China Securities Regulatory Commission joins Cyberspace Administration of China to shut down accounts spreading capital market rumours and illegal stock tips

The Cyberspace Administration of China, working with the China Securities Regulatory Commission, reported enforcement action against a batch of online accounts accused of fabricating and disseminating false information related to China’s capital markets and of carrying out illegal stock recommendation activities. Measures taken included account shutdowns and other actions imposed in accordance with law and platform rules. The notice highlights examples across major platforms. Several WeChat and Weibo accounts, including “八姐无敌”, “投行那些事儿” and “投行小兵”, were cited for inventing false initial public offering policy information and presenting unsubstantiated “exclusive” or “inside” claims, while Weibo account “天津股侠” was accused of fabricating stock index futures information. Other accounts were cited for aggregating and sensationalising allegedly false or distorted negative content about listed companies and financial institutions, including interpretations of shareholding structures and financial statements. A set of Baidu accounts were accused of using artificial intelligence tools to mass-produce false capital market content and were shut down, as were Douyin accounts cited for frequently and arbitrarily predicting market rises and falls to attract traffic and stir sentiment. The notice also names accounts accused of illegal stock tipping for profit, including “热点牛股王” on WeChat and “五年万倍收益” on Kuaishou, which allegedly used group chat and returns screenshots to imply predictive ability and “sure win” outcomes. The authorities warned that fabricating or spreading false capital market information and other illegal content that disrupts information order and affects market stability will face legal punishment, and urged internet users to improve financial information discernment and refrain from creating, spreading or believing rumours.