China’s Cyberspace Administration (CAC), in coordination with the China Securities Regulatory Commission (CSRC), has initiated a comprehensive campaign targeting the proliferation of misinformation within digital platforms concerning capital markets. The initiative, announced on December 19, 2025, underscores a strategic move to preserve the integrity and stability of financial information ecosystems.
Regulatory authorities have identified and penalized multiple online accounts for disseminating fabricated content. These violations encompass a spectrum of malpractices, including the deliberate fabrication of false initial public offering (IPO) policies, the concoction of baseless ‘exclusive disclosures,’ and the propagation of purported ‘inside information’ without substantiation.
Further investigations revealed coordinated efforts by certain entities to ‘maliciously aggregate’ negative narratives targeting listed companies and financial institutions. These accounts engaged in the distortion of publicly accessible corporate data—such as ownership structures and financial statements—to damage corporate reputations and artificially depress market confidence.
The CAC also highlighted the misuse of provocative and suggestive language by certain influencers who frequently made unsubstantiated predictions about stock movements in attempts to attract web traffic and manipulate audience engagement.
Emphasizing the high sensitivity of capital markets to information accuracy, the regulator affirmed that creating or spreading false financial content constitutes a severe disruption to information order and market stability. Such activities will face stringent legal repercussions.
The administration has concurrently called on internet users to enhance their financial literacy and vigilance, advising the public to refrain from creating, disseminating, or believing unverified rumors related to financial markets.