Overview
- The CSRC Zhejiang Bureau confiscated 41.6239 million yuan from Snowball influencer Jin Yongrong, known as “Jin Hong,” and imposed an equal fine for total penalties of about 83.2478 million yuan along with a three‑year market ban.
- Regulators found he promoted 32 stocks and then executed large reverse sales through controlled accounts totaling roughly 6.31 billion yuan, a pattern identified as hat‑grabbing market manipulation that affected prices and volumes.
- On January 20, Snowball launched a special governance drive and permanently banned 22 high‑profile accounts, with early notices naming “Hangzhou Xincheng Road,” “Lunhui666,” and “Fuluwa Grandpa,” while outlining crackdowns on hype, illegal consulting, coordinated account abuse, and fabricated information.
- China’s cyberspace regulator is running a joint campaign with the CSRC to clean up online capital‑market misinformation and illegal stock tipping, signaling cross‑agency enforcement rather than isolated platform actions.
- Other platforms report stepped‑up measures, with Ant Fortune’s latest weekly bulletin removing 58,462 pieces of problematic financial content and sharply increasing account bans, and Douyin issuing an industry code that requires finance credentials and allows tiered penalties up to permanent removal.