Chinese authorities in Shanghai have indicted more than 30 journalists and 15 companies on extortion charges, including former top editors and executives of the 21st Century media group, prosecutors said.

The indictment paves the way for a trial involving one of the country's top financial newspapers, the 21st Century Business Herald.

The number being indicted is much higher than the previous number reported last year, and the charges include "extortion," "blackmail," and "forced" transactions, the Shanghai Pudong district prosecution office said in a statement.

Shen Hao, former chairman of 21st Century Media Co., former editor-in-chief of the group's 21st Century Business Herald newspaper Liu Hui, and Liu Dong, former president of its 21cbh.com news site were among those named.

They are accused of extorting more than 100 million yuan (U.S.$15.6 million) from dozens of Chinese companies since November 2013 in connection with a number of news reports about those companies' activities.

Some companies allegedly paid large sums for positive stories to be published, while others paid to have negative news about them quashed or denied, police said at the time of their arrest in September 2014.

Meanwhile, a number of companies that refused to make payments to 21cbh.com were further threatened with negative reports, some of which were subsequently published.

more China Indicts Dozens of Journalists, Media Companies For 'Extortion'