Suspects involved in an investigation regarding stock market malpractice have confessed to wrongdoings after having been detained by police since last week.
The charges include spreading false information, taking bribes and insider trading.
A few notable people who have been placed under "criminal compulsory measures" include financial journalist Wang Xiaolu, China Securities Regulatory Commission (CSRC) official Liu Shufan, and four senior executives of CITIC Securities, China's biggest brokerage.
Wang, a reporter for Caijing business magazine, is charged with "colluding with others and fabricating and spreading fake information on securities and futures market," according to a report by Xinhua.
Wang reportedly confessed to publishing a story on the stock market "based on hearsay and his own subjective judgment without conducting due verifications."
On July 20, Want China Times wrote that the CSRC was planning for government funds to exit the market, which the CSRC denied. The CSRC then pointed out that the piece was "irresponsible."
Wang reportedly admitted that what he wrote had "caused panic and disorder in the stock market, seriously undermined market confidence, and inflicted huge losses on the country and investors."
Xinhua also reported that Liu, a CSRC official, had confessed to insider trading, forging official seals and taking bribes.
Liu reportedly confessed to profiting millions of yuan by insider trading from two companies. He also admitted to forging official seals so that his mistress could buy property in Shanghai.
Xinhua also reported that CITIC Securities senior executives--Xu Gang, Liu Wei, Fang Qingli and Chen Rongjie--have also confessed and are under "criminal compulsory measures."
CITIC Securities confirmed that some of their senior managers were summoned by police in order to assist with an investigation involving stock market malpractice.
Xinhua separately reported that 197 people had been punished and 165 online accounts have been closed for spreading rumors online about the stock market or the Tianjin blasts.