Over the past year, the A-share market has experienced periodic rebounds, leading to increased enthusiasm among many investors. However, in hidden corners of certain social media platforms, a seemingly familiar yet evolving "stock recommendation scheme" has been quietly spreading with the proliferation of AI technology. Late at night, financial accounts claiming to offer insider information and authoritative analysis frequently post short videos, attracting investors with promises of extremely high returns.
In these videos, well-known figures such as economist Ren Zeping and stock market analyst Ye Rongtian often appear, analyzing market trends on camera and promising to help followers make money for free.
Endorsements by influential figures and the high visibility of the platforms lend an air of credibility. But as the saying goes, there is no such thing as a free lunch. The so-called "guaranteed profits" may simply be bait before the scam is executed.
To trace the引流 path of these videos, reporters followed instructions in the videos, scanning QR codes that redirected them three times before reaching a customer service chat window. The客服 claimed to be an assistant to the influential figure, stating that all stock recommendations were free and that experts would share high-quality stock picks in private groups on apps called "企小信" and "立方私域."
Further investigation revealed that videos from different "financial influencers" followed nearly identical scripts: creating an aura of authority through short videos, then guiding users via QR codes or screenshots into WeChat groups or private communities, before requiring them to download apps like "企小信" or "立方私域."
Reporters first installed the "立方私域" app. After downloading, they added an assistant named Luo Xi, who claimed to be a consultant from Orient Securities Company Limited. Luo presented a professional qualification code and added the reporter to a group chat within the app with over 2,200 members, named "Orient Securities Live Trading实战营."
In this group, a so-called "expert" regularly posted stock codes at fixed times. At 2 p.m., the group would提示 buying at the current price; the next morning at 9:15 a.m., they would advise taking profits immediately. The chat was soon flooded with screenshots showing impressive profits, creating a highly tempting atmosphere.
However, verification showed that most of the recommended stocks had already hit their daily limit-up before being promoted, making them nearly impossible for ordinary investors to purchase.
When questioned, the assistant explained that some trades were executed through "institutional专用 accounts" and further promised a "monthly guaranteed return of 60%." Additionally, the group required members to check in daily and maintain strict confidentiality, emphasizing limited spots to create a sense of urgency.
The assistant also exploited some investors' desire for quick gains and small perks. For example, daily check-in tasks were set up, with promises of small gifts for participation and a 10-gram gold bar for 30 consecutive days of check-ins. Beyond the main group, investors were added to smaller, private chats where casual conversations and personal inquiries were used to lower their guard.
Although group chats within the involved apps showed over 2,000 members, the actual number and identities of participants could not be verified due to the closed nature of the app environment.
The platforms operated cautiously: QR codes attached to videos were updated every few days, and even unchanged codes required multiple redirects before granting access to new WeChat groups. Once groups or app chats reached a certain size or duration, staff would create new ones under various pretexts to evade scrutiny.
Another引流 path led to the app "企小信." After downloading, an assistant named Song Ying claimed to work for Kaiyuan Securities and enticed users with offers of "high-speed trading channels." She invited the reporter to fill out an account opening form, followed by a video verification conducted by a self-proclaimed "client manager" named Chen Zhe.
Chen stated that since the launch of Kaiyuan Securities' product several quarters ago, nearly every participant had achieved returns of 50% to 60%, with trades executed personally. He emphasized strict confidentiality, forbidding disclosure even to family members, citing risks of counter-tactics by other market players.
After asking a few simple questions, including a pledge not to disclose information, Chen promptly approved the verification. He then requested account opening and capital injection.
Investors were instructed to download an app called "Kaiyuan资管版," which was not available in official app stores and could only be installed via provided links. In the app's group chat named "实盘掘金大本营," many members shared screenshots of transferring funds to designated third-party accounts, such as "清远市沄集生物科技有限公司" and "石家庄旭发装饰材料有限公司."
Transferring funds to third-party accounts而非专用 settlement accounts violates Article 131 of China's Securities Law, which mandates that client funds be held in separately managed bank accounts under each client's name. Such practices are严重违规 and may constitute illegal fundraising or fraud.
When reporters raised concerns, "client manager" Chen insisted on the safety of the funds, claiming all accounts were supervised by regulators. However, his reference to outdated regulatory names and claims that accounts would be deactivated quarterly revealed a lack of credibility, yet some investors failed to detect these red flags.
Verification of Chen's identity through the Securities Association of China showed that his registered photo did not match the person in the video. Kaiyuan Securities' official客服 denied any association, warning that impersonation scams were possible and advising investors to use only officially listed software.
Returning to the source, were the late-night videos真的 featuring the influencers themselves? Ren Zeping's team denied any involvement and reported the videos. With the rise of AI face-swapping and voice synthesis, publicly available footage can be used to create highly realistic fake videos at low cost. Online services offering "voice cloning" are readily accessible, requiring only sample audio to replicate voices.
On social platforms, many victims have come forward with their experiences. Data from the Guangdong Securities Regulatory Bureau showed that in the past year alone, the region handled 238 reports of illegal activities, transferred 33 criminal线索, and imposed fines of 4.55 million yuan.
Despite regulatory crackdowns, the persistence of these flawed AI scam videos raises questions about platform审核 mechanisms. Using AI to impersonate investment professionals for fraud represents a severe form of cyber-financial crime, leveraging digital deception to exploit ordinary investors. These scams are highly deceptive, spread rapidly, and affect a broad audience.
According to lawyer Yin Jieshun from Guangdong Facheng Huijun Law Firm, such activities constitute unlicensed securities advisory services disguised with AI technology, violating securities regulations and potentially involving crimes such as illegal business operations, fraud, and market manipulation. He advised investors to remain vigilant, invest rationally, and avoid promises of guaranteed high returns, emphasizing that no investment offers both high profits and low risks.
For investors, the strongest defense lies not in detecting technological tricks but in adhering to common sense: steer clear of任何 guarantees of high returns with no risk, expert-managed trading without verification, and non-compliant platforms. Do not let AI technology become a tool to drain your savings.
Ahead of International Consumer Rights Day on March 15, a joint investigative team from Southern Finance Omnimedia Group's IN调查工作室 and the Greater Bay Area Financial News Studio has been examining financial malpractices, including illegal securities activities, high-risk lending, and aggressive debt collection.
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