Recently, the regulatory level has paid significant attention to the “small composition” of the capital market, and the local Securities Regulatory Bureau has taken the lead in taking substantive action. The reporter of Cailian News Agency learned that a local Securities Regulatory Bureau has issued a notice to the capital market entities in its jurisdiction, including listed companies and related institutions, to widely solicit clues, past cases and response suggestions related to the stock market “small essays”, aiming to vigorously rectify the chaos of the capital market network “black mouth” harming enterprises, jointly Create a healthy and clear public opinion environment in the capital market.
According to the requirements of the notice, companies need to provide various details. The first is the stock market “small composition” clues that have been fabricated and disseminated false information since September 2024, covering situations that have not been taken or are being disposed of. This includes key information such as the discovery time of relevant clues, the subject and object involved, the channel platform of information dissemination, the content summary of the “small composition”, the scope of impact, the countermeasures taken, and the current processing progress.
Secondly, companies also need to sort out similar cases that have been successfully disposed of since January 1, 2022, including the time of the case, the subject involved, the specific content of the “small composition”, the breadth and depth of the impact, the measures taken in the response process, and the final disposal results, etc. In order to provide valuable experience for the follow-up handling of similar problems.
In addition, the notice also requires companies to feedback on the actual difficulties and problems faced in the process of dealing with the “small composition” of the stock market, and put forward specific opinions and suggestions that require the assistance of relevant government departments to promote the cooperation of all parties and crack down on such illegal acts more effectively.
The phenomenon of “small composition” is repeatedly banned in the capital market, and the causes behind it are complex and diverse. However, the China Securities Regulatory Commission has long listed the rectification of false information in the stock market as the key work content of regulating the order of information dissemination in the capital market and improving the market ecology. Adhering to the strategy of combining far and near, insist on cracking down from the source, strive to make violators pay a heavy price, and focus on key areas, comprehensively use multiple means, and carry out comprehensive and in-depth rectification actions. The rapid response of the local Securities Regulatory Bureau is the concrete embodiment of the overall work deployment of the Securities Regulatory Commission.
At the same time, this action is also the active implementation of the Notice on the Special Action of “Clear and Optimizing the Business Network Environment – Rectifying the ‘Black Mouth’ of Enterprise-Related Networks” issued by the Central Network Information Office at the end of May this year. According to the overall plan of the “Qinglang” series of special actions in 2025, the Central Cyberspace Information Office has launched a two-month special action nationwide, aiming to focus on rectifying the “black mouth” of enterprise-related networks and purifying the business network environment.
Take severe measures to crack down on “small essays”
In the field of capital market, it is of great significance to protect the legitimate rights and interests of investors, maintain the stable order of the capital market, and promote the stable and healthy development of the market to crack down on false “small essays” in the stock market and seriously investigate and punish illegal acts such as illegal stock recommendation. Up to now, the regulatory authorities have always adhered to the resolute attitude of “zero tolerance”, severely cracked down on illegal acts related to “small essays”, and made every effort to curb the spread of the “black mouth” phenomenon in the stock market.
For example, in 2024, the regulatory department took decisive action against the bad behavior of Liu, Lou and other stock market “black mouths” to manipulate stock prices, confiscated up to 334 million yuan of illegal income, and implemented lifelong bans on the securities market ban on the relevant responsible persons, forming a strong deterrent. At the same time, the regulatory authorities deeply analyze the causes of such high-incidency cases, timely find and make up for loopholes at the level of institutional norms, and effectively improve the effectiveness of market governance.
In March this year, the public security organs quickly attacked and successively investigated and punished those responsible for fabricating and spreading rumors such as “institutional reporting of free capital”, “JPMorgan Chase Research Report” and “transfer data falsification”, which effectively curbed the spread of false information. Among them, the “small composition” caused the collapse of the stock price of Hongxin Electronics is particularly typical. On March 12 this year, Snowball users “Delicate Price Investment Track” and others released a number of false information, claiming that “the major motion on bank credit and guarantee was not adopted” at the shareholders’ meeting of Hongxin Electronics on that day. The rumor quickly spread on the Internet, causing panic selling in the market, resulting in large fluctuations in stock prices. However, the content of the announcement issued by Hongxin Electronics is completely contrary to the rumors. After discovering the reason for the abnormal fluctuation of the stock price, the company decisively reported the case to the public security organs. In the end, the rumor-monger was administratively detained according to law, which highlighted the serious punishment of the law for rumor-mongering.
With the strong coordinated support of public security, Internet information and other departments, the Securities Regulatory Commission has built a working mechanism for monitoring, screening, disposal, warning, education and other whole-chain linkages, and launched a comprehensive crackdown on the fabrication and dissemination of stock market rumors. In particular, in response to the fake “small composition” in the stock market, the Securities Regulatory Commission has specially formulated a special rectification work plan. By strengthening public opinion monitoring, it will find and investigate and deal with false information in a timely manner; comprehensively use the issuance of official clarification statements and third-party reporters to seek verification, etc., to increase active response and refute rumors; at the same time, continue Strengthen investor education and guidance, improve investors’ ability to identify false information, and maintain the authenticity and stability of capital market information from multiple dimensions.
In addition, the Securities Regulatory Commission has always adhered to the principle of “combining prevention and prevention first”, constantly increased the monitoring and cleaning of illegal stock recommendation information on the Internet, and severely cracked down on illegal stock recommendation and criminal cases. At the same time, we will actively carry out publicity and education to prevent illegal securities activities, popularize relevant knowledge to investors through various channels, improve investors’ awareness of risk prevention, make every effort to curb the spread of illegal stock recommendation activities, and effectively protect the legitimate rights and interests of investors.
“Small composition” constitutes a crime and will be investigated for criminal responsibility
The rule of law is the cornerstone of the stable operation of the capital market. It plays an irreplaceable and important role in stabilizing market expectations and ensuring the long-term development of the market. It is also a solid support for the protection of investors’ legitimate rights and interests. On May 15 this year, the Supreme People’s Court and the Securities Regulatory Commission jointly issued the Guiding Opinions on Strict and Fair Law Enforcement and Judicial Services to Ensure the High-quality Development of the Capital Market, which further clarified the rule of law norms in the capital market.
According to the long-term follow-up report of Cailian News Agency, the “small essay” of the stock market mainly covers four categories of content: first, false information involving macroeconomic policies, industry policies, financial supervision policies, etc., which often misleads the market’s judgment on the macroeconomic situation and policy direction; second, about specific listed companies The false information of divisions, listed companies, securities fund futures business institutions, securities service institutions, etc. may have a serious impact on the reputation and market performance of relevant enterprises; Third, false information involving capital market transactions, trading rules, transaction data, etc. is easy to cause chaos in market trading order; Fourth, other False information that disturbs the order of the capital market, and the dissemination of these false information seriously undermines the fair and just environment of the market.
At present, with the rapid development of social media, the forms and means of communication of “small essays” are also constantly evolving. It has gradually changed from a relatively simple illegal mode such as “stock market black mouth” and after-market ticket trading to a more hidden “three-no-news”, and intertwined with illegal acts such as illegal stock recommendation and market manipulation, forming a more complex illegal chain, seriously infringing on the legitimate rights and interests of investors. An interviewee told the reporter that with the widespread application of AI technology, the generation and dissemination of “small essays” have become more convenient and difficult to prevent. Therefore, it is urgent to establish and improve the normalized regulatory coordination mechanism, further strengthen the crackdown on illegal financial activities, and fundamentally cut off the interest chain of “rumors-spreading-profit-making”.
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