B[Involved in publishing and disseminating financial "black and gray" information, a batch of accounts were disposed of] November 6th, the Cyberspace Administration of China, in conjunction with the State Administration of Financial Supervision, has continued to strengthen the management of online financial information, and concentrated on disposing of a group of accounts that published and spread financial "black and gray" information such as "malicious debt evasion", "unfair counter-collection", "agent claims settlement", "credit repair" and other financial "black and gray" information. Some typical cases are now reported as follows.
1. Accounts such as "Zhengzhang" peddle "anti-collection" courses and instigate debtors to evade legal debts. The Douyin accounts "Zhengprincipal" and "Principal Breaking Circle" and the Xiaohongshu account "Just a Mortal" use fictitious expert personas to sell "anti-collection" tutorials to netizens, instigating debtors to evade legal debts and disrupting the normal operating order of banking institutions. The accounts involved have been closed in accordance with the law and contract.
2. Accounts such as "Insurance Surrender Mr. Wu" publish "Insurance Surrender Agent" and other inductive information to instigate policyholders to improperly protect their rights and make profits. The Xianyu account "Mr. Surrender Wu" and the Kuaishou account "Mr. Li Dawei" and "Xiao Lei~Legal Consulting" use the gimmicks of "full policy surrender" and "new policy surrender rules" to release misleading information, instigating policyholders to fabricate facts about insurance company violations and make malicious complaints, taking the opportunity to charge high service fees and disrupt the order of the insurance market. The accounts involved have been closed in accordance with the law and contract.
3. Accounts such as “Ziqiang Jinge Laoxiang” fabricated “credit repair” and other false information to seek illegal benefits. The Weibo account "Zi Qiang Jin Ge Laoxiang", the Douyin account "Apeilaozhenshi", and the WeChat official account "Minxing Micro College" induced netizens to pay for "credit repair" services by fabricating successful credit complaint cases or making false promises, which ultimately led to the infringement of the legitimate rights and interests of customers and the loss of property. The accounts involved have been closed in accordance with the law and contract.
The Cyberspace Administration of China and the State Administration of Financial Supervision remind netizens to firmly establish the concept of integrity, enhance their awareness of preventing financial risks, and not to believe false information such as "debt negotiation," "full surrender of insurance," "credit laundering," etc., and to be wary of various "agency rights protection" scams. Do not easily pay fees to strangers or provide sensitive personal information, and protect the security of your property and information. B[China International Advertising Festival opens, 8 companies sign Internet Marketing and Publicity Self-Discipline Convention] On October 24, the 33rd China International Advertising Festival opened in Haidian District, Beijing. At the opening ceremony, representatives of eight Internet companies, including Judo Engine, Baidu, Tencent, Kuaishou, JD.com, Meituan, 360 Group, and Phoenix.com, jointly signed the "Internet Marketing and Publicity Self-Discipline Convention", pledging to standardize marketing and publicity behaviors and adhere to the bottom line of authenticity and compliance. B[Kuaishou bans accounts related to packaging wealthy identities, fabricating tragic life experiences, etc.] On October 23, Kuaishou’s official account issued a statement saying that in response to the Central Cyberspace Administration’s special campaign of “Cleaning Up and Censoring False Characters and Chaos in Short Videos,” the platform has Special investigations will be carried out around five prominent issues such as impersonating vulnerable groups, fabricating professional qualifications, using AI and other counterfeit characters, advocating extravagance and superstition, and fabricating conflict plots. Relevant illegal short videos and accounts will be dealt with strictly in accordance with the law and regulations depending on the severity of the circumstances. Since the launch of the special project, the platform has disposed of more than 21,000 pieces of illegal short video content and more than 1,700 illegal accounts. B[The State Administration for Market Regulation held a symposium on improving the quality of platform products and services] On October 21, the State Administration for Market Regulation recently held a symposium on improving the quality of platform products and services in Beijing to publicize and interpret the "Guiding Opinions on Improving the Quality of Online Trading Platform Products and Services" and the ISO9001 quality management system, introduce the self-evaluation work of corporate quality governance, further consolidate the main responsibilities of the platform, and promote online trading platform companies to continue to improve product and service quality. The meeting required that the platform's big data advantages should be leveraged to empower upstream industries to improve quality, promote the transformation of data advantages into quality advantages and industrial advantages, use data collaboration to promote linkage improvements in supply chain quality, and use consumption data to feed back iterative upgrades in product quality. It is necessary to protect the rights and interests of consumers, create a safe and secure online consumption environment, promote information disclosure and transparency, build strong after-sales service support, and improve the efficiency of consumer rights protection. In particular, we must actively explore the preparation and release of platform quality governance index reports to guide high-quality consumption with high-quality information. Representatives from online trading platform companies such as JD.com, Taotian, Pinduoduo, Xiaohongshu, Kuaishou, Douyin, Duodian, Vipshop, and Dewu attended the meeting and exchanged speeches. A[Reminder of important events in the capital market next week: China’s August economic data is coming; changes in multiple index constituent stocks have taken effect; the suspense of interest rate hikes by the Federal Reserve and Bank of Japan is to be announced]
1. The National Bureau of Statistics will release August industrial added value, fixed asset investment, social retail and other economic data on September 15 (Tuesday).
