Crackdown on illegal stock recommendations, stock market rumors - Shanghai holds special action to rectify online financial information chaos summary exchange event.

According to the Shanghai Observer, on November 21st, the summary and exchange event of the special action for cleaning up online financial information chaos under the theme of "Clear Pudong River, Joint Governance by e-Enterprises" was held. Since March of this year, the Shanghai Municipal Party Committee Internet Information Office, together with the Shanghai Financial Regulatory Bureau, Shanghai Securities Regulatory Bureau, Municipal Party Committee Financial Office, Municipal Procuratorate, Municipal Public Security Bureau and other departments, have jointly carried out the special action to clean up online financial information chaos under the theme of "Clear Pudong River, Joint Governance by e-Enterprises", cracking down on prominent issues such as illegal financial intermediaries, illegal stock recommendations, and market manipulation, as well as comprehensive governance of illegal activities such as abusing AI technology for illegal financial activities, engaging in activities without qualifications, and spreading untrue and false information disrupting financial market order, effectively protecting the legitimate rights and interests of netizens. Using the special rectification action as the starting point, the Shanghai Municipal Party Committee Internet Information Office, together with the Shanghai Financial Regulatory Bureau and other departments, have formed a normalized collaborative mechanism, jointly carrying out thematic discussions, industry guidance, legal propaganda and other activities to further improve the efficiency of governance of online financial information chaos and create a synergy in the work. In order to effectively carry out the rectification of chaos, the Shanghai Financial Regulatory Bureau has guided key financial institutions under its jurisdiction to establish a coordination mechanism with major online platforms, to use big data, artificial intelligence and other technologies for precise monitoring and identification, organize multiple "Financial Consumer Protection Network Governance Theme Days" activities, and strengthen the preaching and risk warning of the harmful effects of bad financial information at key times such as "3.15" and "Financial Education and Propaganda Week". At the same time, the Shanghai Financial Regulatory Bureau has strengthened coordination between central and local authorities and cooperation among departments, advancing the governance of illegal financial intermediaries in an integrated manner. Since 2025, the Shanghai Financial Regulatory Bureau, together with the public security agencies, has cracked down on 117 related cases in the banking and insurance sectors, arrested 323 criminal suspects, involved in cases worth more than 3.7 billion yuan, effectively deterring illegal intermediaries in the financial sector. As one of the outcomes of this event, the "Shanghai Guidelines for Handling Bad Financial Information Online" was officially released. The guidelines, organized by the Shanghai Municipal Party Committee Internet Information Office and the Shanghai Financial Regulatory Bureau, clarify key aspects such as identification criteria, processing procedures, and division of responsibilities for handling bad financial information, providing standardized and standardized operational guidelines for various online platforms and financial institutions to carry out the handling of bad financial information. In order to further consolidate industry self-discipline consensus, the event also announced the "Shanghai Network Platform Initiative on Regulating the Order of Online Financial Information Dissemination". Internet companies such as Qifu Technology, Jiayin Technology, Alipay, Xiaohongshu, Bilibili, East Money Network, and Dazhihui jointly initiated the initiative, proposing 7 specific measures from building a joint governance system, fulfilling platform responsibilities, and strengthening propaganda and education guidance, advocating the industry to strengthen its sense of responsibility, strictly guard the gateway of financial information dissemination, and jointly maintain a clean and orderly online space. The event was jointly organized by the Shanghai Municipal Party Committee Internet Information Office and the Shanghai Financial Regulatory Bureau, with the PuTuo District Party Committee Internet Information Office as the organizer.