On September 13, 2022, four authorities, including the Supreme People's Court ("SPC"), jointly issued the Circular on Issuing the Typical Cases on Lawfully and Severely Combating Securities-related Crimes (the "Circular").

According to the Circular, the four authorities jointly select five typical cases of securities-related crimes, including the "case involving unlawful disclosure, failure to disclose important information, and manipulation of securities market committed by Ma X. tian et al." These typical cases involve such securities-related crimes as the crime of committing unlawful disclosure or failing to disclose important information, the crime of manipulating securities market, the crime of using non-public trade information, the crime of insider trading, and the crime of harming the interests of a listed company in breach of fiduciary duty. Covering both the crimes commonly seen in capital market and the new-type crimes emerging in recent years, these cases unveil the features and trends of the existing securities-related crimes and clarify relevant matters concerning the application of law.

(Source: Supreme People's Court)