According to CSRC Administrative Penalty Decision [2026] No. 38, the regulator The investigated Ma Xingrui for fabricating and spreading false information. probe found that on Dec. 16, 2025 Ma saw material about a tax-rate adjustment in a WeChat grou

2026-09-11

According to CSRC Administrative Penalty Decision [2026] No. 38, the regulator The investigated Ma Xingrui for fabricating and spreading false information. probe found that on Dec. 16, 2025 Ma saw material about a tax-rate adjustment in a WeChat group and forwarded the original text to other WeChat groups; the information was false. As a securities professional he failed to verify the information, allowing it to spread widely online and disrupt the securities market. Ma obtained no unlawful gains. Under Article 193(1) of the Securities Law the CSRC imposed a 300,000 yuan fine.