LIAO YINGQIANG, an internet-based news anchor specializing in comments about the securities market, was fined 129 million yuan ($20.2 million) by the China Securities Regulatory Commission for manipulating share prices. Beijing News comments:
Liao was fined because the commission found he had bought certain stocks via other people’s accounts under his control, then openly commented on the market and recommended his audiences to buy them, and then sold them when their prices went up.
His case shows that not only enterprises, but also influential individuals can influence the market. For example, certain “economists” have done ample research on the stock market and gained popularity via media outlets, which has prompted people to trust their judgments. However, when these “economists” abuse the trust for profit, they break the law.