(Yicai Global) Nov. 30 – Shenzhen will become one of China's five bases to handle securities crime cases. The move comes just ahead of the planned launch of the Shenzhen-Hong Kong Stock Connect on Dec. 5.
The economic crime investigation unit of Shenzhen municipal public security bureau in Guangdong province will become one of the country's five bases for tackling securities crimes, said China's ministry of public security. The four other security bases are located in Shanghai, Chongqing, Liaoning and Qingdao, whose economic crime investigation units will also handle tax fraud cases.
"The establishment of the base for fighting securities crimes in Shenzhen by the ministry of public security is important for ensuring proper launch of the Connect, maintaining orderly functioning of capital markets and protecting the legitimate rights and interests of investors," said a representative of Shenzhen municipal public security bureau said.
The Connect will enable foreign investors to trade in more than 800 listed companies in mainland China, while Chinese investors will be able to buy and sell 417 stocks in Hong Kong.