B[Shanghai Stock Exchange focuses on monitoring stocks with large fluctuations such as Dragon Edition Media] September 18th. This week, the Shanghai Stock Exchange adopted self-regulatory measures on 50 cases of abnormal securities trading behaviors such as pumping and suppressing, false declarations, etc., carried out key monitoring of stocks with large fluctuations such as Dragon Edition Media, conducted special inspections on 33 major events of listed companies, and reported 2 clues to suspected violations of laws and regulations to the China Securities Regulatory Commission. In particular, since the new stock Shengu Group was listed on September 17, the stock price has fluctuated significantly. Some investors have abnormal trading behaviors that affect the normal order of stock trading during the trading of the stock. The Shanghai Stock Exchange has adopted self-regulatory measures such as suspending account transactions for relevant investors in accordance with regulations. The Shanghai Stock Exchange reminds investors to pay attention to risks, participate prudently, and trade in compliance. B[China Securities Regulatory Commission seriously investigates *ST Zhuoran’s serious financial fraud case] On September 11, the China Securities Regulatory Commission issued a notice that recently, the China Securities Regulatory Commission will give advance notice of administrative penalties to the listed company Shanghai Zhuoran Engineering Technology Co., Ltd. (referred to as *ST Zhuoran) for suspected false records in regular reports and other financial data. After investigation, it was found that *ST Zhuoran had inflated profits and other behaviors in the relevant years, seriously violating securities laws and regulations. The China Securities Regulatory Commission plans to fine the listed company 12.5 million yuan, fine the six responsible persons a total of 35.8 million yuan, and ban the actual controller from the securities market for 10 years. *ST Zhuoran is suspected of being involved in major violations and forced delisting, and the Shanghai Stock Exchange will initiate delisting procedures in accordance with the law. At the same time, the China Securities Regulatory Commission has decided to formally investigate the professional practices of the accounting firm involved in this case, and those suspected of failing to perform their duties diligently will be severely punished in accordance with the law. For possible criminal clues, we will adhere to the working principle of transferring all possible clues and transfer them to the public security organs in strict accordance with the provisions of the "Criminal Law" and the "Regulations of the Supreme People's Procuratorate and the Ministry of Public Security on the Standards for Filing and Prosecution of Criminal Cases under the Jurisdiction of Public Security Organs (2)". B[Hubei Securities Regulatory Bureau’s decision to order rectification of administrative regulatory measures against Changjiang Securities Co., Ltd.] On September 11, the Hubei Securities Regulatory Bureau made a decision to order rectification of administrative regulatory measures against Changjiang Securities Co., Ltd. After investigation, Changjiang Securities Co., Ltd. failed to strictly regulate the professional behavior of individual staff of the institute and violated the provisions of Article 6, Item 4 of the "Compliance Management Measures for Securities Companies and Securities Investment Fund Management Companies (Revised in 2020)" (CSRC Order No. 166). According to the provisions of Article 32, Paragraph 1, of the "Compliance Management Measures for Securities Companies and Securities Investment Fund Management Companies (2020 Revision)" (CSRC Order No. 166), it was decided to take administrative regulatory measures to order corrections against Changjiang Securities Co., Ltd., and record it in the securities and futures market integrity files. Changjiang Securities Co., Ltd. should attach great importance to the above-mentioned problems, take effective measures to conscientiously rectify them, strictly regulate the professional behavior of staff, and effectively improve the level of compliance and internal control management. Changjiang Securities Co., Ltd. shall submit a rectification report to our Bureau within 30 days from the date of receipt of this decision letter. A[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. B[Securities practitioner Ma Mou spreads false information, and the China Securities Regulatory Commission fines him 300,000 yuan] On September 11, the China Securities Regulatory Commission issued an administrative penalty decision [2026] No. 38, which showed that the China Securities Regulatory Commission launched an investigation into the party Ma Xingrui (female) fabricating and spreading false information. It was found that the parties concerned had the following illegal facts: 1. Ma Xingrui spread false information. On December 16, 2025, Ma Xingrui browsed relevant information involving tax rate adjustments in the WeChat group and forwarded the original text to other WeChat groups on that day. After investigation, the above information was found to be false. 2. False information disrupted the securities market. As a securities practitioner, Ma Xingrui failed to fulfill the necessary duty of care and spread false information without considering and verifying the authenticity of the relevant information, resulting in false information being widely spread on the Internet platform and disrupting the securities market. Ma Xingrui had no illegal gains from the above-mentioned acts. The China Securities Regulatory Commission decided to impose a fine of 300,000 yuan on Ma Xingrui. B[The China Securities Regulatory Commission fined Dahua nearly 15 million yuan The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision to Dahua Accounting Firm on September 4. The China Securities Regulatory Commission found that Dahua Accounting Firm had the following illegal facts: Dahua Firm provided annual report audit services for Oriental Group, and the annual audit report issued from 2020 to 2023 contained false records; Dahua Firm did not perform its duties diligently during the audit of the annual financial statements of Oriental Group from 2020 to 2023. Based on the facts, nature, circumstances and degree of social harm of the parties’ illegal acts, and in accordance with the provisions of Article 213, Paragraph 3 of the Securities Law, the China Securities Regulatory Commission decided to order Dahua Accounting Firm (Special General Partnership) to make corrections, confiscate the audit business income of 5,207,547.16 yuan, and impose a fine of 9.5 million yuan. Gao Shimao was given a warning and fined 600,000 yuan. Huo Yaojun was given a warning and fined 700,000 yuan. A[The exchange formulates L2 market usage specifications and strictly prohibits "detours"] On September 1, the exchange recently issued enhanced market non-display technical management specifications, drawing clear red lines for the use of enhanced market (L2) data, thereby standardizing data use and maintaining market fairness. The "Specifications" clearly stipulate the self-use and data forwarding of data. In terms of personal use of data, the "Specifications" require that it must be used in designated computer rooms for written approved purposes, and forwarding or external transmission through any interface is strictly prohibited. In terms of data forwarding, it is clearly prohibited to use optical splitters, market mirroring, etc. to bypass the forwarding system to provide data to users. It is not allowed to forward data to brokers, information providers and other member units for a fee or for free. Overseas users must report in advance and must bind their MAC address for verification. Industry insiders pointed out that this move aims to use the institutional "cage" to strictly prevent the abuse and improper dissemination of market data, prevent the use of data advantages to "detour and jump ahead", and further maintain market fairness. (Reporter Wang Chen)
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