2. The People's Bank of China will carry out overnight reverse repurchase operations from September 14 to September 17, using fixed interest rates and quantity bidding, with the daily operation volume not exceeding 600 billion yuan.
3. Wind data shows that a total of 2.798 billion restricted shares will be listed next week. Based on the closing price on September 11, the market value is approximately 47.693 billion yuan, which is less than the increase in volume this week. Looking at individual stocks, six companies will be lifted from the ban next week with a market value exceeding 1 billion yuan, namely Tongling Nonferrous Metals, China Ceramics Electronics, Zhuzhou Smelting Group, Muxi Co., Ltd., Shengke Communications, and Caidee Industrial. Among them, Tongling Nonferrous Metals and China Ceramics Electronics have exceeded 10 billion yuan.
4. Wind data shows that 3 new stocks will be issued next week, including 1 on the Shenzhen Stock Exchange Main Board, 1 on the GEM, and 1 on the Beijing Stock Exchange. Specifically, the one issued on September 14th was Kaida Heavy Industry; the one issued on September 16th was Hongfucheng; the one issued on September 18th was Liqin Resources.
5. The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced that they have decided to adjust the index samples such as the Science and Technology 50, which will take effect after the market closes on September 11, and the new components will be officially launched at the opening of September 14 (Monday). Ruichuang Microna, Huafeng Technology, Yitang Technology, Yingshi Innovation, and Shenghe Jingwei were added to the Science and Technology Innovation 50 Index.
6. An announcement from the Hong Kong Stock Exchange Index Company shows that the Hong Kong Stock Exchange Technology 100 Index will include 10 stocks including WeRide, Pony.ai, and Shenghong Technology, and exclude 14 stocks including Alibaba Health, China Literature Group, and Tongcheng Travel. The changes will be implemented after the market closes on September 11 and will take effect on September 14 (Monday).
7. FTSE Russell previously announced changes to the review of the FTSE China Index Series. The FTSE China A50 Index included China Microelectronics Corporation and Shengyi Technology, and excluded Muyuan Holdings and Wanhua Chemical. FTSE Russell also announced the changes to the FTSE China 50 Index on the same day, including Huahong Grace H shares and Montage Technology H shares, and excluding Kuaishou and SF Holding H shares. The above changes will take effect after the market closes on September 18 (Friday).
8. The 23rd China-ASEAN Expo will be held in Nanning, Guangxi from September 17 (Thursday) to September 21, with the theme of "Sharing 3.0 Opportunities and Creating a Better Life Together."
9. The Federal Reserve will announce the FOMC interest rate decision at 02:00 a.m. on September 17 (Thursday), Beijing time, and Chairman Kevin Warsh will hold a press conference at 02:30. The market expects that the probability of the Federal Reserve raising interest rates next week is about 90%, and will focus on the quarterly economic forecast summary and dot plot.
10. The Bank of Japan will announce an interest rate decision on September 18 (Friday), and Governor Kazuo Ueda will hold a post-meeting press conference.
11. The U.S. stock market will usher in the "Triple Witching Day" on September 18 (Friday): three types of contracts, namely stock index futures, stock index options and individual stock options, will expire at the same time, usually accompanied by increased trading volume and intensified late-trading volatility.
12. South Korea’s major stock exchanges will open trading for almost all local stocks until 8 pm on September 14 (Monday).
13. The U.S. Senate will vote on the new version of the stable currency "CLARITY Act" on September 15.
14. Anthropic is reported to have hinted that it will hold a developer conference in mid-September and plans to announce a product roadmap. A[Kuaishou: The National Artificial Intelligence Fund injected 1.4 billion yuan in cash capital into Beijing Keling] On August 31, Kuaishou announced on the Hong Kong Stock Exchange that Beijing Keling entered into joining agreements with the National Artificial Intelligence Fund and Charoen Pokphand Robot Limited (Charoen Pokphand Robot) respectively on the 31st. Accordingly, the National Artificial Intelligence Fund and Charoen Pokphand Robot Limited each agreed to become a party to the capital increase agreement as additional investors, and each injected cash capital of RMB 1,400.00 million into Beijing Keling. and approximately US$19.29 million (equivalent to approximately RMB 131.45 million) (corresponding to Beijing Keling's registered capital of RMB 1,097,518 and RMB 103,047 respectively, accounting for approximately 1.14% and 0.11% of Beijing Keling's registered capital after the expansion of the subscription and the implementation of the subsidiary's share participation plan (assuming that the subscription limit and the plan authorization limit of the subsidiary's share participation plan are fully utilized)). On the same day, Beijing Keling entered into an accession agreement with the National Artificial Intelligence Fund and Zhengda Robot respectively, pursuant to which (among other things), the National Artificial Intelligence Fund and Zhengda Robot were granted repurchase rights.
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