[Financial blogger Chen with a million fans spread false information to disrupt the securities market, and the China Securities Regulatory Commission fined him 200,000 yuan] On September 11, the China Securities Regulatory Commission issued an administrative penalty decision showing that the China Securities Regulatory Commission launched an investigation into Chen Guanghua (male) for fabricating and spreading false information. It was found that the parties concerned had the following illegal facts: 1. Chen Guanghua spread false information. Chen Guanghua used a self-media account certified by his real name, with more than 1.03 million fans (certified by a self-media: investment expert, financial blogger), and has certain Internet communication influence. Chen Guanghua used the above-mentioned self-media account to publish information containing tax rate adjustments on February 3, 2026. After investigation, the above information was found to be false. 2. False information disrupted the securities market. As an influential self-media personnel, Chen Guanghua failed to fulfill the necessary duty of care and spread false information without verifying the authenticity of the relevant information and disrupted the securities market. Chen Guanghua had no illegal gains from the above-mentioned acts. The above-mentioned illegal facts are proved by evidence such as relevant personnel’s inquiry transcripts, media platform data, WeChat group information screenshots, etc., which are sufficient to confirm. Based on the facts, nature, circumstances and degree of social harm of the parties’ illegal acts, and in accordance with Article 193, paragraph 1, of the Securities Law, the China Securities Regulatory Commission decided to impose a fine of 200,000 yuan on Chen Guanghua.