FINANCE

China Penalizes Social Media Influencer $12 Million for Stock Market Manipulation

Published: Jan. 20, 2026 5:32 p.m. GMT+8

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China’s securities regulator has fined a social media influencer about 83 million yuan ($12 million) for market manipulation, underscoring Beijing’s ongoing crackdown on online market abuse.

The Zhejiang bureau of the China Securities Regulatory Commission said Monday that Jin Yongrong used multiple brokerage accounts to buy shares and then promoted them to followers on the investment platform Xueqiu before selling his holdings. The scheme ran between September 2024 and April 2025.

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Chinese influencer Jin Yongrong was fined about 83 million yuan ($12 million) for market manipulation from September 2024 to April 2025.
Jin promoted shares to over 1 million online followers after buying them, then sold for illegal gains of 41.6 million yuan.
His profits were confiscated, he received a matching fine, and was banned from the securities market for three years.

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What Happened When

Between September 2024 and April 2025：: Jin Yongrong engaged in market manipulation by buying shares and promoting them on Xueqiu before selling his holdings.