According to CSRC Administrative Penalty Decision [2026] No. 38, the regulator
investigated Ma Xingrui for fabricating and spreading false information. The
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.