities, for the purpose of seeking unjustified profits, the violator's criminal liability for the crime of manipulating the securities market shall be pursued, if the case is serious. In another case involving Zhou Hui's fundraising swindles, the SPP clearly specifies that if a peer-to-peer lending information intermediary or its controller makes use of the peer-to-peer lending platform to release false information and illegally create the cash pooling to raise funds, the majority of which are indeed for the purpose of robbing Peter to pay Paul and personal extravagance, rather for the alleged production and business activities, the violator's behavior shall be identified as intentional illegal encroachment and its criminal liability for the crime of fraud in financing shall be pursued, if the amount of raised funds the violator cannot afford to return is enormous.