A recent chat screenshot circulating widely within investment circles has placed economist Ren Zeping at the center of public scrutiny.
The screenshot purportedly shows a member who paid 2,980 yuan to join the "Zeping Macro VIP Group" stating that, after trusting Ren Zeping's judgment on a "tech bull" market trend, they went all-in with leveraged positions on memory chip stocks Shenzhen Techwinsemi Technology Co.,Ltd. (SZ: 001309) and Shenzhen Longsys Electronics Co.,Ltd. (SZ: 301308), resulting in a margin call and losses exceeding 10 million yuan.
The investor expressed emotional devastation in the group, claiming their "life is ruined."
On July 16, a topic titled "Ren Zeping's team just disbanded all groups to avoid negative sentiment from the market decline" trended online.
On the same day, the WeChat public account "Zeping Macro" published an article titled "Nine Suggestions for Stock Investors," seemingly responding to the viral screenshot, stating that "the market has its ups and downs, its own patterns and charm, but also its cruelty."
On July 17, a representative from Ren Zeping's team told a reporter that the groups were dissolved because "someone posted false information in the group; to protect member rights and optimize the member experience, we have updated the method of delivering lectures."
Ren Zeping also responded to the margin call incident via his WeChat public account, expressing that he was "deeply pained and very regretful," and emphasized that the team had "reminded members no less than a hundred times not to use leverage, not to borrow money for investing, and not to trade frequently."
From frequently touting a "tech bull" market to dissolving paid groups, deleting bullish posts, and shifting rhetoric, followed by the explanation citing "false information" – what lies behind the 2,980 yuan paid group: legitimate knowledge payment or investment misguidance?
What is the real reason for the dissolution?
Behind the Group Dissolution
On July 17, an assistant from Ren Zeping's team responded to a reporter, stating that the dissolution of the paid groups was not, as online rumors suggested, to "avoid negative sentiment from the market decline," but rather because "someone posted false information in the group; to protect member rights and optimize the member experience, we have updated the method of delivering lectures."
It is noteworthy that after the incident gained attention, netizens discovered that Ren Zeping had deleted his previously bullish posts.
His public stance also showed a significant shift – no longer emphasizing that "pullbacks are windows for positioning," but instead publishing "Nine Suggestions for Stock Investors," covering topics such as "viewing market fluctuations rationally" and "investing with spare money, avoiding a gambler's mentality, and not blindly adding leverage."
Data from Tianyancha shows that the operating entity for the "Zeping Macro" public account is Haize Zaiwu Information Technology (Tianjin) Co., Ltd.
Business registration information indicates the company was established on January 29, 2021, with a registered capital of 200,000 yuan and legal representative Liu Kejian.
Regarding the shareholding structure, Liu Qian holds a 99% stake, while Ren Xiaoli holds 1%.
It is noteworthy that Ren Xiaoli, holding 1%, has been confirmed to be Ren Zeping's sister.
The company has successfully registered multiple "Zeping Macro" trademarks.
Data from Tianyancha shows that around the time the paid group dissolution controversy was unfolding, the company recently underwent business registration changes: on July 13, the legal representative changed from Liu Qian to Liu Kejian; on July 14, Ren Xiaoli exited as a shareholder and key personnel, Liu Kejian was added as a new shareholder and key personnel, and Liu Qian's position also changed.
On July 17, Ren Zeping issued a response titled "Statement: Sincere Words on Volatility, Leverage Warnings, and Long-termism."
Ren Zeping stated: "Over the past six months, in public broadcasts and to members, we have reminded 'not to use leverage, not to borrow money for investing, and not to trade frequently' no less than a hundred times, with earnest advice, daily reminders."
He said the margin call incident "seriously contradicts, and is diametrically opposed to, the concept of 'do not add leverage, do not trade stocks with debt' that we have consistently warned about."
He also emphasized that the team "never recommends individual stocks, does not predict index points, adheres to compliance guidance, adheres to professional science popularization, and adheres to long-termism."
Over the past month and a half, Ren Zeping has repeatedly expressed firm bullish views on the technology sector across various platforms.
On June 29, he reiterated that "a bull market pullback is a rare opportunity."
In early July, after the STAR 50 Index experienced a single-day plunge of 7%, Ren Zeping spoke out again from the perspectives of capital flows, fundamentals, policy, and technicals, maintaining that "the pullback is a window for positioning."
He continued to express optimism about the tech bull market, pointing out that the AI tech bull run is "an opportunity on the scale of a Kondratiev cycle, the most important era-defining opportunity for this generation."
On July 13, the A-share market suffered a comprehensive heavy setback.
By the close that day, the Shanghai Composite Index had plunged 2.06%, the Shenzhen Component Index fell 3.48%, the STAR 50 Index tumbled 3.42%, the ChiNext Index dropped over 3%, with more than 4,600 stocks across the market closing lower and 176 stocks hitting their daily down limit.
The memory chip sector became the "hardest-hit area" of the day – leading stock Gigadevice Semiconductors closed limit-down, Shenzhen Techwinsemi Technology Co.,Ltd. also closed limit-down, Shannon Semiconductor plunged over 20%, Puya Semiconductor fell over 14%, while Shenzhen Longsys Electronics Co.,Ltd. and Biwin Storage both dropped over 11%.
The electronics sector saw net outflows of main funds for the day reaching a high of 59.784 billion yuan.
2,980 Yuan Course Removed from Sale
Behind the controversy lies the paid private domain system built by Ren Zeping.
It is understood that Ren Zeping's real-name verified account "Ren Zeping Economic Scholar" on the Douyin platform has over 3.9 million followers.
The account's product window listed five paid courses, with the top-ranked "Zeping Macro Annual Course Collection" priced at 2,980 yuan, having cumulative sales exceeding 3,000 units.
After purchase, consumers would be added by assistants to the "Zeping Macro VIP Group," but Ren Zeping himself is not present in the groups; staff only synchronize and organize his various market views within the groups.
On July 17, when a reporter checked the product window, this course had already been taken down.
Furthermore, four out of the five courses had "disappeared."
When the reporter inquired with a representative from Ren Zeping's team, the person stated, "They may have been taken down due to complaints."
A well-known lawyer, Fu Jian, director of Henan Zejin Law Firm, told a reporter that according to relevant regulations, engaging in securities investment consulting business requires approval from the China Securities Regulatory Commission, and without such approval, one cannot provide services related to securities trading and related activities.
Fu Jian believes that if the team, without obtaining the corresponding qualifications, engages in behavior that essentially constitutes inducing investment by organizing market views, they may face legal risks for illegal business operations.
However, whether it specifically constitutes a violation still requires comprehensive judgment based on facts such as whether the content involves specific stock recommendations or includes clear profit forecasts.
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