CSRC: Strictly crack down on malicious violations such as manipulating the stock market through "fictional writing" by 2025, investigating and handling 19 related cases.

Summary of the enforcement situation of the China Securities Regulatory Commission in 2025. The capital market is highly sensitive to information, and false information disrupts the order of information dissemination, affecting the stable operation of the market. Cracking down on the fabrication and dissemination of false information has always been a key focus of our enforcement. In 2025, the CSRC cracked down severely on malicious violations such as manipulating the stock market through false information, handling 19 related cases. For "internet celebrity" Jin, who manipulated 32 stocks through "grabbing hats", more than 83 million RMB was fined and market access was prohibited. Promptly addressed the illegal actions of a "financial internet celebrity" utilizing AI to create false information about the capital market, self-media account manipulation of listed companies and financial institutions with false information. In 2025, the CSRC continuously optimized the mechanism for discovering and screening clues according to changes in market conditions and the evolution of illegal activities, rigorously investigating and penalizing cases of malicious market manipulation, handling 19 cases of market manipulation for profits exceeding billions of RMB. Yu, who controlled a large number of accounts for consecutive transactions and matched trading, was fined over 1 billion RMB for market manipulation. He, who engaged in "capping the daily limit" type of manipulation, was fined 2.84 billion RMB. Peng, who developed and used programmatic trading tools, was fined 4 billion RMB for market manipulation through continuous transactions, false declarations, and cancellations.