A recent administrative penalty decision by the Beijing regulatory bureau of the China Securities Regulatory Commission has been made public. The decision details that an individual surnamed Feng published an article containing false information regarding a listed company's chip orders on a WeChat public account. Another individual, surnamed Ban, subsequently revised and republished the article on their own WeChat public account. The false information spread rapidly across internet platforms. Both self-media operators, born in the 1980s, were penalized for fabricating and disseminating false information that disrupted the securities market. Their illegal gains were confiscated, and they were fined 200,000 yuan and 250,000 yuan, respectively. This case serves as a typical example of securities regulators cracking down on self-media operators who create and spread false information in the capital markets, providing positive guidance for maintaining a healthy public opinion environment and serving as a warning.
Self-media platforms are not beyond the reach of the law. Article 56 of the Securities Law prohibits any entity or individual from fabricating or spreading false or misleading information to disrupt the securities market. Article 193 stipulates that violators shall have their illegal gains confiscated and face a fine ranging from one to ten times the amount of those gains. If there are no illegal gains or the gains are less than 200,000 yuan, a fine between 200,000 yuan and 2 million yuan shall be imposed. The presence or amount of illegal gains does not affect the定性 of the violation. Any act constituting the fabrication or dissemination of false information will result in a fine of at least 200,000 yuan under the Securities Law.
In this case, the false information fabricated by Feng and Ban involved chip orders of a listed company. The chip industry, as a national strategic emerging sector, attracts significant market attention, making the semiconductor sector one of the most sensitive and closely watched areas. The article containing the false information was published on WeChat public accounts for only two days before the misinformation spread widely online, causing considerable disruption to the capital market.
Capital markets are priced based on information. The authenticity, accuracy, and completeness of information dissemination are crucial for the healthy, stable, and efficient operation of the market. Fabricating and spreading false information undermines the credibility of information disclosure systems and disrupts market fairness and order, warranting firm prohibition. Therefore, the Securities Law explicitly regulates such violations and establishes penalties commensurate with the nature of the offense and its social harm.
However, some self-media operators, in pursuit of traffic or commercial gain, neglect basic verification of information authenticity, even exaggerating or altering information to create热点. Eye-catching false information about capital markets not only damages industry integrity and pollutes the public opinion environment but can also quickly trigger speculative market activity. The victims are often ordinary investors who lack the ability to discern information and believe the false claims, as well as listed companies caught in舆论漩涡. Self-media is not a law-free zone. Practitioners must strictly adhere to legal boundaries and professional ethics. Given the rapid and widespread impact of capital market information, self-media operators involved in publishing such information bear a higher duty of care. Influential operators, in particular, must be mindful of the consequences of releasing unverified information and rigorously verify the authenticity and accuracy of their content, refraining from fabricating, rewriting, or spreading unconfirmed market rumors, or they will face legal penalties.
Regulators maintain a "zero-tolerance" policy towards false information. Notably, the decision reveals that Ban argued in their defense that the false information was generated by artificial intelligence (AI) and that there was no malicious intent to mislead the market, seeking a reduced penalty on these grounds. This defense was not accepted by the securities regulators.
With the development and proliferation of AI technology, applications like generative AI large language models have become创作工具 for many self-media operators. While technology improves content generation efficiency, it also lowers the cost of spreading rumors, placing higher verification demands on operators. It is important to note that users of generative AI applications bear the necessary responsibility for审核 the content they produce.
This is not the first time regulators have acted against "AI-generated essays" related to the stock market. Recently, the Cyberspace Administration of China, in collaboration with the CSRC, has intensified efforts to combat online misinformation concerning capital markets, taking action against a batch of accounts that fabricated rumors. Among them, accounts like "财经周末老师," which used AI to create false capital market information, were shut down. The regulators' zero-tolerance stance towards false information in capital markets helps further purify the market's public opinion environment. Capital markets have official, legally mandated information disclosure channels. Investors are advised to stay vigilant, enhance their ability to discern information, adopt rational investment理念, avoid blindly following speculative rumors, refrain from believing or spreading rumors, and collectively foster a law-abiding,诚信, healthy, and clean public opinion environment conducive to the healthy development of capital markets.
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