FINANCE

China Regulator Sanctions Fund Manager Over Unlicensed Influencer Marketing

Published: Jan. 30, 2026 7:07 p.m. GMT+8

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A Chinese financial regulator has taken action against a mutual fund manager for working with unlicensed social media influencers to market a medium- to high-risk product, after a fund with similar characteristics was widely reported to have attracted 10 billion yuan ($1.4 billion) in a single day.

In a regulatory notice, the authority disclosed a typical case of misconduct in mutual fund distribution without naming the firm involved.

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A Chinese regulator penalized a mutual fund manager for using unlicensed influencers to market a medium- to high-risk fund.
The fund, resembling a Topsperity Fund Management product, reportedly raised 10 billion yuan ($1.4 billion) in one day.
The firm must rectify operations and halt new registrations; several executives were held accountable for compliance breaches.

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Who’s Who

Topsperity Fund Management Co. Ltd.: Topsperity Fund Management Co. Ltd. is a Chinese mutual fund manager that was reportedly penalized by a financial regulator. They allegedly used unqualified social media influencers to promote a medium-to-high-risk product, which attracted substantial investment. The firm was ordered to rectify operations and suspended from registering new products, with key personnel held accountable for prioritizing scale over compliance.

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What Happened When

Mid-January 2026：: A Topsperity Fund Management Co. Ltd. product attracted intense market attention when it was widely reported to have drawn in 10 billion yuan ($1.4 billion) in a single day.

2026：: The fund manager worked with unlicensed social media influencers to promote a medium- to high-risk product and encouraged them to signal plans for large purchases on specific dates in 2026.

2026：: The mutual fund manager was ordered to rectify its operations and suspended from registering new mutual fund products. The general manager, compliance chief, and head of the online business unit were held accountable.

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