(ECNS) - Chinese regulators fined two social media users a combined 450,000 yuan ($66,000) for spreading false claims about AI chip orders linked to a listed company, in a sign of tighter scrutiny of market rumors.
The Beijing Securities Regulatory Bureau said on Saturday that Feng Pengpeng and Ban Keke were fined 200,000 yuan and 250,000 yuan, respectively, for fabricating and disseminating information that disrupted the securities market.
The regulator did not identify the companies involved.
According to the regulator, the two individuals earned only small amounts from the posts shared via WeChat, but the fines were more than 1,500 times their illegal gains due to the market impact.
Chinese regulators have stepped up efforts this year to crack down on rumors and misleading statements that can influence stock prices and investor behavior.
(By Zhang Jiahao)
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