Authorities have recently taken action against a number of accounts involved in publicly recommending individual stocks, luring users into group chats for stock tips, and selling illegal stock recommendation software. According to a notice, the Cyberspace Administration of China, in collaboration with relevant departments, has dealt with these accounts in accordance with the law.
Accounts such as "Zhang Ge Rolling Snowball" publicly promoted specific stocks and encouraged followers to mimic their trades. Platforms involved included the Weibo account "Zhang Ge Rolling Snowball," the WeChat public account "Desperate Brother Live Trading," and the Xiaohongshu account "Brother Hai Catching the Dragon." These accounts cultivated an image of investment experts by sharing profit screenshots, trading techniques, and live trading updates to recommend stocks and煽动copycat trading. The implicated accounts have been shut down in accordance with legal and platform regulations.
Other accounts, including "Weiqi Investment Research," enticed users to join groups for illegal stock recommendations. Examples are the Xueqiu account "Weiqi Investment Research," the Weibo account "Xu Wenchen," and the Bilibili account "Zhongli4723." Using phrases like "inside information," "guaranteed profits," and "expert picks," they lured netizens into paid groups, some with high entry fees, for illicit stock advice. These accounts have also been closed as required by law and platform policies.
Accounts such as "Trend Catcher" were found selling illegal stock-picking software with exaggerated and false claims. On Kuaishou, accounts like "Trend Catcher," "Finance Sister Qi," and "Ke Nan Stock Exploration" promoted so-called "high-efficiency AI stock selection software" or models claiming accurate price predictions during live streams, persuading users to pay for their services. Measures have been taken against these accounts in line with legal and regulatory standards.
The Cyberspace Administration of China reminds the public to maintain rational investment principles, enhance risk awareness, improve their ability to discern financial information, and steer clear of all forms of illegal financial activities to safeguard personal assets.